Business
Synalloy Reports Record First Quarter 2022 Results
2022 Starts Strong with Second Consecutive Quarter of Record Results for Net Sales, Net Income and Adjusted EBITDA Poised to Continue Executing on Strategic
About this update from Ascent Industries Co.
[{"type":"text","content":"\n2022 Starts Strong with Second Consecutive Quarter of Record Results for Net Sales, Net Income and Adjusted EBITDA\n\nPoised to Continue Executing on Strategic Priorities Throughout the Year\n\n OAK BROOK, Ill.--(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 first quarter ended March 31, 2022.\n\nFirst Quarter 2022 Summary\n\n\n\n(in millions, expect per share and margin)\n\n\n\nQ1 20221\n\n\n\nQ1 2021\n\n\n\nChange\n\n\n\n\n\nNet Sales\n\n\n\n$116.2\n\n\n\n$69.8\n\n\n\n67%\n\n\n\n\n\nGross Profit\n\n\n\n$22.5\n\n\n\n$8.7\n\n\n\n158%\n\n\n\n\n\nGross Profit Margin\n\n\n\n19.4%\n\n\n\n12.5%\n\n\n\n690bps\n\n\n\n\n\nNet Income (Loss)\n\n\n\n$10.3\n\n\n\n$1.1\n\n\n\n838%\n\n\n\n\n\nDiluted Earnings (Loss) per share\n\n\n\n$0.99\n\n\n\n$0.12\n\n\n\n725%\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$17.0\n\n\n\n$4.9\n\n\n\n248%\n\n\n\n\n\nAdjusted EBITDA Margin\n\n\n\n14.6%\n\n\n\n7.0%\n\n\n\n760bps\n\n\n\n\nManagement Commentary\n\n“We started the year off strong with a second consecutive quarter of record results as we continued to make significant progress with our turnaround strategy,” said Chris Hutter, president and CEO of Synalloy. “The pricing environment remained strong for both business segments and we excelled at expanding our sales funnel and integrating operations of our chemicals segment. The improvements we’re in the process of making create a more efficient operating structure, allowing us to better capitalize on the dynamics within our end markets.\n\n“Looking at the balance of the year, we are in a strong position to continue executing on the priorities we’ve laid out. While the macro-environment remains dynamic, we have confidence in the steps we’ve taken to operate more efficiently and achieve our goal of maintaining competitiveness throughout all environments. We remain committed to driving long-term shareholder value and are pleased that our strong results position us well to continue to build a robust and valuable platform.”\n\n_______________________\n\n\n\n1 The first quarter of 2022 included $7.5 million in net sales, $0.2 million in net income and $0.8 million in adjusted EBITDA from the acquisition of DanChem, which closed on October 22,...