Business
Synalloy Reports Fourth Quarter 2019 Results
RICHMOND, Va.--(BUSINESS WIRE)-- Synalloy Corporation (Nasdaq: SYNL), today announced net sales for the fourth quarter of 2019 of $67.9 million. This
About this update from Ascent Industries Co.
[{"type":"text","content":" RICHMOND, Va.--(BUSINESS WIRE)--\nSynalloy Corporation (Nasdaq: SYNL), today announced net sales for the fourth quarter of 2019 of $67.9 million. This represents a decrease of $4.7 million or 6.5% when compared to net sales for the fourth quarter of 2018. Excluding net sales of ASTI, net sales for the fourth quarter of 2019 decreased $12.7 million, or 17.4% compared to net sales for the fourth quarter of 2018. Net sales for the full year 2019 were $305.2 million, an increase of $24.3 million or 8.7% from the full year 2018. Excluding net sales of ASTI (for the 12 months ended December 31, 2019) and Munhall-Galvanized (for the first six months of 2019), net sales for the full year 2019 decreased $23.1 million, or 8.2% compared to net sales for the full year 2018.\n\n\nFor the fourth quarter of 2019, the Company recorded a net loss of $0.9 million, or $0.10 diluted loss per share, compared to net income of $0.5 million, or $0.06 diluted earnings per share for the fourth quarter of 2018. Excluding the financial results of ASTI, net income for the fourth quarter of 2019 decreased $2.1 million, or 380% compared to net income for the fourth quarter of 2018. The fourth quarter of 2019 was negatively impacted by inventory price change losses which, on a pre-tax basis, totaled $0.6 million, compared to a $0.2 million loss in the fourth quarter of 2018, as well as non-recurring items, described in more detail below, which totaled $0.4 million.\n\n\nFor the full year 2019, net loss was $3.0 million, or $0.34 diluted loss per share. This compares to net income of $13.1 million, or $1.48 diluted earnings per share for the full year 2018. Excluding the financial results of ASTI (for the 12 months ended December 31, 2019) and Munhall-Galvanized (for the first six months of 2019), net income for the full year 2019 decreased $18.5 million, or 141% compared to net income for the full year 2018. The full year 2019 was negatively impacted by inventory price change losses which, on a pre-tax basis, totaled $6.4 million, compared to a $5.0 million gain for the full year 2018, as well as non-recurring items, described in more detail below, which totaled $2.3 million.\n\n\nThe Company also reports its performance utilizing two non-GAAP financial measures: Adjusted Net (Loss) Income and Adjusted EBITDA. The Company's performance, as calculated under th...