Ascent Industries Co. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 09, 2023 at 03:54 am IST
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Ascent Industries Co. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 56.11 million compared to USD 78.22 million a year ago. Net loss was USD 17.93 million compared to net income of USD 0.624 million a year ago. Basic loss per share from continuing operations was USD 1.26 compared to basic earnings per share from continuing operations of USD 0.3 a year ago. Diluted loss per share from continuing operations was USD 1.26 compared to diluted earnings per share from continuing operations of USD 0.3 a year ago. Basic loss per share was USD 1.77 compared to basic earnings per share of USD 0.06 a year ago. Diluted loss per share was USD 1.77 compared to diluted earnings per share of USD 0.06 a year ago.
For the nine months, sales was USD 184.2 million compared to USD 246.53 million a year ago. Net loss was USD 37.77 million compared to net income of USD 21.94 million a year ago. Basic loss per share from continuing operations was USD 1.82 compared to basic earnings per share from continuing operations of USD 2.34 a year ago. Diluted loss per share from continuing operations was USD 1.82 compared to diluted earnings per share from continuing operations of USD 2.3 a year ago. Basic loss per share was USD 3.72 compared to basic earnings per share of USD 2.14 a year ago. Diluted loss per share was USD 3.72 compared to diluted earnings per share of USD 2.11 a year ago.
Ascent Industries Co. is a diverse industrials company. The Company is focused on the production of stainless-steel pipe and tube and specialty chemicals. The Companyâs business is divided into two reportable operating segments, Tubular Products and Specialty Chemicals. The Tubular Products segment serves markets through pipe and tube production and customers in the appliance, architectural, automotive, and commercial transportation, brewery, chemical, petrochemical, pulp and paper, mining, power generation (including nuclear), water and waste-water treatment, liquid natural gas (LNG), food processing, pharmaceutical, oil and gas and other industries. The Specialty Chemicals segment produces specialty products for the pulp and paper, coatings, adhesives, sealants, and elastomers (CASE), textile, automotive, household, industrial and institutional (HII), agricultural, water and waste-water treatment, construction, oil and gas and other industries.