Ascent Q1 net loss narrows to $4.7M on $44.1M revenue, down 20% YoY

ASCENT INDUSTRIES CO.

2024-Q1 EPS reported -$0.54 revenue$44,110,000

Net sales of $44.1M fell 19.6% YoY; gross margin improved to 5.7% from 2.7%.
Net loss from continuing ops of $4.7M ($0.47 diluted loss per share) vs. $5.8M loss a year ago.
Adjusted EBITDA loss of $3.1M improved from $3.7M loss; margin was (7.1)% vs. (6.8)%.
Chemicals segment adj. EBITDA margin fell to (1.4)% from 10.5%; Tubular loss narrowed to (3.0)%.
Zero debt drawn on $63.6M revolver; repurchased 16,330 shares for ~$0.2M in Q1.

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 first quarter ended March 31, 2024 results: revenue $44.1 million, net income $(4.7) million net loss, EPS $(0.47) diluted loss per share.

Period: first quarter ended March 31, 2024
Revenue: $44.1 million
Net income: $(4.7) million net loss
EPS: $(0.47) diluted loss per share
Result: reported results

Exact text from the filing

results throughout 2024. We are on the right track to create durable value for shareholders.” First Quarter 2024 Financial Results Net sales from continuing operations were $44.1 million compared to $54.9 million in the first quarter of 2023, primarily attributable to decreased end-market demand and de-stocking trends across both segments. Gross profit from

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Source: SEC EDGAR

accession 0000095953-24-000026

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