Quarterly report pursuant to Section 13 or 15(d)

Industry Segments

v3.24.3
Industry Segments
 9 Months Ended
Sep. 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
September 30,		 Nine Months Ended
September 30,
(in thousands) 2024 2023 2024 2023
Net sales
Tubular Products $ 22,023  $ 26,695  $ 74,559  $ 86,748 
Specialty Chemicals 20,878  20,052  62,642  65,165 
All Other —  —  —  50 
$ 42,901  $ 46,747  $ 137,201  $ 151,963 
Operating income (loss)
Tubular Products $ 1,653  $ (620) $ 1,040  $ (7,215)
Specialty Chemicals 385  (11,481) (625) (10,935)
All Other (117) (132) (378) (684)
Corporate
Unallocated corporate expenses (1,490) (2,859) (5,070) (9,314)
Acquisition costs and other (2) —  (53) (274)
Gain on lease modification 67  —  67  — 
Total Corporate (1,425) (2,859) (5,056) (9,588)
Operating income (loss) 496  (15,092) (5,019) (28,422)
Interest expense, net 124  1,063  323  3,217 
Other, net (91) (97) (303) (344)
Income (loss) from continuing operations before income taxes $ 463  $ (16,058) $ (5,039) $ (31,295)
As of
(in thousands) September 30, 2024 December 31, 2023
Identifiable assets
Tubular Products $ 64,571  $ 70,548 
Specialty Chemicals 43,905  49,547 
Corporate and other 40,084  42,339 
$ 148,560  $ 162,434