Quarterly report pursuant to Section 13 or 15(d)

Industry Segments

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Industry Segments
 3 Months Ended
Mar. 31, 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.

During the second quarter of 2023, the Board of Directors made the decision to permanently cease operations at the Company’s Munhall facility effective on or around August 31, 2023. As a result, certain prior period Tubular Products segment results have been reclassified to remove Munhall's results from continuing operations to discontinued operations. 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 March 31,
(in thousands) 2024 2023
Net sales
Tubular Products $ 23,814  $ 31,061 
Specialty Chemicals 20,296  23,749 
All Other —  50 
$ 44,110  $ 54,860 
Operating (loss) income
Tubular Products $ (1,502) $ (3,293)
Specialty Chemicals (1,439) 1,352 
All Other (162) (479)
Corporate
Unallocated corporate expenses (2,150) (3,704)
Acquisition costs and other —  (259)
Total Corporate (2,150) (3,963)
Operating loss (5,253) (6,383)
Interest expense 127  1,107 
Other, net (120) (95)
Loss from continuing operations before income taxes $ (5,260) $ (7,395)
As of
(in thousands) March 31, 2024 December 31, 2023
Identifiable assets
Tubular Products $ 72,668  $ 70,548 
Specialty Chemicals 46,391  49,547 
Corporate and other 41,866  42,339 
$ 160,925  $ 162,434