Ascent Industries Co. Reports Third Quarter 2022 Results

Sixth Consecutive Quarter of Year-Over-Year Net Sales Growth

OAK BROOK, Ill.--(BUSINESS WIRE)-- 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, expect per share and margin)

Q3 20221

Q3 2021

Change

Net Sales

$100.2

$86.2

16%

Gross Profit

$11.6

$18.0

-36%

Gross Profit Margin

11.5%

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 Margin

5.6%

17.2%

-1160bps

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.”

Third Quarter 2022 Financial Results

Net sales increased 16% to $100.2 million compared to $86.2 million in the prior year period, attributable to favorable tubular pricing early in the quarter, as well as the ongoing shift to higher priced products.

Gross profit was $11.6 million, or 11.5% of net sales, compared to $18.0 million, or 20.9% of net sales, in the third quarter of 2021. The decrease is primarily attributable to increased input and labor costs and a slightly unfavorable product mix over the prior year, partially offset by the elevated pricing environment.

Net income was $0.6 million, or $0.06 diluted earnings per share, compared to $8.2 million, or $0.87 diluted earnings per share, in the third quarter of 2021. The decrease is primarily attributable to lower gross profit within the tubular products segment and higher corporate expenses aimed at internal process improvements.

Adjusted EBITDA was $5.6 million compared to $14.8 million in the third quarter of 2021. Adjusted EBITDA margin was 5.6% compared to 17.2% in the prior year period. The decline was primarily a result of the lower volume of tubular sales from some customer destocking trends, increased tubular operating expenses and modestly higher corporate expenses.

Segment Results

Ascent Tubular Net sales in the third quarter of 2022 increased 4% to $72.8 million compared to $70.1 million in the third quarter of 2021. Operating income in the third quarter was $4.5 million compared to $11.7 million in the prior year period. Adjusted EBITDA in the third quarter was $6.3 million compared to $14.2 million in the prior year period given the aforementioned factors related to lower volumes and higher operating expenses. As a percentage of segment net sales, adjusted EBITDA was 8.6% compared to 20.2% in the third quarter of 2021.

Ascent ChemicalsNet sales in the third quarter of 2022 increased 70% to $27.3 million compared to $16.1 million in the third quarter of 2021. Operating income in the third quarter was $1.1 million compared to $1.4 million in the prior year period. Adjusted EBITDA in the third quarter increased 55% to $2.7 million compared to $1.8 million in the prior year period and corresponding adjusted EBITDA margin was 10.0% compared to 10.9% in the third quarter of 2021.

Liquidity

As of September 30, 2022, total debt was $72.6 million under the Company’s credit facility, compared to $70.4 million in debt at December 31, 2021. As of the end of the third quarter of 2022, the Company had $36.7 million of remaining available borrowing capacity under its credit facility, compared to $39.4 million at December 31, 2021.

During the third quarter of 2022, the Company repurchased 30,200 shares at an average cost of $16.29 per share for approximately $0.5 million.

Conference Call

Ascent will conduct a conference call today at 5:00 p.m. Eastern time to discuss its results for the third quarter ended September 30, 2022.

Ascent management will host the conference call, followed by a question-and-answer period.

Date: Tuesday, November 08, 2022
Time: 5:00 p.m. Eastern time
Live Call Registration Link: Here
Webcast Registration Link: Here

To access the call by phone, please register via the live call registration link above or here and you will be provided with dial-in instructions and details. If you have any difficulty connecting with the conference call, please contact Gateway Group at 1-949-574-3860.

The conference call will also be broadcast live and available for replay via the webcast registration link above or here. The webcast will be archived for one year in the investor relations section of the Company’s website at www.ascentco.com.

About Ascent Industries Co.

Ascent Industries Co. (Nasdaq: ACNT) is a company that engages in a number of diverse business activities including the production of stainless steel and galvanized pipe and tube, the master distribution of seamless carbon pipe and tube, and the production of specialty chemicals. For more information about Ascent, please visit its web site at www.ascentco.com.

