0000095953false00000959532024-05-082024-05-08
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 8, 2024
Ascent Industries Co.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
Delaware | 0-19687 | 57-0426694 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| | | | |
1400 16th Street, | Suite 270, | | | |
Oak Brook, | Illinois | | | 60523 |
(Address of principal executive offices) | | | (Zip Code) |
| | (630) | 884-9181 | |
| | (Registrant's telephone number, including area code) | |
|
Inapplicable |
(Former name or former address if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol | Name of exchange on which registered |
Common Stock, par value $1.00 per share | ACNT | NASDAQ Global Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition
On May 8, 2024, Ascent Industries Co. ("the Company") issued a press release announcing financial information for its first quarter ended March 31, 2024. The press release is attached as Exhibit 99.1 to this Form 8-K and is furnished to, but not filed with, the Commission.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| | | | | |
Exhibit Number | Description of Exhibit |
| |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf by the undersigned hereunto duly authorized.
| | | | | |
| Ascent Industries Co. |
| |
Dated: May 8, 2024 | By: /s/ Ryan Kavalauskas |
| Ryan Kavalauskas |
| Chief Financial Officer |
Ascent Industries Reports First Quarter 2024 Results
Oak Brook, Illinois, May 8, 2024 – 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 first quarter ended March 31, 2024.
First Quarter 2024 Summary1
| | | | | | | | | | | |
(in millions, except per share and margin) | Q1 2024 | Q1 2023 | Change |
Net Sales | $44.1 | $54.9 | (19.6)% |
Gross Profit | $2.5 | $1.5 | 72.4% |
Gross Profit Margin | 5.7% | 2.7% | 300bps |
Net (Loss) | $(4.7) | $(5.8) | 18.6% |
Diluted (Loss) per Share | $(0.47) | $(0.57) | 17.5% |
Adjusted EBITDA | $(3.1) | $(3.7) | 16.6% |
Adjusted EBITDA Margin | (7.1)% | (6.8)% | (30)bps |
________________1On June 2, 2023, the Board of Directors of Ascent made the decision to permanently cease operations at the Company’s welded pipe and tube facility located in Munhall, PA (“Munhall”) effective on August 31, 2023. 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 Munhall & SPT have been categorized into discontinued operations.
Management Commentary
“The first quarter of 2024 marked a period of structural cost reduction and stabilization efforts across the enterprise,” said Ascent CEO Bryan Kitchen. “Without question, our initial efforts to optimize both cash and costs have helped drive year-over-year improvements across our consolidated gross margin and bottom line, while operating within the confines of our own free cash flow. Aggressive self-help has been at the core of our ability to overcome ongoing market headwinds that have resulted in a year-over-year decline in total net sales.”
“As promised, in just a short period of time we have made progress in laying the groundwork for driving profitable growth through the optimization of our product mix while recapitalizing our SG&A across both segments. These actions, coupled with a continued focus on driving efficiencies across all sites and functions, will create a more predictable, reliable, and profitable operating model moving forward. Momentum is building, and we expect continued improvements in our financial results throughout 2024. We are on the right track to create durable value for shareholders.”
First Quarter 2024 Financial Results
Net sales from continuing operations were $44.1 million compared to $54.9 million in the first quarter of 2023, primarily attributable to decreased end-market demand and de-stocking trends across both segments.
Gross profit from continuing operations improved to $2.5 million, or 5.7% of net sales, compared to $1.5 million, or 2.7% of net sales, in the first quarter of 2023. The increase was primarily attributable to improved strategic sourcing initiatives and cost improvements.
Net loss from continuing operations decreased to $4.7 million, or $(0.47) diluted loss per share, compared to net loss from continuing operations of $5.8 million, or $(0.57) diluted loss per share, in the first quarter of 2023. The decrease was primarily attributable to the aforementioned increases in gross profit and a year-over-year decrease in interest expense due to lower debt outstanding.
Adjusted EBITDA improved to $(3.1) million compared to $(3.7) million in the first quarter of 2023, primarily driven by the aforementioned cost optimization efforts. Adjusted EBITDA margin was (7.1)% compared to (6.8)% in the prior year period, with the decline primarily a result of the aforementioned lower net sales base.
