Ascent Industries Q1 net loss $5.2M, adjusted EBITDA -$1.6M, sales down 29% YoY

ASCENT INDUSTRIES CO.

2023-Q1 EPS reported -$0.51 revenue$82,452,000

Net sales $82.5M vs $116.2M Q1 2022; gross margin fell to 5.2% from 19.4%.
Tubular segment sales $58.7M (-34% YoY), operating loss $2.5M; Chemicals sales $23.7M, operating income $1.4M.
Munhall facility contributed $4.0M net loss and -$2.8M adjusted EBITDA; strategic alternatives being evaluated.
Total debt reduced to $58.7M from $71.5M at Dec 31, 2022; available borrowing capacity $50.0M.
Repurchased 32,313 shares at avg $10.11 for ~$0.3M; 647,666 shares remain under authorization.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ASCENT INDUSTRIES CO. reported the first quarter ended March 31, 2023 results: revenue $82.5 million, net income Net loss was $5.2 million, EPS $(0.51) loss per share.

Period: the first quarter ended March 31, 2023
Revenue: $82.5 million
Net income: Net loss was $5.2 million
EPS: $(0.51) loss per share
Result: reported results

Exact text from the filing

committed to delivering long-term value to our shareholders through a culture of hard work and performance-based results.” 1 First Quarter 2023 Financial Results Net sales were $82.5 million compared to $116.2 million in the prior year period. The decrease is primarily due to the intentional reduction in low-margin sales and lower overall volumes within the tubular

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Source: SEC EDGAR

accession 0000095953-23-000022

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