Business
Synalloy Reports Record Fourth Quarter and Full Year 2021 Results
Finishes 2021 with Third Consecutive Quarter of Year-Over-Year Growth in Net Sales, Net Income and Adjusted EBITDA Full Year 2021 Results Achieved Highest
About this update from Ascent Industries Co.
[{"type":"text","content":"\nFinishes 2021 with Third Consecutive Quarter of Year-Over-Year Growth in Net Sales, Net Income and Adjusted EBITDA\n\nFull Year 2021 Results Achieved Highest Net Sales, Net Income and Adjusted EBITDA in Synalloy’s History\n\nStrongly Positioned to Further Capitalize on Profitable Growth Opportunities in 2022\n\n 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, 2021.\n\nFourth Quarter 2021 Summary\n\n\n\n(in millions, except per share and margin)\n\n\n\nQ4 20211\n\n\n\nQ3 2021\n\n\n\nQ4 2020\n\n\n\n\n\nNet Sales\n\n\n\n$95.7\n\n\n\n$86.2\n\n\n\n$55.9\n\n\n\n\n\nGross Profit\n\n\n\n$19.9\n\n\n\n$18.0\n\n\n\n$6.1\n\n\n\n\n\nGross Profit Margin\n\n\n\n20.8%\n\n\n\n20.9%\n\n\n\n11.0%\n\n\n\n\n\nNet Income (Loss)\n\n\n\n$8.1\n\n\n\n$8.2\n\n\n\n$(8.6)\n\n\n\n\n\nDiluted Earnings (Loss) per share\n\n\n\n$0.84\n\n\n\n$0.87\n\n\n\n$(0.93)2\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$14.9\n\n\n\n$14.8\n\n\n\n$3.0\n\n\n\n\n\nAdjusted EBITDA Margin\n\n\n\n15.5%\n\n\n\n17.2%\n\n\n\n5.4%\n\n\n\n\nFull Year 2021 Summary\n\n\n\n(in millions, except per share and margin)\n\n\n\n20211\n\n\n\n2020\n\n\n\n\n\nNet Sales\n\n\n\n$334.7\n\n\n\n$256.0\n\n\n\n\n\nGross Profit\n\n\n\n$60.8\n\n\n\n$22.7\n\n\n\n\n\nGross Profit Margin\n\n\n\n18.2%\n\n\n\n8.8%\n\n\n\n\n\nNet Income (Loss)\n\n\n\n$20.2\n\n\n\n$(27.3)\n\n\n\n\n\nDiluted Earnings (Loss) per share\n\n\n\n$2.14\n\n\n\n$(2.98)\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$44.3\n\n\n\n$9.2\n\n\n\n\n\nAdjusted EBITDA Margin\n\n\n\n13.2%\n\n\n\n3.6%\n\n\n\n\n_____________________________\n1 The fourth quarter of 2021 included $5.7 million in net sales, $0.6 million in net income and $1.1 million in adjusted EBITDA from the acquisition of DanChem, which closed on October 22, 2021.\n2 Compared to previous filings, the fourth quarter of 2020 had a $0.01 impact to diluted loss per share as a result of the Rights Offering that closed on December 17, 2021. \n\nManagement Commentary\n\n“In the fourth quarter we experienced another period of profitable growth over 2020 and sustained the high levels of performance from the third quarter, capping off a year of meaningful transformation,” sai...