Ascent Industries Q3 net sales down 8.2% to $42.9M; adjusted EBITDA turns positive at $2.5M

ASCENT INDUSTRIES CO.

2024-Q3 EPS reported -$1.24 vs consensus $0.07 ▼ miss (-1836.7%)

Net loss from continuing ops improved to $7.0M ($0.69 diluted loss) from $14.7M loss in Q3 2023; included $6.2M non-cash tax charge.
Gross profit margin expanded to 15.1% from 6.4%, driven by cost management and product mix optimization across both segments.
Adjusted EBITDA rose to $2.5M (5.7% margin) vs $(1.5M) loss a year ago; CEO cites aggressive self-help initiatives and no debt.
Ascent Chemicals sales up 4% to $20.9M; Ascent Tubular sales down to $22.0M but segment EBITDA jumped to $2.4M from $0.2M.
Cash $8.5M, no debt outstanding, $57.5M revolver availability; repurchased 42,623 shares for ~$0.4M during Q3.

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