Ascent Industries Co. (NASDAQ:ACNT) Q2 2023 Results Conference Call August 8, 2023 5:00 PM ET

Company Participants

Cody Cree - Investor Relations

Ben Rosenzweig - Executive Chairman of the Board

Chris Hutter - President and Chief Executive Officer

Bill Steckel - Chief Financial Officer

Conference Call Participants

Vincent Anderson - Stifel

Operator

Good afternoon, everyone. Thank you for participating in today's conference call to discuss Ascent's Financial Results for the Second Quarter Ended June 30, 2023. Joining us today are Ascent's Executive Chairman of the Board, Ben Rosenzweig; President and CEO, Chris Hutter; CFO, Bill Steckel and the Company's outside Investor Relations Advisor, Cody Cree. Following their remarks, we'll open the call to questions.

Before we go further, I'd like to turn the call over to Cody Cree as he reads the Company's safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements.

Cody, please go ahead.

Cody Cree

Thanks, Michelle. Before we continue, I'd like to remind all participants that the discussion today may contain certain forward-looking statements pursuant to the safe harbor provisions of the federal securities laws. These statements are based on information currently available to us and are subject to various risks and uncertainties that could cause actual results to differ materially. Ascent advises all those listening to this call to review the latest 10-Q and 10-K posted on its website for a summary of these risks and uncertainties.

Ascent does not undertake the responsibility to update any forward-looking statements. Further, the discussion today may include non-GAAP measures. In accordance with Regulation G, the Company has reconciled these amounts back to the closest GAAP-based measurement. The reconciliations can be found in the earnings press release issued earlier today and posted on the Investors section of the Company's website at ascentco.com.

Please note that this call is available for replay via a webcast link that is also posted on the Investors section of the Company's website. We have also uploaded an updated presentation to the Investors section of the website, which we encourage you to view.

With that, I'd like to turn the call over to Ascent's Executive Chairman of the Board, Ben Rosenzweig. Ben, over to you.

Ben Rosenzweig

Thank you, Cody, and good afternoon, everyone. During our last few earnings calls, we've been transparent about the issues we faced as an organization and the expected softness within our tubular products segment as we transition out of the Munhall facility. While this transition has been more of a drag on our business than originally anticipated, macro headwinds and execution issues across many of our end markets in both segments have simultaneously affected our consolidated results more than we originally anticipated.