Segment Results
Ascent Chemicals – net sales in the first quarter of 2024 were $20.3 million compared to $23.7 million in the first quarter of 2023. Operating loss in the first quarter was $1.4 million compared to operating income of $1.4 million in the prior year period. Adjusted EBITDA in the first quarter was $(0.3) million compared to $2.5 million in the prior year period. As a percentage of segment net sales, adjusted EBITDA was (1.4)% compared to 10.5% in the first quarter of 2023.
Ascent Tubular – net sales from continuing operations in the first quarter of 2024 were $23.8 million compared to $31.1 million in the first quarter of 2023. Operating loss from continuing operations in the first quarter decreased to $1.5 million compared to operating loss from continuing operations of $3.3 million in the prior year period. Adjusted EBITDA from continuing operations in the first quarter was $(0.7) million compared to $(2.4) million in the prior year period. As a percentage of segment net sales, adjusted EBITDA was (3.0)% compared to (7.7)% in the first quarter of 2023.
Liquidity
As of March 31, 2024, the Company had no debt outstanding under its revolving credit facilities and had $63.6 million in availability under its revolving credit facility.
For the quarter ended March 31, 2024, the Company repurchased 16,330 shares at an average cost of $9.97 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 first quarter ended March 31, 2024.
Ascent management will host the conference call, followed by a question-and-answer period.
Date: Wednesday, May 8, 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 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, 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.
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
Ascent Industries Co.
Condensed Consolidated Balance Sheets
(in thousands, except par value and share data)
| | | | | | | | | | | |
| (Unaudited) | | |
| March 31, 2024 | | December 31, 2023 |
Assets | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 1,299 | | | $ | 1,851 | |
Accounts receivable, net of allowance for credit losses of $792 and $463, respectively | 28,160 | | | 26,604 | |
Inventories | 51,197 | | | 52,306 | |
Prepaid expenses and other current assets | 4,146 | | | 4,879 | |
Assets held for sale | 1,792 | | | 2,912 | |
Current assets of discontinued operations | 46 | | | 861 | |
Total current assets | 86,640 | | | 89,413 | |
Property, plant and equipment, net | 28,648 | | | 29,755 | |
Right-of-use assets, operating leases, net | 27,431 | | | 27,784 | |
Intangible assets, net | 8,129 | | | 8,496 | |
Deferred income taxes | 7,366 | | | 5,808 | |
Deferred charges, net | 79 | | | 104 | |
Other non-current assets, net | 2,678 | | | 1,935 | |
Total assets | $ | 160,971 | | | $ | 163,295 | |
| | | |
Liabilities and Shareholders' Equity | | | |
Current liabilities: | | | |
Accounts payable | $ | 20,549 | | | $ | 16,416 | |
| | | |
Accrued expenses and other current liabilities | 4,824 | | | 5,108 | |
Current portion of note payable | 88 | | | 360 | |
| | | |
| | | |
Current portion of operating lease liabilities | 1,170 | | | 1,140 | |
Current portion of finance lease liabilities | 288 | | | 292 | |
Current liabilities of discontinued operations | 1,376 | | | 1,473 | |
Total current liabilities | 28,295 | | | 24,789 | |
| | | |
| | | |
Long-term portion of operating lease liabilities | 29,419 | | | 29,729 | |
Long-term portion of finance lease liabilities | 1,236 | | | 1,307 | |
| | | |
Other long-term liabilities | 57 | | | 60 | |
Total non-current liabilities | 30,712 | | | 31,096 | |
Total liabilities | $ | 59,007 | | | $ | 55,885 | |
| | | |
Commitments and contingencies | | | |
| | | |
Shareholders' equity: | | | |
Common stock, par value $1 per share; 24,000,000 shares authorized; 11,085,103 and 10,124,781 shares issued and outstanding, respectively | $ | 11,085 | | | $ | 11,085 | |
Capital in excess of par value | 47,097 | | | 47,333 | |
Retained earnings | 53,024 | | | 58,517 | |
| 111,206 | | | 116,935 | |
Less: cost of common stock in treasury - 960,323 and 990,282 shares, respectively | (9,242) | | | (9,525) | |
