Ascent Industries Co. (Nasdaq: ACNT) (“Ascent” or the “Company”), an industrials company focused on the production of specialty chemicals and industrial tubular products, is reporting its results for the second quarter ended June 30, 2024.
Second Quarter 2024 Summary1
(in millions, except per share and margin) |
Q2 2024 |
Q2 2023 |
Change |
Net Sales |
$50.2 |
$50.4 |
(0.3)% |
Gross Profit |
$5.9 |
$(0.8) |
854.2% |
Gross Profit Margin |
11.7% |
(1.5)% |
1320bps |
Net Loss |
$(0.2) |
$(6.1) |
96.8% |
Diluted Loss per Share |
$(0.02) |
$(0.60) |
96.7% |
Adjusted EBITDA |
$2.1 |
$(4.8) |
144.1% |
Adjusted EBITDA Margin |
4.2% |
(9.4)% |
1360bps |
_________________________ 1 On December 22, 2023, the Company closed on a transaction to sell substantially all of the assets of Specialty Pipe & Tube (“SPT”). As a result, financial results from SPT have been categorized into discontinued operations. |
Management Commentary
“Our stabilization efforts and aggressive self-help have started to yield tangible results in Q2 2024, despite continued soft market conditions,” said Ascent CEO Bryan Kitchen. “Our relentless efforts to reduce costs, improve strategic sourcing and optimize our product mix have led to a significant year-over-year improvement in adjusted EBITDA and bottom-line results, while also right-sizing the organization for long-term growth.
“It has been our goal to create a more predictable, reliable, and profitable operating model, and I am proud that we are beginning to deliver on that goal. Momentum is building, and we are optimistic about our ability to achieve incremental financial improvements throughout the year while enhancing the quality of our business development pipeline. With a healthy balance sheet and no outstanding debt, we continue to build the foundation for long-term growth. Our actions are positioning Ascent to fully execute our growth strategy, delivering durable value for our shareholders.”
Second Quarter 2024 Financial Results
Net sales from continuing operations were $50.2 million compared to $50.4 million in the second quarter of 2023. The slight decline is primarily attributable to a decrease in pricing partially offset by an increase in volume across both segments.
Gross profit from continuing operations increased to $5.9 million, or 11.7% of net sales, compared to $(0.8) million, or (1.5)% of net sales, in the second quarter of 2023. The increase was primarily attributable to continued cost and product mix optimization initiatives leading to cost improvements across both segments.
Net loss from continuing operations improved to $(0.2) million, or $(0.02) diluted loss per share, compared to net loss from continuing operations of $(6.1) million, or $(0.60) diluted loss per share, in the second quarter of 2023. The improvement was primarily attributable to the aforementioned increase in gross profit and a year-over-year decrease in interest expense due to lower debt outstanding.
Adjusted EBITDA increased to $2.1 million compared to $(4.8) million in the second quarter of 2023, with adjusted EBITDA margin increasing significantly to 4.2% compared to (9.4)% in the prior year period. The improvement was primarily driven by the aforementioned cost and product mix optimization initiatives.
Segment Results
Ascent Chemicals – net sales in the second quarter of 2024 increased slightly to $21.5 million compared to $21.4 million in the second quarter of 2023. Operating income in the second quarter improved to $0.4 million compared to operating loss of $0.8 million in the prior year period. Adjusted EBITDA in the second quarter increased significantly to $1.7 million compared to $0.3 million in the prior year period. As a percentage of segment net sales, adjusted EBITDA increased significantly to 7.9% compared to 1.5% in the second quarter of 2023.
Ascent Tubular – net sales from continuing operations in the second quarter of 2024 were $28.7 million compared to $29.0 million in the second quarter of 2023. Operating income from continuing operations in the second quarter increased to $0.9 million compared to operating loss from continuing operations of $3.3 million in the prior year period. Adjusted EBITDA from continuing operations in the second quarter increased significantly to $1.7 million compared to $(2.5) million in the prior year period. As a percentage of segment net sales, adjusted EBITDA was 5.9% compared to (8.5)% in the second quarter of 2023.
Liquidity
As of June 30, 2024, the Company had no debt outstanding under its revolving credit facilities and had $62.7 million in availability under its revolving credit facility.
For the quarter ended June 30, 2024, the Company repurchased 15,233 shares at an average cost of $10.25 per share for approximately $0.2 million.
Conference Call
Ascent will conduct a conference call today at 5:00 p.m. Eastern time to discuss its results for the second quarter ended June 30, 2024.
Ascent management will host the conference call, followed by a question-and-answer period.
Date: Tuesday, August 6, 2024
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 specialty chemicals and industrial tubular products. For more information about Ascent, please visit its website 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, 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, shelf registration costs, loss on extinguishment of debt, 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.