Forward-Looking Statements

This press release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable federal securities laws. All statements that are not historical facts are forward-looking statements. Forward looking statements can be identified through the use of words such as "estimate," "project," "intend," "expect," "believe," "should," "anticipate," "hope," "optimistic," "plan," "outlook," "should," "could," "may" and similar expressions. The forward-looking statements are subject to certain risks and uncertainties which could cause actual results to differ materially from historical results or those anticipated. Readers are cautioned not to place undue reliance on these forward-looking statements and to review the risks as set forth in more detail in Ascent Industries Co.’s Securities and Exchange Commission filings, including our Annual Report on Form 10-K, which filings are available from the SEC or on our website. Ascent Industries Co. assumes no obligation to update any forward-looking information included in this release.

Non-GAAP Financial Information

Financial statement information included in this earnings release includes non-GAAP (Generally Accepted Accounting Principles) measures and should be read along with the accompanying tables which provide a reconciliation of non-GAAP measures to GAAP measures.

Adjusted EBITDA is a non-GAAP financial measure that the Company believes is useful to investors in evaluating its results to determine the value of a company. An item is excluded in the measure if its periodic value is inconsistent and sufficiently material that not identifying the item would render period comparability less meaningful to the reader or if including the item provides a clearer representation of normalized periodic earnings. The Company excludes in Adjusted EBITDA two categories of items: 1) Base EBITDA components, including: interest expense (including change in fair value of interest rate swap), income taxes, depreciation and amortization, and 2) Material transaction costs including: goodwill impairment, asset impairment, gain on lease modification, stock-based compensation, non-cash lease cost, acquisition costs and other fees, proxy contest costs and recoveries, loss on extinguishment of debt, earn-out adjustments, realized and unrealized (gains) and losses on investments in equity securities and other investments, retention costs and restructuring & severance costs from net income.

Management believes that these non-GAAP measures are useful because they are key measures used by our management team to evaluate our operating performance, generate future operating plans and make strategic decisions as well as allow readers to compare the financial results between periods. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.

1 The 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.

Ascent Industries Co.

Condensed Consolidated Balance Sheets

($ in thousands)

 

(Unaudited)

 

 

 

September 30, 2022

 

December 31, 2021

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

532

 

$

2,021

Accounts receivable, net of allowance for credit losses of $998 and $216, respectively

 

55,592

 

 

50,126

Inventories, net

 

137,843

 

 

103,249

Prepaid expenses and other current assets

 

4,632

 

 

3,728

Assets held for sale

 

518

 

 

855

Total current assets

 

199,117

 

 

159,979

Property, plant and equipment, net

 

43,176

 

 

43,720

Right-of-use assets, operating leases, net

 

29,575

 

 

30,811

Goodwill

 

11,430

 

 

12,637

Intangible assets, net

 

11,794

 

 

14,382

Deferred charges, net

 

228

 

 

302

Other non-current assets, net

 

4,122

 

 

4,171

Total assets

$

299,442

 

$

266,002

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

44,815

 

$

32,318

Accounts payable - related parties

 

 

 

2

Accrued expenses and other current liabilities

 

11,430

 

 

12,407

Current portion of note payable

 

580

 

 

Current portion of long-term debt

 

2,464

 

 

2,464

Current portion of earn-out liabilities

 

 

 

1,961

Current portion of operating lease liabilities

 

1,041

 

 

1,104

Current portion of finance lease liabilities

 

290

 

 

233

Total current liabilities

 

60,620

 

 

50,489

Long-term debt

 

70,131

 

 

67,928

Long-term portion of operating lease liabilities

 

31,190

 

 

32,059

Long-term portion of finance lease liabilities

 

1,302

 

 

1,414

Deferred income taxes

 

1,593

 

 

2,433

Other long-term liabilities

 

67

 

 

89

Total non-current liabilities

 

104,283

 

 

103,923

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

Common stock, par value $1 per share; authorized 24,000,000 shares; issued 11,085,103 shares

 

11,085

 

 

11,085

Capital in excess of par value

 

46,637

 

 

46,058

Retained earnings

 

85,021

 

 

63,080

 

 

142,743

 

 

120,223

Less: cost of common stock in treasury - 850,671 and 918,471 shares, respectively

 

8,204

 

 

8,633

Total shareholders' equity

 

134,539

 

 

111,590

Total liabilities and shareholders' equity

$

299,442

 

$

266,002

Note: The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date. See accompanying notes to condensed consolidated financial statements.

Ascent Industries Co.