Total shareholders' equity | 101,964 | | | 107,410 | |
Total liabilities and shareholders' equity | $ | 160,971 | | | $ | 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 March 31, | | | | |
| 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 from continuing operations | | | | | | | | | | |
| 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) | | | | | | | | | |
| Income tax benefit | (1,166) | | | (1,607) | | | | | | | | | |
| Loss from continuing operations | (4,094) | | | (5,788) | | | | | | | | | |
| (Loss) income from discontinued operations, net of tax | (1,399) | | | 589 | | | | | | | | | |
Net loss | $ | (5,493) | | | $ | (5,199) | | | | | | | | | |
| | | | | | | | | | | | |
Net loss per common share from continuing operations | | | | | | | | | | | |
| Basic | $ | (0.41) | | | $ | (0.57) | | | | | | | | | |
| Diluted | $ | (0.41) | | | $ | (0.57) | | | | | | | | | |
| | | | | | | | | | | | |
Net (loss) income per common share from discontinued operations | | | | | | | | | | | |
| Basic | $ | (0.14) | | | $ | 0.06 | | | | | | | | | |
| Diluted | $ | (0.14) | | | $ | 0.06 | | | | | | | | | |
| | | | | | | | | | | | |
Net loss per common share | | | | | | | | | | | |
| Basic | $ | (0.54) | | | $ | (0.51) | | | | | | | | | |
| Diluted | $ | (0.54) | | | $ | (0.51) | | | | | | | | | |
| | | | | | | | | | | | |
Average shares outstanding | | | | | | | | | | | |
| Basic | 10,094 | | | 10,148 | | | | | | | | | |
| Diluted | 10,094 | | | 10,148 | | | | | | | | | |
| | | | | | | | | | | | |
Other data: | | | | | | | | | | | |
| Adjusted EBITDA1 | $ | (3,115) | | | $ | (3,735) | | | | | | | | | |
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, 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)
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 |
Operating activities | | | |
Net loss | $ | (5,493) | | | $ | (5,199) | |
(Loss) income from discontinued operations, net of tax | (1,399) | | | 589 | |
Net loss from continuing operations | (4,094) | | | (5,788) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | | | |
Depreciation expense | 1,522 | | | 1,549 | |
Amortization expense | 367 | | | 376 | |
Amortization of debt issuance costs | 25 | | | 25 | |
| | | |
| | | |
| | | |
| | | |
Deferred income taxes | (1,166) | | | 353 | |
| | | |
| | | |
| | | |
| | | |
Provision for (reduction of) losses on accounts receivable | 330 | | | (57) | |
(Reduction of) provision for losses on inventories | (73) | | | 791 | |
Loss on disposal of property, plant and equipment | — | | | 182 | |
Non-cash lease expense | 55 | | | 64 | |
| | | |
| | | |
| | | |
| | | |
| | | |
Stock-based compensation expense | 209 | | | 319 | |
Changes in operating assets and liabilities: | | | |
Accounts receivable | (1,885) | | | (1,072) | |
Inventories | 1,182 | | | 9,492 | |
Other assets and liabilities | (73) | | | 297 | |
Accounts payable | 4,022 | | | 6,827 | |
| | | |
Accrued expenses | (283) | | | 1,629 | |
Accrued income taxes | 78 | | | (2,577) | |
Net cash provided by operating activities - continuing operations | 216 | | | 12,410 | |
Net cash provided by operating activities - discontinued operations | 47 | | | 980 | |
Net cash provided by operating activities | 263 | | | 13,390 | |
Investing activities | | | |
Purchases of property, plant and equipment | (305) | | | (586) | |
| | | |
| | | |
| | | |
Net cash used in investing activities - continuing operations | (305) | | | (586) | |
Net cash used in investing activities - discontinued operations | — | | | (238) | |
Net cash used in investing activities | (305) | | | (824) | |
Financing activities | | | |
Borrowings from long-term debt | 50,950 | | | 67,488 | |
| | | |
| | | |
| | | |
Payments on long-term debt | (50,950) | | | (80,384) | |
Payments on note payable | (271) | | | (289) | |
Principal payments on finance lease obligations | (76) | | | (74) | |
| | | |
| | | |
| | | |
Repurchase of common stock | (163) | | | (327) | |
Net cash used in financing activities | (510) | | | (13,586) | |
Decrease in cash and cash equivalents | (552) | | | (1,020) | |
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 | $ | 1,299 | | | $ | 421 | |
Ascent Industries Co.
