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Ascent Industries Co. (ACNT) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022

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  • 10-Q Quarterly Report November 2022

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Ascent Industries Co.

HISTORY TOOLS
CIK: 95953 Ticker: ACNT
Exhibit 99.1

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Ascent Industries Co. Reports Third Quarter 2022 Results
Sixth Consecutive Quarter of Year-Over-Year Net Sales Growth

Oak Brook, Illinois, November 08, 2022 –
Ascent Industries Co. (Nasdaq: ACNT) (“Ascent” or the “Company”), an industrials company focused on the production and distribution of industrial tubular products and specialty chemicals, is reporting its results for the third quarter ended September 30, 2022.

Third Quarter 2022 Summary
(in millions, except per share and margin)
Q3 20221
Q3 2021Change
Net Sales$100.2$86.216%
Gross Profit$11.6$18.0-36%
Gross Profit Margin11.5%20.9%-940bps
Net Income$0.6$8.2-92%
Diluted Earnings per share$0.06$0.87-93%
Adjusted EBITDA$5.6$14.8-62%
Adjusted EBITDA Margin5.6%17.2%-1160bps
1The third quarter of 2022 included $8.3 million in net sales, $0.7 million in operating loss and $0.5 million in adjusted EBITDA from the acquisition of DanChem, which closed on October 22, 2021.

Management Commentary
“Our third quarter results represent our sixth consecutive quarter of year-over-year revenue growth,” said Chris Hutter, president and CEO of Ascent. “While the overall pricing environment began to decline during the quarter, we were still able to capitalize on higher stainless prices in our tubular segment compared to the prior year. We continued to make improvements in our on-time delivery rates and employee safety record across both segments, driven by the enhanced safety measures we’ve implemented over the past two years. I’m also very pleased with the investments we have made in our customer development initiatives, which we expect to benefit us in the coming quarters. Notably, we’ve seen positive reception towards our corporate re-brand and have taken the opportunity to re-introduce our aligned suite of products to the market through well attended customer events at our facilities.

“Our tubular segment continues to make progress as we further invest in our ongoing sales, inventory and operations planning initiatives to better shift our sales efforts towards higher margin products. In addition to pricing pressure on our lower margin products, we saw some increased competition from the influx of imports during the quarter, leading to slower sales of these affected products. We are using this transient period to allocate additional resources toward improving internal processes and pursue opportunities that will better position us for growth and structurally increase the earnings power of the segment. We anticipate these investments will enable us to react to dynamic market conditions more quickly and optimize our profitability across all environments. Our chemicals segment delivered consistent growth while we continued to invest in our equipment and infrastructure to enhance our capabilities, drive efficiency and capture the full potential of this very promising business. I’m very pleased with the culture that we’ve created at Ascent Chemicals, through an unparalleled level of collaboration leading to new and innovative commercial opportunities.

“For the rest of 2022, we are focused on expanding our market share in both segments through our revamped branding and go-to-market strategy. We are confident in the current position of our balance sheet and we anticipate accelerating cash flows and further debt reduction over the coming quarters. We are making notable progress both identifying and progressing accretive acquisition opportunities that we believe will lead to durable value creation.

“As we look towards next year, we are prioritizing our efforts towards keeping a lean inventory position through a disciplined working capital strategy, continuing our shift to a higher margin product mix, and executing on our refined commercial strategy to drive sales toward large scale projects. Additionally, we remain committed to our share repurchase program and expect to be highly opportunistic in the near-term. We are confident in our ability to continue executing on our strategy, further unlocking value across our platform and driving long-term results for our shareholders.”

1
The following information was filed by Ascent Industries Co. (ACNT) on Tuesday, November 8, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ascent Industries Co.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
Condensed Consolidated Statements Of Shareholders' Equity (Unaudited)
Condensed Consolidated Statements Of Shareholders' Equity (Unaudited) (Parenthetical)
Acquisitions
Acquisitions (Tables)
Acquisitions - Fair Value Of Assets Identified And Liabilities Assumed (Details)
Acquisitions - Narrative (Details)
Acquisitions - Schedule Of Financial Information (Details)
Basis Of Presentation
Basis Of Presentation (Policies)
Commitments And Contingencies
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Summary Of Long Term Debt (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Assets Held For Sale (Details)
Fair Value Of Financial Instruments - Narrative (Details)
Fair Value Of Financial Instruments - Summary Of Changes In Fair Value Of Company's Earn-Out Liability (Details)
Goodwill, Intangible Assets And Deferred Charges
Goodwill, Intangible Assets And Deferred Charges (Tables)
Goodwill, Intangible Assets And Deferred Charges - Narrative (Details)
Goodwill, Intangible Assets And Deferred Charges - Schedule Of Deferred Charges (Details)
Goodwill, Intangible Assets And Deferred Charges - Schedule Of Estimated Amortization Expense (Details)
Goodwill, Intangible Assets And Deferred Charges - Schedule Of Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Industry Segments
Industry Segments (Tables)
Industry Segments - Narrative (Details)
Industry Segments - Schedule Of Segment Information (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases - Future Expected Cash Receipts From Sublease (Details)
Leases - Maturities Of Lease Liabilities After Adoption Of 842 (Details)
Leases - Narrative (Details)
Leases - Schedule Of Operating And Finance Leases Recorded In The Consolidated Balance Sheet (Details)
Leases - Schedule Of Total Lease Cost (Details)
Leases - Schedule Of Weighted Average Remaining Lease Term (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Schedule Of Disaggregated Revenue By Product Group (Details)
Shareholders' Equity
Shareholders' Equity - Stock Repurchase Program (Details)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

Ascent Industries Co. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Ticker: ACNT
CIK: 95953
Form Type: 10-Q Quarterly Report
Accession Number: 0000095953-22-000085
Submitted to the SEC: Tue Nov 08 2022 5:21:40 PM EST
Accepted by the SEC: Tue Nov 08 2022
Period: Friday, September 30, 2022
Industry: Steel Pipe And Tubes

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