Ascent Industries Co. Condensed Consolidated Balance Sheets (in thousands, except par value and share data) |
|||||||
|
(Unaudited) |
|
|
||||
|
June 30, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
3,595 |
|
|
$ |
1,851 |
|
Accounts receivable, net of allowance for credit losses of $808 and $463, respectively |
|
30,154 |
|
|
|
26,604 |
|
Inventories |
|
45,917 |
|
|
|
52,306 |
|
Prepaid expenses and other current assets |
|
3,988 |
|
|
|
4,879 |
|
Assets held for sale |
|
1,259 |
|
|
|
2,912 |
|
Current assets of discontinued operations |
|
65 |
|
|
|
861 |
|
Total current assets |
|
84,978 |
|
|
|
89,413 |
|
Property, plant and equipment, net |
|
27,643 |
|
|
|
29,755 |
|
Right-of-use assets, operating leases, net |
|
27,073 |
|
|
|
27,784 |
|
Intangible assets, net |
|
7,752 |
|
|
|
8,496 |
|
Deferred income taxes |
|
7,663 |
|
|
|
5,808 |
|
Deferred charges, net |
|
54 |
|
|
|
104 |
|
Other non-current assets, net |
|
3,075 |
|
|
|
1,935 |
|
Total assets |
$ |
158,238 |
|
|
$ |
163,295 |
|
|
|
|
|
||||
Liabilities and Shareholders' Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
16,790 |
|
|
$ |
16,416 |
|
Accrued expenses and other current liabilities |
|
6,472 |
|
|
|
5,108 |
|
Current portion of note payable |
|
914 |
|
|
|
360 |
|
Current portion of operating lease liabilities |
|
1,194 |
|
|
|
1,140 |
|
Current portion of finance lease liabilities |
|
286 |
|
|
|
292 |
|
Current liabilities of discontinued operations |
|
1,213 |
|
|
|
1,473 |
|
Total current liabilities |
|
26,869 |
|
|
|
24,789 |
|
Long-term portion of operating lease liabilities |
|
29,110 |
|
|
|
29,729 |
|
Long-term portion of finance lease liabilities |
|
1,163 |
|
|
|
1,307 |
|
Other long-term liabilities |
|
54 |
|
|
|
60 |
|
Total non-current liabilities |
|
30,327 |
|
|
|
31,096 |
|
Total liabilities |
$ |
57,196 |
|
|
$ |
55,885 |
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
||||
|
|
|
|
||||
Shareholders' equity: |
|
|
|
||||
Common stock, par value $1 per share; 24,000,000 shares authorized; 11,085,103 and 10,124,737 shares issued and outstanding, respectively |
$ |
11,085 |
|
|
$ |
11,085 |
|
Capital in excess of par value |
|
47,111 |
|
|
|
47,333 |
|
Retained earnings |
|
52,098 |
|
|
|
58,517 |
|
|
|
110,294 |
|
|
|
116,935 |
|
Less: cost of common stock in treasury - 960,366 and 990,282 shares, respectively |
|
(9,252 |
) |
|
|
(9,525 |
) |
Total shareholders' equity |
|
101,042 |
|
|
|
107,410 |
|
Total liabilities and shareholders' equity |
$ |
158,238 |
|
|
$ |
163,295 |
|
Note: The condensed consolidated balance sheets at December 31, 2023 have been derived from the audited consolidated financial statements at that date. |
|||||||
Ascent Industries Co. Condensed Consolidated Statements of Income (Loss) - Comparative Analysis (Unaudited) ($ in thousands, except per share data) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
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) from continuing operations |
|
|
|
|
|
|
|||||||||
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 |
) |
Income tax benefit |
|
(44 |
) |
|
|
(1,693 |
) |
|
|
(1,210 |
) |
|
|
(3,301 |
) |
Loss from continuing operations |
|
(198 |
) |
|
|
(6,149 |
) |
|
|
(4,292 |
) |
|
|
(11,937 |
) |
Loss from discontinued operations, net of tax |
|
(728 |
) |
|
|
(8,487 |
) |
|
|
(2,127 |
) |
|
|
(7,898 |
) |
Net loss |
$ |
(926 |
) |
|
$ |
(14,636 |
) |
|
$ |
(6,419 |
) |
|
$ |
(19,835 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per common share from continuing operations |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.02 |
