Quarterly report pursuant to Section 13 or 15(d)

Industry Segments

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Industry Segments
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Industry Segments Industry Segments
Ascent Industries Co. has two reportable segments: Specialty Chemicals and Tubular Products. The Specialty Chemicals segment includes the operating results of the Company’s plants involved in the production of specialty chemicals. The Specialty Chemicals segment produces 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.

The Tubular Products segment includes the operating results of the Company’s plants involved in the production of stainless steel pipe and tube. The Tubular Products segment serves markets through pipe and tube 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.

On December 22, 2023, the Company announced the sale of substantially all of the assets of Specialty Pipe & Tube (“SPT”). As a result, certain prior period Tubular Products segment results have been reclassified to remove SPT’s results from continuing operations to discontinued operations.

The chief operating decision maker evaluates performance and determines resource allocations based on a number of factors, the primary measures being operating income and adjusted earnings (loss) before interest, income taxes, depreciation and
amortization. Adjusted earnings (loss) before interest, income taxes, depreciation and amortization excludes certain items that management believes are not indicative of future results.

The accounting principles applied at the operating segment level are the same as those applied at the consolidated financial statement level. Intersegment sales and transfers are eliminated at the corporate consolidation level.
The following table summarizes certain information regarding segments of the Company's continuing operations:
Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2024 2023 2024 2023
Net sales
Tubular Products $ 28,721  $ 28,992  $ 52,536  $ 60,053 
Specialty Chemicals 21,468  21,363  41,764  45,112 
All Other —  —  —  50 
$ 50,189  $ 50,355  $ 94,300  $ 105,215 
Operating income (loss)
Tubular Products $ 889  $ (3,302) $ (613) $ (6,596)
Specialty Chemicals 429  (806) (1,010) 546 
All Other (100) (74) (261) (552)
Corporate
Unallocated corporate expenses (1,429) (2,750) (3,579) (6,455)
Acquisition costs and other (52) (17) (52) (274)
Total Corporate (1,481) (2,767) (3,631) (6,729)
Operating loss (263) (6,949) (5,515) (13,331)
Interest expense, net 72  1,047  199  2,154 
Other, net (93) (154) (212) (247)
Loss from continuing operations before income taxes $ (242) $ (7,842) $ (5,502) $ (15,238)
As of
(in thousands) June 30, 2024 December 31, 2023
Identifiable assets
Tubular Products $ 70,173  $ 70,548 
Specialty Chemicals 45,469  49,547 
Corporate and other 42,531  42,339 
$ 158,173  $ 162,434