Business
Synalloy Reports Strong Second Quarter 2021 Results
- Sequential and Year-Over-Year Growth in Net Sales, Gross Profit, Net Income and Adjusted EBITDA - RICHMOND, Va.--(BUSINESS WIRE)-- Synalloy Corporation
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[{"type":"text","content":"\n- Sequential and Year-Over-Year Growth in Net Sales, Gross Profit, Net Income and Adjusted EBITDA -\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 second quarter ended June 30, 2021.\n\nSecond Quarter 2021 Summary\n\n\n\n(in millions, expect per share and margin)\n\n\n\nQ2 2021\n\n\n\nQ1 2021\n\n\n\nQ2 2020\n\n\n\n\n\nNet Sales\n\n\n\n$83.1\n\n\n\n$69.8\n\n\n\n$66.1\n\n\n\n\n\nGross Profit\n\n\n\n$14.1\n\n\n\n$8.7\n\n\n\n$4.4\n\n\n\n\n\nGross Profit Margin\n\n\n\n17.0%\n\n\n\n12.5%\n\n\n\n6.6%\n\n\n\n\n\nNet Income (Loss)\n\n\n\n$2.9\n\n\n\n$1.1\n\n\n\n$(7.0)\n\n\n\n\n\nDiluted Earnings (Loss) per share\n\n\n\n$0.31\n\n\n\n$0.12\n\n\n\n$(0.77)\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$9.8\n\n\n\n$4.9\n\n\n\n$1.9\n\n\n\n\n\nAdjusted EBITDA Margin\n\n\n\n11.7%\n\n\n\n7.0%\n\n\n\n2.9%\n\n\n\n\nManagement Commentary\n\n“Our second quarter results reflect continued progress on our operational initiatives across the business while establishing a permanent foundation to drive profitable growth,” said Chris Hutter, interim president and CEO of Synalloy. “We achieved net sales growth across both of our segments and continue to see improvements in customer demand for our products.\n\n“The strength experienced in the second quarter is largely attributable to our metals segment, which generated year-over-year and sequential gains across all key financial metrics. This quarter, the segment benefited from favorable trends in commodities pricing, mill throughput and rebounding customer demand. The improvement is also directly attributable to the efforts of our metals segment team members as they work tirelessly to deliver results to our stakeholders. Profitability at our chemicals segment proved to be a challenge during the quarter, as we faced operational hurdles due to labor constraints and product shipment delays related to trucking shortages. Despite these challenges, we are encouraged by the demand from our customers going into the back half of the year and we are continuing to invest in our new leadership team as we take measures to better realize the embedded value in the segment going forward.\n\n“Overall, I am proud of the work our team has pu...