) |
|
$ |
(0.60 |
) |
|
$ |
(0.42 |
) |
|
$ |
(1.18 |
) |
Diluted |
$ |
(0.02 |
) |
|
$ |
(0.60 |
) |
|
$ |
(0.42 |
) |
|
$ |
(1.18 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per common share from discontinued operations |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.07 |
) |
|
$ |
(0.84 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.77 |
) |
Diluted |
$ |
(0.07 |
) |
|
$ |
(0.84 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.77 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.09 |
) |
|
$ |
(1.44 |
) |
|
$ |
(0.63 |
) |
|
$ |
(1.95 |
) |
Diluted |
$ |
(0.09 |
) |
|
$ |
(1.44 |
) |
|
$ |
(0.63 |
) |
|
$ |
(1.95 |
) |
|
|
|
|
|
|
|
|
||||||||
Average shares outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
10,126 |
|
|
|
10,170 |
|
|
|
10,110 |
|
|
|
10,159 |
|
Diluted |
|
10,126 |
|
|
|
10,170 |
|
|
|
10,110 |
|
|
|
10,159 |
|
|
|
|
|
|
|
|
|
||||||||
Other data: |
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA1 |
$ |
2,112 |
|
|
$ |
(4,754 |
) |
|
$ |
(1,003 |
) |
|
$ |
(8,489 |
) |
1 The 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, 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, 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) |
|||||||
|
Six Months Ended June 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Operating activities |
|
|
|
||||
Net loss |
$ |
(6,419 |
) |
|
$ |
(19,835 |
) |
Loss from discontinued operations, net of tax |
|
(2,127 |
) |
|
|
(7,898 |
) |
Net loss from continuing operations |
|
(4,292 |
) |
|
|
(11,937 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation expense |
|
3,051 |
|
|
|
3,112 |
|
Amortization expense |
|
744 |
|
|
|
752 |
|
Amortization of debt issuance costs |
|
50 |
|
|
|
50 |
|
Deferred income taxes |
|
(1,210 |
) |
|
|
(5,515 |
) |
Provision for losses on accounts receivable |
|
264 |
|
|
|
32 |
|
Provision for losses on inventories |
|
906 |
|
|
|
1,194 |
|
Loss on disposal of property, plant and equipment |
|
— |
|
|
|
182 |
|
Non-cash lease expense |
|
111 |
|
|
|
126 |
|
Stock-based compensation expense |
|
368 |
|
|
|
404 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(3,813 |
) |
|
|
2,286 |
|
Inventories |
|
5,483 |
|
|
|
16,086 |
|
Other assets and liabilities |
|
(907 |
) |
|
|
(251 |
) |
Accounts payable |
|
202 |
|
|
|
4,780 |
|
Accrued expenses |
|
1,364 |
|
|
|
(402 |
) |
Accrued income taxes |
|
630 |
|
|
|
(743 |
) |
Net cash provided by operating activities - continuing operations |
|
2,951 |
|
|
|
10,156 |
|
Net cash (used in) provided by operating activities - discontinued operations |
|
(521 |
) |
|
|
7,916 |
|
Net cash provided by operating activities |
|
2,430 |
|
|
|
18,072 |
|
Investing activities |
|
|
|
||||
Purchases of property, plant and equipment |
|
(770 |
) |
|
|
(1,235 |
) |
Net cash used in investing activities - continuing operations |
|
(770 |
) |
|
|
(1,235 |
) |
Net cash used in investing activities - discontinued operations |
|
— |
|
|
|
(390 |
) |
Net cash used in investing activities |
|
(770 |
) |
|
|
(1,625 |
) |
Financing activities |
|
|
|
||||
Borrowings from long-term debt |
|
107,700 |
|
|
|
139,137 |
|
Proceeds from note payable |
|
914 |
|
|
|
900 |
|
Payments on long-term debt |
|
(107,700 |
) |
|
|
(156,166 |
) |
Payments on note payable |
|
(359 |
) |
|
|
(387 |
) |
Principal payments on finance lease obligations |
|
(151 |
) |
|
|
(151 |
) |
Repurchase of common stock |
|
(320 |
) |
|
|
(504 |
) |
Net cash provided by (used in) financing activities |
|
84 |
|
|
|
(17,171 |
) |
Increase (decrease) in cash and cash equivalents |
|
1,744 |
|
|
