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Ascent Industries Reports Second Quarter 2024 Results
OAK BROOK, Ill.--(BUSINESS WIRE)-- Ascent Industries Co. (Nasdaq: ACNT) (“Ascent” or the “Company”), an industrials company focused on the production of
About this update from Ascent Industries Co.
[{"type":"text","content":"\n \n\n\n OAK BROOK, Ill.--(BUSINESS WIRE)--\nAscent Industries Co. (Nasdaq: ACNT) (“Ascent” or the “Company”), an industrials company focused on the production of specialty chemicals and industrial tubular products, is reporting its results for the second quarter ended June 30, 2024.\n\n\nSecond Quarter 2024 Summary1\n\n\n\n\n(in millions, except per share and margin)\n\n\n\n\n\n\nQ2 2024\n\n\n\n\n\n\nQ2 2023\n\n\n\n\n\n\nChange\n\n\n\n\n\n\n\n\nNet Sales\n\n\n\n\n\n\n$50.2\n\n\n\n\n\n\n$50.4\n\n\n\n\n\n\n(0.3)%\n\n\n\n\n\n\n\n\nGross Profit\n\n\n\n\n\n\n$5.9\n\n\n\n\n\n\n$(0.8)\n\n\n\n\n\n\n854.2%\n\n\n\n\n\n\n\n\nGross Profit Margin\n\n\n\n\n\n\n11.7%\n\n\n\n\n\n\n(1.5)%\n\n\n\n\n\n\n1320bps\n\n\n\n\n\n\n\n\nNet Loss\n\n\n\n\n\n\n$(0.2)\n\n\n\n\n\n\n$(6.1)\n\n\n\n\n\n\n96.8%\n\n\n\n\n\n\n\n\nDiluted Loss per Share\n\n\n\n\n\n\n$(0.02)\n\n\n\n\n\n\n$(0.60)\n\n\n\n\n\n\n96.7%\n\n\n\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n\n\n$2.1\n\n\n\n\n\n\n$(4.8)\n\n\n\n\n\n\n144.1%\n\n\n\n\n\n\n\n\nAdjusted EBITDA Margin\n\n\n\n\n\n\n4.2%\n\n\n\n\n\n\n(9.4)%\n\n\n\n\n\n\n1360bps\n\n\n\n\n\n\n\n\n\n_________________________\n\n\n\n\n1 On December 22, 2023, the Company closed on a transaction to sell substantially all of the assets of Specialty Pipe & Tube (“SPT”). As a result, financial results from SPT have been categorized into discontinued operations.\n\n\n\n\n\n\n\nManagement Commentary\n\n\n“Our stabilization efforts and aggressive self-help have started to yield tangible results in Q2 2024, despite continued soft market conditions,” said Ascent CEO Bryan Kitchen. “Our relentless efforts to reduce costs, improve strategic sourcing and optimize our product mix have led to a significant year-over-year improvement in adjusted EBITDA and bottom-line results, while also right-sizing the organization for long-term growth.\n\n\n“It has been our goal to create a more predictable, reliable, and profitable operating model, and I am proud that we are beginning to deliver on that goal. Momentum is building, and we are optimistic about our ability to achieve incremental financial improvements throughout the year while enhancing the quality of our business development pipeline. With a healthy balance sheet and no outstanding debt, we continue to build the foundation for long-term growth. Our actions are positioning Ascent to fully execute our growth stra...