Condensed Consolidated Statements of Income - Comparative Analysis (Unaudited)

($ in thousands, except per share data)

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net sales

 

 

 

 

 

 

 

Tubular Products

$

72,839

 

 

$

70,127

 

 

$

248,517

 

 

$

193,438

 

Specialty Chemicals

 

27,328

 

 

 

16,055

 

 

 

84,070

 

 

 

45,609

 

 

$

100,167

 

 

$

86,182

 

 

$

332,587

 

 

$

239,047

 

Operating income

 

 

 

 

 

 

Tubular Products

$

4,509

 

 

$

11,711

 

 

$

31,935

 

 

$

21,793

 

Specialty Chemicals

 

1,097

 

 

 

1,356

 

 

 

6,111

 

 

 

1,999

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

Unallocated corporate expenses

 

3,890

 

 

 

2,009

 

 

 

10,241

 

 

 

5,138

 

Acquisition costs and other

 

149

 

 

 

201

 

 

 

837

 

 

 

201

 

Proxy contest costs and recoveries

 

 

 

 

 

 

 

 

 

 

168

 

Earn-out adjustments

 

 

 

 

160

 

 

 

(7

)

 

 

1,430

 

Total Corporate

 

4,039

 

 

 

2,370

 

 

 

11,071

 

 

 

6,937

 

Operating income

 

1,567

 

 

 

10,697

 

 

 

26,975

 

 

 

16,855

 

Interest expense

 

827

 

 

 

329

 

 

 

1,637

 

 

 

1,068

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

223

 

Change in fair value of interest rate swap

 

 

 

 

 

 

 

 

 

 

(2

)

Other, net

 

(118

)

 

 

(10

)

 

 

(176

)

 

 

152

 

Income before income taxes

 

858

 

 

 

10,378

 

 

 

25,514

 

 

 

15,414

 

Income tax provision

 

234

 

 

 

2,179

 

 

 

3,573

 

 

 

3,235

 

Net income

$

624

 

 

$

8,199

 

 

$

21,941

 

 

$

12,179

 

 

 

 

 

 

 

 

 

Net income per common share

 

 

 

 

 

 

 

Basic

$

0.06

 

 

$

0.88

 

 

$

2.14

 

 

$

1.32

 

Diluted

$

0.06

 

 

$

0.87

 

 

$

2.11

 

 

$

1.30

 

 

 

 

 

 

 

 

 

Average shares outstanding

 

 

 

 

 

 

 

Basic

 

10,253

 

 

 

9,287

 

 

 

10,235

 

 

 

9,237

 

Diluted

 

10,465

 

 

 

9,403

 

 

 

10,407

 

 

 

9,348

 

 

 

 

 

 

 

 

 

Other data:

 

 

 

 

 

 

 

Adjusted EBITDA1

$

5,572

 

 

$

14,808

 

 

$

37,987

 

 

$

29,447

 

1The term Adjusted EBITDA is a non-GAAP financial measure that the Company believes is useful to investors in evaluating its results to determine the value of a company. An item is excluded in the measure if its periodic value is inconsistent and sufficiently material that not identifying the item would render period comparability less meaningful to the reader or if including the item provides a clearer representation of normalized periodic earnings. The Company excludes in Adjusted EBITDA two categories of items: 1) Base EBITDA components, including: interest expense (including change in fair value of interest rate swap), income taxes, depreciation and amortization, and 2) Material transaction costs including: goodwill impairment, asset impairment, gain on lease modification, stock-based compensation, non-cash lease cost, acquisition costs and other fees, proxy contest costs and recoveries, loss on extinguishment of debt, earn-out adjustments, realized and unrealized (gains) and losses on investments in equity securities and other investments, retention costs and restructuring & severance costs from net income. For a reconciliation of this non-GAAP measure to the most comparable GAAP equivalent, refer to the Reconciliation of Net Income (Loss) to Adjusted EBITDA.

Ascent Industries Co.

