Ascent Industries Q2 2023: Net loss $3.7M, sales fall 28% to $60.7M; EBITDA turns negative

ASCENT INDUSTRIES CO.

2023-Q2 EPS reported -$1.95 revenue$128,084,000

Net sales from continuing ops $60.7M, down 28.3% YoY; net loss $(3.7)M vs income $10.8M.
Adjusted EBITDA from continuing ops $(1.5)M vs $14.8M; margin -2.4% vs 17.4% YoY.
Tubular segment net sales $39.3M (down 29%), operating income swung to loss $0.1M from $13.0M.
Chemicals segment net sales $21.4M (down 26%), operating loss $0.8M vs income $2.6M.
Total debt reduced to $54.5M from $71.5M; Munhall facility closure finalized, effective Aug 31, 2023.

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 0.95

ASCENT INDUSTRIES CO. reported second quarter ended June 30, 2023 results: revenue $60.7 million, net income $(3.7) million, EPS $(0.37) diluted loss per share.

Period: second quarter ended June 30, 2023
Revenue: $60.7 million
Net income: $(3.7) million
EPS: $(0.37) diluted loss per share
Result: reported results

Exact text from the filing

are now behind us and expect to begin seeing improvements through the remainder of the year.” Second Quarter 2023 Financial Results Net sales from continuing operations were $60.7 million compared to $84.6 million in the prior year period. The decrease is primarily due to lower overall sales volumes and lower average selling prices within both the tubular products

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Source: SEC EDGAR

accession 0000095953-23-000047

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