Business
Synalloy Reports Strong Third 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 third quarter ended September 30, 2021.\n\nThird Quarter 2021 Summary\n\n\n\n($ in millions, except per share and margin)\n\n\n\nQ3 2021\n\n\n\nQ2 2021\n\n\n\nQ3 2020\n\n\n\n\n\nNet Sales\n\n\n\n$\n\n\n\n86.2\n\n\n\n \n\n\n\n$\n\n\n\n83.1\n\n\n\n \n\n\n\n$\n\n\n\n59.3\n\n\n\n \n\n\n\n\n\nGross Profit\n\n\n\n$\n\n\n\n18.0\n\n\n\n \n\n\n\n$\n\n\n\n14.1\n\n\n\n \n\n\n\n$\n\n\n\n5.0\n\n\n\n \n\n\n\n\n\nGross Profit Margin\n\n\n\n \n\n\n\n20.9\n\n\n\n%\n\n\n\n \n\n\n\n17.0\n\n\n\n%\n\n\n\n \n\n\n\n8.4\n\n\n\n%\n\n\n\n\n\nNet Income (Loss)\n\n\n\n$\n\n\n\n8.2\n\n\n\n \n\n\n\n$\n\n\n\n2.9\n\n\n\n \n\n\n\n$\n\n\n\n(10.5\n\n\n\n)\n\n\n\n\n\nDiluted Earnings (Loss) per share\n\n\n\n$\n\n\n\n0.87\n\n\n\n \n\n\n\n$\n\n\n\n0.31\n\n\n\n \n\n\n\n$\n\n\n\n(1.16\n\n\n\n)\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$\n\n\n\n14.8\n\n\n\n \n\n\n\n$\n\n\n\n9.8\n\n\n\n \n\n\n\n$\n\n\n\n1.6\n\n\n\n \n\n\n\n\n\nAdjusted EBITDA Margin\n\n\n\n \n\n\n\n17.2\n\n\n\n%\n\n\n\n \n\n\n\n11.7\n\n\n\n%\n\n\n\n \n\n\n\n2.8\n\n\n\n%\n\n\n\n\nManagement Commentary\n\n“The momentum from the first half of the year continued in the third quarter as we experienced profitable growth across both business segments,” said Chris Hutter, interim president and CEO of Synalloy. “Robust commodity pricing and improved throughput drove strong growth in our metals segment. While our chemicals segment continued to face operational challenges due to labor and raw material constraints, the rebound in customer demand and increased volumes were enough to overcome these impacts and drive sales growth.\n\n“Subsequent to the quarter, we announced the acquisition of DanChem, a leading specialty chemicals contract manufacturer, to accelerate product development capabilities and provide entrance into new end-markets and applications. This acquisition brings robust manufacturing capabilities, a highly experienced team and a blue-chip customer base. We believe Synalloy Chemicals is now one of the largest specialty chemical contract manufacturers in the U.S. wit...