Ascent Industries Co. (NASDAQ:ACNT) Q4 2023 Earnings Conference Call March 28, 2024 4:00 AM ET

Company Participants

Cody Cree - IR
Ben Rosenzweig - Executive Chairman of the Board
Bryan Kitchen - CEO
Ryan Kavalauskas - CFO

Conference Call Participants

Vincent Anderson - Stifel
Matthew Schwarz - MAZE Investments LLC

Operator

Good afternoon, everyone and thank you for participating in today's Conference Call to discuss Ascent's Financial Results for the Fourth Quarter and Full Year ended December 31, 2023.

Joining us today are Ascent's Executive Chairman of the Board, Ben Rosenzweig; CEO, Bryan Kitchen; CFO, Ryan Kavalauskas; 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 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, Lateef. 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 webcast link that is also posted on the Investors section of the company's website.

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

Ben Rosenzweig

Thank you, Cody. Good afternoon, everyone. The broader macro environment proved to be a challenge for much of 2023. Specifically, the fourth quarter was more difficult than originally expected as we navigated the impacts of some poor execution on our part, including unplanned downtime at our Bristol facility, along with continued destocking trends throughout both segments.