Ascent Industries Co. Stock Price, News & Analysis

Ascent Industries Co. (Nasdaq: ACNT) has appointed Bill Steckel as its new chief financial officer, effective immediately. He succeeds Aaron Tam, who resigned from the position. With over two decades of operational finance experience, Steckel previously served as CFO in notable companies, including Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD), where he achieved significant revenue and EBITDA growth. His expertise spans across financial planning, analysis, and capital markets. President and CEO Chris Hutter emphasized Steckel's operational mindset and transformative track record that will bolster the company’s efforts towards sustainable growth and enhanced long-term shareholder value. Steckel holds an MBA from Western Illinois University and is a Certified Public Accountant (Inactive).

Ascent Industries Co. (Nasdaq: ACNT) reported significant financial results for Q4 and the full year 2022, showing a 23.7% increase in net sales, totaling $414.1 million. Despite this growth, Q4 net income fell 98.4% to $0.1 million, and adjusted EBITDA decreased to negative $2.0 million. The gross profit margin also dipped to 2.0% in Q4, down from 20.8% in Q4 2021. The company aims to enhance profitability by reducing operations at its unprofitable Munhall facility, focusing on specialty chemicals, which grew 59% in net sales for the year.

Ascent Industries Co. (NASDAQ: ACNT) will hold a conference call on March 31, 2023, at 8:30 a.m. Eastern time to discuss its financial results for the fourth quarter and full year ended December 31, 2022. The results will be released in a press release prior to the call. Investors can join via a live registration link or access a webcast. Ascent focuses on producing and distributing industrial tubular products and specialty chemicals. For further details, visit www.ascentco.com.

Ascent Industries Co. (Nasdaq: ACNT) reported its third quarter 2022 results, marking a 16% increase in net sales to $100.2 million, continuing six consecutive quarters of year-over-year sales growth. However, gross profit fell 36% to $11.6 million, with a gross profit margin decline of 940bps to 11.5%. Net income plummeted 92% to $0.6 million or $0.06 per diluted share. The tubular segment saw minimal growth, while the chemicals segment experienced a significant 70% rise in sales. Management remains focused on increasing market share and optimizing profitability.

Ascent Industries Co. (Nasdaq: ACNT) will participate in the Sidoti Virtual Investor Conference on November 9-10, 2022. The company is scheduled to present on November 9 at 2:30 p.m. Eastern time, with one-on-one meetings available throughout the event. The presentation will be live-streamed and can be accessed for replay through their website's investor relations section. Ascent Industries focuses on producing and distributing industrial tubular products and specialty chemicals. For more details, visit www.ascentco.com/investors.