Non-GAAP Financial Measures Reconciliation
Reconciliation of Net Income (Loss) to Adjusted EBITDA (Unaudited)
($ in thousands)
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| Three Months Ended March 31, | | | | |
($ in thousands) | 2024 | | 2023 | | | | | | | | |
Consolidated | | | | | | | | | | | |
Net loss from continuing operations | $ | (4,094) | | | $ | (5,788) | | | | | | | | | |
Adjustments: | | | | | | | | | | | |
| Interest expense | 127 | | | 1,106 | | | | | | | | | |
| | | | | | | | | | | | |
| Income taxes | (1,166) | | | (1,607) | | | | | | | | | |
| Depreciation | 1,522 | | | 1,549 | | | | | | | | | |
| Amortization | 367 | | | 376 | | | | | | | | | |
EBITDA | (3,244) | | | (4,364) | | | | | | | | | |
| Acquisition costs and other | 12 | | | 261 | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| Stock-based compensation | 59 | | | 220 | | | | | | | | | |
| Non-cash lease expense | 55 | | | 64 | | | | | | | | | |
| Retention expense | 3 | | | — | | | | | | | | | |
| Restructuring and severance costs | — | | | 84 | | | | | | | | | |
Adjusted EBITDA | $ | (3,115) | | | $ | (3,735) | | | | | | | | | |
| % sales | (7.1) | % | | (6.8) | % | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | |
Specialty Chemicals | | | | | | | | | | | |
Net (loss) income | $ | (1,458) | | | $ | 1,342 | | | | | | | | | |
Adjustments: | | | | | | | | | | | |
| Interest expense | 19 | | | 12 | | | | | | | | | |
| Depreciation expense | 954 | | | 952 | | | | | | | | | |
| Amortization expense | 169 | | | 158 | | | | | | | | | |
EBITDA | (316) | | | 2,464 | | | | | | | | | |
| Acquisition costs and other | — | | | 2 | | | | | | | | | |
| | | | | | | | | | | | |
| Stock-based compensation | 7 | | | 8 | | | | | | | | | |
| Non-cash lease expense | 19 | | | 24 | | | | | | | | | |
| | | | | | | | | | | | |
Specialty Chemicals Adjusted EBITDA | $ | (290) | | | $ | 2,498 | | | | | | | | | |
| % segment sales | (1.4) | % | | 10.5 | % | | | | | | | | |
| | | | | | | | | | | | |
Tubular Products | | | | | | | | | | | |
Net loss from continuing operations | $ | (1,502) | | | $ | (3,293) | | | | | | | | | |
Adjustments: | | | | | | | | | | | |
| | | | | | | | | | | | |
| Depreciation expense | 544 | | | 575 | | | | | | | | | |
| Amortization expense | 198 | | | 218 | | | | | | | | | |
EBITDA | (760) | | | (2,500) | | | | | | | | | |
| Acquisition costs and other | 12 | | | — | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| Stock-based compensation | 11 | | | (20) | | | | | | | | | |
| Non-cash lease expense | 25 | | | 31 | | | | | | | | | |
| | | | | | | | | | | | |
| Restructuring and severance costs | — | | | 84 | | | | | | | | | |
Tubular Products Adjusted EBITDA | $ | (712) | | | $ | (2,405) | | | | | | | | | |
| % segment sales | (3.0) | % | | (7.7) | % | | | | | | | | |
v3.24.1.u1
Cover Page
|
May 08, 2024 |
Cover [Abstract] |
|
Document Type |
8-K
|
Document Period End Date |
May 08, 2024
|
Entity Registrant Name |
Ascent Industries Co.
|
Entity Incorporation, State or Country Code |
DE
|
Entity File Number |
0-19687
|
Entity Tax Identification Number |
57-0426694
|
Entity Address, Address Line One |
1400 16th Street,
|
Entity Address, Address Line Two |
Suite 270,
|
Entity Address, City or Town |
Oak Brook,
|
Entity Address, State or Province |
IL
|
Entity Address, Postal Zip Code |
60523
|
City Area Code |
(630)
|
Local Phone Number |
884-9181
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common Stock, par value $1.00 per share
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Trading Symbol |
ACNT
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NASDAQ
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