Ascent Industries Co. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 08, 2023 at 09:05 pm
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Ascent Industries Co. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 60.67 million compared to USD 84.6 million a year ago. Revenue was USD 60.67 million compared to USD 84.6 million a year ago. Net loss was USD 14.64 million compared to net income of USD 11.06 million a year ago. Basic loss per share from continuing operations was USD 0.37 compared to basic earnings per share from continuing operations of USD 1.06 a year ago. Diluted loss per share from continuing operations was USD 0.37 compared to diluted earnings per share from continuing operations of USD 1.04 a year ago. Basic loss per share was USD 1.44 compared to basic earnings per share of USD 1.08 a year ago. Diluted loss per share was USD 1.44 compared to diluted earnings per share of USD 1.06 a year ago.
For the six months, sales was USD 128.08 million compared to USD 168.31 million a year ago. Revenue was USD 128.08 million compared to USD 168.31 million a year ago. Net loss was USD 19.84 million compared to net income of USD 21.32 million a year ago. Basic loss per share from continuing operations was USD 0.56 compared to basic earnings per share from continuing operations of USD 2.04 a year ago. Diluted loss per share from continuing operations was USD 0.56 compared to diluted earnings per share from continuing operations of USD 2.01 a year ago. Basic loss per share was USD 1.95 compared to basic earnings per share of USD 2.08 a year ago. Diluted loss per share was USD 1.95 compared to diluted earnings per share of USD 2.05 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.