Ascent Industries Co. (NASDAQ:ACNT) Q1 2023 Earnings Conference Call May 9, 2023 5:00 PM ET

Company Participants

Cody Cree - Investor Relations Adviser

Benjamin Rosenzweig - Executive Chairman of the Board

Christopher Hutter - President and Chief Executive Officer

Bill Steckel - Chief Financial Officer

Operator

Good afternoon, everyone, and thank you for participating in today’s conference call to discuss Ascent’s Financial Results for the First Quarter Ended March 31, 2023. Joining us today are Ascent Executive Chairman of the Board, Ben Rosenzweig; President and CEO, Chris Hutter; CFO, Bill Steckel; and the company’s outside Investor Relations adviser, Cody Cree. Following their remarks, we will open the call for your questions.

Before we go further, I would like to turn the call over to Cody Cree as he reads the company’s safe harbor statements 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, Victor. 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 of 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 webcast link that is also posted on the Investors section of the company’s website. We’ve also uploaded an updated investor 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.

Benjamin Rosenzweig

Thank you, Cody, and good afternoon. Since we were just on the phone with everyone a little over a month ago, I’ll try to keep it brief. On our last call, we were very clear that we expected the weakness from the fourth quarter to persist through our financial results into the first quarter. A meaningful portion of that headwind was attributable to the exit of our galvanized business in Munhall, which has mostly been completed and will not have a material impact on our results moving forward.