|
(724 |
) |
Less: Cash and cash equivalents of discontinued operations |
|
— |
|
|
|
1 |
|
Cash and cash equivalents, beginning of period |
|
1,851 |
|
|
|
1,440 |
|
Cash and cash equivalents, end of period |
$ |
3,595 |
|
|
$ |
717 |
|
Ascent Industries Co. Non-GAAP Financial Measures Reconciliation Reconciliation of Net Income (Loss) to Adjusted EBITDA (Unaudited) ($ in thousands) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
($ in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Consolidated |
|
|
|
|
|
|
|
||||||||
Net loss from continuing operations |
$ |
(198 |
) |
|
$ |
(6,149 |
) |
|
$ |
(4,292 |
) |
|
$ |
(11,937 |
) |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
72 |
|
|
|
1,047 |
|
|
|
199 |
|
|
|
2,154 |
|
Income taxes |
|
(44 |
) |
|
|
(1,693 |
) |
|
|
(1,210 |
) |
|
|
(3,301 |
) |
Depreciation |
|
1,531 |
|
|
|
1,563 |
|
|
|
3,051 |
|
|
|
3,112 |
|
Amortization |
|
377 |
|
|
|
376 |
|
|
|
744 |
|
|
|
752 |
|
EBITDA |
|
1,738 |
|
|
|
(4,856 |
) |
|
|
(1,508 |
) |
|
|
(9,220 |
) |
Acquisition costs and other |
|
67 |
|
|
|
16 |
|
|
|
79 |
|
|
|
277 |
|
Stock-based compensation |
|
44 |
|
|
|
16 |
|
|
|
104 |
|
|
|
237 |
|
Non-cash lease expense |
|
55 |
|
|
|
63 |
|
|
|
111 |
|
|
|
126 |
|
Retention expense |
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
Restructuring and severance costs |
|
208 |
|
|
|
7 |
|
|
|
208 |
|
|
|
91 |
|
Adjusted EBITDA |
$ |
2,112 |
|
|
$ |
(4,754 |
) |
|
$ |
(1,003 |
) |
|
$ |
(8,489 |
) |
% sales |
|
4.2 |
% |
|
|
(9.4 |
)% |
|
|
(1.1 |
)% |
|
|
(8.1 |
)% |
Specialty Chemicals |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
409 |
|
|
$ |
(818 |
) |
|
$ |
(1,049 |
) |
|
$ |
523 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
20 |
|
|
|
18 |
|
|
|
39 |
|
|
|
31 |
|
Depreciation expense |
|
964 |
|
|
|
956 |
|
|
|
1,918 |
|
|
|
1,908 |
|
Amortization expense |
|
179 |
|
|
|
158 |
|
|
|
348 |
|
|
|
317 |
|
EBITDA |
|
1,572 |
|
|
|
314 |
|
|
|
1,256 |
|
|
|
2,779 |
|
Acquisition costs and other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
Stock-based compensation |
|
— |
|
|
|
(23 |
) |
|
|
7 |
|
|
|
(16 |
) |
Non-cash lease expense |
|
19 |
|
|
|
22 |
|
|
|
38 |
|
|
|
46 |
|
Restructuring and severance costs |
|
109 |
|
|
|
— |
|
|
|
109 |
|
|
|
— |
|
Specialty Chemicals Adjusted EBITDA |
$ |
1,700 |
|
|
$ |
313 |
|
|
$ |
1,410 |
|
|
$ |
2,811 |
|
% segment sales |
|
7.9 |
% |
|
|
1.5 |
% |
|
|
3.4 |
% |
|
|
6.2 |
% |
|
|
|
|
|
|
|
|
||||||||
Tubular Products |
|
|
|
|
|
|
|
||||||||
Net income (loss) from continuing operations |
$ |
889 |
|
|
$ |
(3,303 |
) |
|
$ |
(613 |
) |
|
$ |
(6,595 |
) |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Depreciation expense |
|
546 |
|
|
|
585 |
|
|
|
1,091 |
|
|
|
1,160 |
|
Amortization expense |
|
198 |
|
|
|
218 |
|
|
|
396 |
|
|
|
436 |
|
EBITDA |
|
1,633 |
|
|
|
(2,500 |
) |
|
|
874 |
|
|
|
(4,999 |
) |
Acquisition costs and other |
|
15 |
|
|
|
— |
|
|
|
26 |
|
|
|
— |
|
Stock-based compensation |
|
— |
|
|
|
2 |
|
|
|
11 |
|
|
|
(18 |
) |
Non-cash lease expense |
|
25 |
|
|
|
31 |
|
|
|
50 |
|
|
|
61 |
|
Restructuring and severance costs |
|
31 |
|
|
|
— |
|
|
|
31 |
|
|
|
84 |
|
Tubular Products Adjusted EBITDA |
$ |
1,704 |
|
|
$ |
(2,467 |
) |
|
$ |
992 |
|
|
$ |
(4,872 |
) |
% segment sales |
|
5.9 |
% |
|
|
(8.5 |
)% |
|
|
1.9 |
% |
|
|
(8.1 |
)% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806610529/en/
Contacts
Company Contact
Ryan Kavalauskas
Chief Financial Officer
1-630-884-9181
Investor Relations
Cody Slach and Cody Cree
Gateway Group, Inc.
1-949-574-3860
ACNT@gateway-grp.com
