Business
Synalloy Reports Fourth Quarter and Full Year 2020 Results
RICHMOND, Va.--(BUSINESS WIRE)-- Synalloy Corporation (Nasdaq: SYNL) (“Synalloy” or the “Company”), an industrials company focused on the production and
About this update from Ascent Industries Co.
[{"type":"text","content":" RICHMOND, Va.--(BUSINESS WIRE)--\nSynalloy Corporation (Nasdaq: SYNL) (“Synalloy” or the “Company”), an industrials company focused on the production and distribution of piping, tubing and specialty chemicals, is reporting its results for the fourth quarter and full year ended December 31, 2020.\n\nFourth Quarter 2020 Summary\n\n\n\n(in millions, expect per share and margin)\n\n\n\nQ4 2020\n\n\n\nQ3 2020\n\n\n\nQ4 2019\n\n\n\n\n\nNet Sales\n\n\n\n$55.9\n\n\n\n$59.3\n\n\n\n$67.9\n\n\n\n\n\nGross Profit\n\n\n\n$6.1\n\n\n\n$5.0\n\n\n\n$7.0\n\n\n\n\n\nGross Profit Margin\n\n\n\n11.0%\n\n\n\n8.4%\n\n\n\n10.2%\n\n\n\n\n\nNet Loss\n\n\n\n$(8.6)\n\n\n\n$(10.5)\n\n\n\n$(0.9)\n\n\n\n\n\nNet Loss per share\n\n\n\n$(0.94)\n\n\n\n$(1.16)\n\n\n\n$(0.10)\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$3.0\n\n\n\n$1.6\n\n\n\n$2.5\n\n\n\n\n\nAdjusted EBITDA Margin\n\n\n\n5.4%\n\n\n\n2.8%\n\n\n\n3.7%\n\n\n\n\nManagement Commentary\n\n“While 2020 had its challenges, I’m proud of how our dedicated employees have persisted through this unique time and continued to deliver high-quality products and services to our customers,” said Chris Hutter, interim president and CEO of Synalloy. “As expected, net sales were impacted during the fourth quarter as our customers continued to be affected by macro-economic conditions resulting from COVID-19, however, we were able to take proactive steps to enhance our production and purchasing efficiency resulting in materially improved profitability across our businesses.\n\n“Since taking the helm as interim CEO just a few months ago, the management team and board of directors have been developing and fine tuning our go-forward strategic priorities that we believe will deliver long-term shareholder value creation. During this period, we’ve enjoyed productive dialogue with our employee base and customers, who see tremendous value in the high-quality products and services we offer in both our metals and chemicals segments. We also expect to continue investing in all elements of our culture to foster accountability and transparency. This will enable us to better leverage the diverse experiences and relationships that can create a renewed sense of alignment throughout our organization. Although we still have much to do, we are moving in the right direction and look forward to providing value-added solutions to our customers while als...