Ascent Industries Co. (NASDAQ:ACNT) Q2 2024 Earnings Conference Call August 6, 2024 5:00 PM ET

Company Participants

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

Conference Call Participants

Operator

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Ascent's Financial Results for the Second Quarter ending June 30, 2024. Joining us today are Ascent's Executive Chairman of the Board, Ben Rosenzweig, CEO, Brian Kitchen, CFO, Brian Kavaloskis, 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 statements with 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, Cherie. 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 10Q and 10K 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 a webcast link that is 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. I'm pleased that we reported improved financial results for the second quarter as our stabilization efforts are beginning to bear fruit. Though the broader demand environment remains soft, we did see some volume pickup across both segments due to churning through some slow-moving inventory as we continue shifting towards more profitable product lines. We expect demand will slowly improve through the remainder of the year and see more substantial growth opportunities to occur in 2025 and beyond.