Tue, Mar 4, 10:15 PM (56 days ago)
Ascent Industries Co. (NASDAQ: ACNT) reported a fiscal 2024 revenue of $177.9 million, down 7.9% from 2023, reflecting a decrease in average selling prices and shipped volumes. The net loss from continuing operations was $11.2 million, improving from a loss of $34.2 million in 2023, driven by a substantial increase in gross profit to $22.1 million (12.4% of sales), primarily due to strategic sourcing initiatives. Operating expenses remained stable at $26.6 million. The Specialty Chemicals segment generated $80.8 million in sales, while Tubular Products accounted for $97.1 million. The company ceased operations at its Munhall facility in August 2023, incurring asset impairment charges, and divested Specialty Pipe & Tube, Inc. for $55 million in December 2023. Ascent ended 2024 with $16.1 million in cash, no debt, and $47.4 million available on its credit facility. However, it faces risks including market demand fluctuations, supplier dependence, and ongoing material weaknesses in internal controls that could affect financial reporting. The company is committed to enhancing its operational efficiencies and addressing these weaknesses moving forward.