Consolidated Statements of Cash Flows (Unaudited)

($ in thousands)

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

Operating activities

 

 

 

Net income

$

21,941

 

 

$

12,179

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation expense

 

6,380

 

 

 

5,459

 

Amortization expense

 

2,588

 

 

 

2,041

 

Amortization of debt issuance costs

 

74

 

 

 

71

 

Asset impairments

 

 

 

 

233

 

Loss on extinguishment of debt

 

 

 

 

223

 

Deferred income taxes

 

(1,227

)

 

 

(615

)

Earn-out adjustments

 

(7

)

 

 

1,430

 

Payments of earn-out liabilities in excess of acquisition date fair value

 

(662

)

 

 

(11

)

Provision for (reduction of) losses on accounts receivable

 

782

 

 

 

(388

)

Provision for losses on inventories

 

1,871

 

 

 

2,286

 

Loss (gain) on disposal of property, plant and equipment

 

31

 

 

 

(580

)

Non-cash lease expense

 

322

 

 

 

373

 

Non-cash lease termination loss

 

 

 

 

5

 

Change in fair value of interest rate swap

 

 

 

 

(2

)

Issuance of treasury stock for director fees

 

364

 

 

 

58

 

Stock-based compensation expense

 

961

 

 

 

695

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(6,249

)

 

 

(15,525

)

Inventories

 

(36,127

)

 

 

(15,539

)

Other assets and liabilities

 

(782

)

 

 

(1,443

)

Accounts payable

 

11,774

 

 

 

15,118

 

Accounts payable - related parties

 

(2

)

 

 

2

 

Accrued expenses

 

(1,594

)

 

 

3,272

 

Accrued income taxes

 

555

 

 

 

6,844

 

Net cash provided by operating activities

 

993

 

 

 

16,186

 

Investing activities

 

 

 

Purchases of property, plant and equipment

 

(3,467

)

 

 

(761

)

Proceeds from disposal of property, plant and equipment

 

5

 

 

 

1,054

 

Net cash (used in) provided by investing activities

 

(3,462

)

 

 

293

 

Financing activities

 

 

 

Borrowings from long-term debt

 

352,513

 

 

 

41,648

 

Proceeds from note payable

 

967

 

 

 

 

Proceeds from the exercise of stock options

 

175

 

 

 

 

Payments on long-term debt

 

(350,311

)

 

 

(54,056

)

Payments on note payable

 

(387

)

 

 

 

Principal payments on finance lease obligations

 

(193

)

 

 

(31

)

Payments on earn-out liabilities

 

(1,292

)

 

 

(2,891

)

Payments for termination of interest rate swap

 

 

 

 

(46

)

Repurchase of common stock

 

(492

)

 

 

 

Payments for deferred financing costs

 

 

 

 

(165

)

Net cash provided by (used in) financing activities

 

980

 

 

 

(15,541

)

(Decrease) increase in cash and cash equivalents

 

(1,489

)

 

 

938

 

Cash and cash equivalents, beginning of period

 

2,021

 

 

 

236

 

Cash and cash equivalents, end of period

$

532

 

 

$

1,174

 

 

 

 

 

Supplemental Disclosure of Cash Flow Information

 

 

 

Cash paid for:

 

 

 

Interest

$

1,176

 

 

$

994

 

Income taxes

 

4,248

 

 

 

649

 

 

 

 

 

Noncash Investing Activities:

 

 

 

Capital expenditures, not yet paid

$

785

 

 

$

 

Ascent Industries Co.

Non-GAAP Financial Measures Reconciliation

Reconciliation of Net Income to Adjusted EBITDA (Unaudited)

($ in thousands)

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

($ in thousands)

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Consolidated

 

 

 

 

 

 

 

Net income

$

624

 

 

$

8,199

 

 

$

21,941

 

 

$

12,179

 

Adjustments:

 

 

 

 

 

 

 

Interest expense

 

827

 

 

 

329

 

 

 

1,637

 

 

 

1,068

 

Change in fair value of interest rate swap

 

 

 

 

 

 

 

 

 

 

(2

)

Income taxes

 

234

 

 

 

2,179

 

 

 

3,573

 

 

 

3,235

 

Depreciation

 

2,171

 

 

 

1,868

 

 

 

6,380

 

 

 

5,459

 

Amortization

 

1,146

 

 

 

680

 

 

 

2,588

 

 

 

2,041

 

EBITDA

 

5,002

 

 

 

13,255

 

 

 

36,119

 

 

 

23,980

 

Acquisition costs and other

 

149

 

 

 

201

 

 

 

837

 

 

 

201

 

