Successful Restructuring and Transformation
Ascent Industries successfully completed the divestiture of Bristol Metals and American Stainless Tubing, fully exiting the Tubular segment and repositioning as a pure-play specialty chemical company.
Share Repurchase Program
The company repurchased and retired nearly 6% of its outstanding shares, demonstrating confidence in the long-term value of its platform.
Revenue and Gross Profit Growth
Revenue increased by $817,000 sequentially to $18.7 million. Gross profit rose $1.8 million from Q1 and $2.1 million year-over-year. Gross margin expanded to 26.1%, up 888 basis points sequentially and 1,298 basis points year-over-year.
Operational Improvements
Labor, overhead, and production variances improved by over $1.2 million year-over-year, with service levels hitting all-time highs.
Strong New Business Pipeline
Secured over $3.1 million of annualized new revenue at a 29% gross margin, with 88% of wins being expansions with existing accounts.