Ascent Industries Co. (NASDAQ:ACNT) Q1 2024 Earnings Conference Call May 8, 2024 5:00 PM 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

Operator

Good afternoon, and thank you for participating in today's Conference Call to discuss Ascent's Financial Results for the First Quarter ended March 31st, 2024.

Joining us today are Ascent's Executive Chairman of the Board, Ben Rosenzweig, and CEO Bryan Kitchen, CFO Ryan Kavalauskas, and the company's Outside Investor Relations Advisor, Cody Cree. Following their remarks, we'll 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 proceed.

Cody Cree

Thanks, Olivia. 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. Reconciliations can be found in the earnings press release issued earlier today and posted on the investor section of the company's website at ascentco.com.

Please note that this call is available for replay via webcast link that's also posted on the investor 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, over to you.

Ben Rosenzweig

Thank you, Cody, and good afternoon, everyone. Demand challenges across both of our segments continue to persist during the first quarter, which drove overall weak consolidated financial performance. While it's not yet evident in our financial results, we're making progress in all of our near-term initiatives, which include cost savings, operational efficiencies, and product mix optimization.