Proxy contest costs and recoveries1

 

 

 

 

 

 

 

 

 

 

168

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

223

 

Earn-out adjustments

 

 

 

 

160

 

 

 

(7

)

 

 

1,430

 

Loss on investment in equity securities and other investments

 

 

 

 

 

 

 

 

 

 

363

 

Asset impairments

 

 

 

 

 

 

 

 

 

 

233

 

Gain on lease modification

 

 

 

 

 

 

 

(2

)

 

 

 

Stock-based compensation

 

313

 

 

 

239

 

 

 

708

 

 

 

695

 

Non-cash lease expense

 

108

 

 

 

124

 

 

 

322

 

 

 

373

 

Retention expense

 

 

 

 

18

 

 

 

 

 

 

494

 

Restructuring and severance costs

 

 

 

 

811

 

 

 

10

 

 

 

1,287

 

Adjusted EBITDA

$

5,572

 

 

$

14,808

 

 

$

37,987

 

 

$

29,447

 

% sales

 

5.6

%

 

 

17.2

%

 

 

11.4

%

 

 

12.3

%

1Proxy contest costs and recoveries for the nine months ended September 30, 2021 are reimbursements of documented, out-of-pocket costs to Privet and UPG partially offset by insurance recoveries for costs related to the 2020 shareholder activism.

Ascent Industries Co.

Non-GAAP Financial Measures Reconciliation

Reconciliation of Net Income to Adjusted EBITDA (Unaudited)

($ in thousands)

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

($ in thousands)

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Tubular Products

 

 

 

 

 

 

 

Net income

$

4,539

 

 

$

11,556

 

 

$

32,037

 

 

$

20,558

 

Adjustments:

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

1

 

 

 

 

Depreciation expense

 

1,063

 

 

 

1,449

 

 

 

3,438

 

 

 

4,192

 

Amortization expense

 

625

 

 

 

680

 

 

 

1,876

 

 

 

2,041

 

EBITDA

 

6,227

 

 

 

13,685

 

 

 

37,352

 

 

 

26,791

 

Earn-out adjustments

 

 

 

 

160

 

 

 

(7

)

 

 

1,430

 

Stock-based compensation

 

40

 

 

 

(7

)

 

 

64

 

 

 

75

 

Non-cash lease expense

 

 

 

 

 

 

 

(1

)

 

 

 

Retention expense

 

 

 

 

18

 

 

 

 

 

 

494

 

Restructuring and severance costs

 

 

 

 

313

 

 

 

 

 

 

363

 

Tubular Products Adjusted EBITDA

$

6,267

 

 

$

14,169

 

 

$

37,408

 

 

$

29,153

 

% segment sales

 

8.6

%

 

 

20.2

%

 

 

15.1

%

 

 

15.1

%

 

 

 

 

 

 

 

 

Specialty Chemicals

 

 

 

 

 

 

 

Net income

$

1,088

 

 

$

1,360

 

 

$

6,083

 

 

$

2,001

 

Adjustments:

 

 

 

 

 

 

 

Interest expense

 

9

 

 

 

 

 

 

28

 

 

 

1

 

Depreciation expense

 

1,097

 

 

 

389

 

 

 

2,897

 

 

 

1,165

 

Amortization expense

 

520

 

 

 

 

 

 

712

 

 

 

 

EBITDA

 

2,714

 

 

 

1,749

 

 

 

9,720

 

 

 

3,167

 

Asset impairments

 

 

 

 

 

 

 

 

 

 

233

 

Stock-based compensation

 

12

 

 

 

5

 

 

 

29

 

 

 

172

 

Non-cash lease expense

 

 

 

 

 

 

 

1

 

 

 

 

Restructuring and severance costs

 

 

 

 

 

 

 

 

 

 

427

 

Specialty Chemicals Adjusted EBITDA

$

2,726

 

 

$

1,754

 

 

$

9,750

 

 

$

3,999

 

% segment sales

 

10.0

%

 

 

10.9

%

 

 

11.6

%

 

 

8.8

%

 

Company
Aaron Tam
Chief Financial Officer
1-630-884-9181

Investor Relations
Cody Slach and Cody Cree
Gateway Group, Inc.
1-949-574-3860
ACNT@gatewayir.com

Source: Ascent Industries Co.