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Ascent Industries Co. - ACNT STOCK NEWS

Welcome to our dedicated page for Ascent Industries Co. news (Ticker: ACNT), a resource for investors and traders seeking the latest updates and insights on Ascent Industries Co. stock.

Ascent Industries Co. (Nasdaq: ACNT) is a diversified industrials company specializing in the production and distribution of industrial tubular products and specialty chemicals. The company operates through two primary segments: Ascent Tubular Products and Specialty Chemicals.

The Ascent Tubular Products segment caters to various industries including appliance, automotive, chemical, petrochemical, and commercial transportation. The company manufactures welded pipe and tube, primarily from stainless steel, duplex, and nickel alloys. This segment recently saw significant developments, such as the decision to permanently cease operations at the Munhall, PA facility and the sale of Specialty Pipe & Tube for $55 million. These steps are aimed at reducing complexity and refocusing on core competencies.

The Specialty Chemicals segment produces advanced chemicals for industries such as pulp and paper, coatings, adhesives, sealants, elastomers (CASE), textile, automotive, and household products. The company operates chemical factories in Cleveland, TN and Fountain Inn, SC, providing chemical intermediates and contract manufacturing services. Each site has state-of-the-art laboratories to facilitate rapid development projects, ensuring swift turnaround times.

Ascent Industries has recently undergone significant leadership changes, with Bryan Kitchen taking over as CEO and Ryan Kavalauskas stepping in as CFO. The company is focused on stabilizing operations, optimizing costs, and driving profitability. Financially, while the company faced challenges in 2023, including a decline in net sales and a net loss, strategic initiatives such as the sale of non-core assets have positioned it for future growth. As of recent financial reports, Ascent Industries has no outstanding debt and maintains strong liquidity with $63.6 million in available credit.

For more information, please visit the official Ascent Industries website.

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Ascent Industries Co. (Nasdaq: ACNT) reported its first-quarter 2024 financial results, highlighting a decrease in net sales, improved gross profit, and lower net loss. The company's strategic cost reduction efforts led to positive changes in its financial performance. Despite challenges in the market, Ascent remains focused on driving profitable growth and creating value for shareholders.

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Ascent Industries, a Nasdaq-listed company, will hold a conference call on May 8, 2024, to discuss its financial results for the first quarter of 2024. The call will be hosted by Ascent management and will include a question and answer period.
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Ascent Industries Co. (Nasdaq: ACNT) reported its Q4 and full-year 2023 results, focusing on debt elimination through asset sales, new leadership, and financial performance. Net sales decreased by 23.9% in Q4 and 26.3% for the full year. Gross profit margin declined significantly, with a net loss of $7.5 million in Q4 and $34.2 million for the full year. Adjusted EBITDA also saw a decline. The company closed on a $55 million asset sale to clear debt, aiming for sustainable earnings growth in 2024.
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Ascent Industries Co. (ACNT) will hold a conference call on March 28, 2024, to discuss its financial results for Q4 and full year 2023. The call will be hosted by Ascent management and include a Q&A session.
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Ascent Industries Co. (Nasdaq: ACNT) announces the appointment of Bryan Kitchen as CEO and Ryan Kavalauskas as CFO. The new executives are set to drive the company towards profitable growth in the specialty chemicals industry.
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Ascent Industries Co. (Nasdaq: ACNT) has announced the sale of the business of Specialty Pipe & Tube for approximately $55 million in an all-cash transaction, reducing complexity and focusing on core competencies. The sale will be used to pay down debt and pursue growth opportunities within the company's focused businesses.
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Ascent Industries Co. (Nasdaq: ACNT) has appointed John W. Johnson as president of Ascent Tubular, bringing over 20 years of leadership experience in global industrial-focused companies. With a proven track record of implementing successful transformation strategies, Mr. Johnson aims to drive improved financial performance for Ascent Tubular. His appointment reflects Ascent's commitment to strengthening operational leadership and driving profitability across the organization.
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Ascent Industries Co. (Nasdaq: ACNT) reports Q3 2023 financial results, with net sales down 28.3% to $56.1 million, gross profit down 57.3% to $6.0 million, and net loss of $12.8 million. The company cites challenging macro-economic volatility impacting sales volumes in both segments but remains optimistic about future prospects.
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Ascent Industries Co. to hold conference call to discuss Q3 financial results.
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Ascent Industries appoints J. Bryan Kitchen as president of Ascent Chemicals, bringing two decades of experience in the chemicals industry. Kitchen has a track record of implementing transformational strategies and driving significant improvements in financial and operational performance. Ascent Industries believes his leadership will be crucial in scaling their unique platform and unlocking value through operational excellence and go-to-market initiatives.
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FAQ

What industries does Ascent Industries Co. serve?

Ascent Industries serves various industries including appliance, automotive, chemical, petrochemical, commercial transportation, and more through its Tubular Products and Specialty Chemicals segments.

What recent strategic changes has Ascent Industries made?

Recent changes include ceasing operations at the Munhall, PA facility and the sale of Specialty Pipe & Tube for $55 million to focus on core competencies and reduce complexity.

Who are the new CEO and CFO of Ascent Industries?

Bryan Kitchen is the new CEO, and Ryan Kavalauskas is the new CFO of Ascent Industries.

What is the financial condition of Ascent Industries as of the latest reports?

Ascent Industries has no outstanding debt and maintains $63.6 million in available credit, positioning it well for future operations.

What are the core products of the Ascent Tubular Products segment?

The Ascent Tubular Products segment manufactures welded pipe and tube primarily from stainless steel, duplex, and nickel alloys.

What does the Specialty Chemicals segment produce?

The Specialty Chemicals segment produces advanced chemicals for industries like pulp and paper, coatings, adhesives, sealants, elastomers (CASE), textiles, automotive, and household products.

Where are Ascent Industries' chemical factories located?

The chemical factories are located in Cleveland, TN and Fountain Inn, SC.

What recent financial challenges did Ascent Industries face?

In 2023, Ascent Industries saw a decline in net sales and reported a net loss. However, strategic actions like selling non-core assets have helped stabilize the company.

How is Ascent Industries working towards profitability?

The company is focusing on cost optimization, improving product mix, and driving operational efficiencies across its sites and functions.

How can investors get more information about Ascent Industries?

Investors can visit the official Ascent Industries website at www.ascentco.com for more information.

Ascent Industries Co.

Nasdaq:ACNT

ACNT Rankings

ACNT Stock Data

98.76M
10.13M
13.21%
49.54%
0.05%
Iron and Steel Pipe and Tube Manufacturing from Purchased Steel
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