Ascent Industries Co. reported its financial results for the fourth quarter and full year ended December 31, 2024, on March 4, 2025. For Q4 2024, net sales from continuing operations were $40.7 million, a 1.3% decrease from $41.2 million in Q4 2023. Gross profit, however, increased by 438.4% to $7.3 million, or 17.9% of net sales, compared to a loss of $2.1 million, or -5.2% of net sales, in the prior year period.
The company achieved a net income from continuing operations of $0.1 million, or $0.01 diluted earnings per share, a significant improvement from a net loss of $7.5 million, or $0.73 diluted loss per share, in Q4 2023. Adjusted EBITDA saw a substantial increase to $2.6 million, up from a loss of $5.9 million in the fourth quarter of 2023, with the Adjusted EBITDA margin rising to 6.3% from -14.4%.
For the full year 2024, net sales from continuing operations were $177.9 million, a 7.9% decrease from $193.2 million in 2023. Gross profit improved significantly to $22.1 million, or 12.4% of net sales, compared to $1.5 million, or 0.8% of net sales, in 2023. Adjusted EBITDA for the full year increased to $4.0 million from a loss of $15.9 million in 2023, reflecting a 125.2% improvement.
The improvements were primarily driven by aggressive cost management, improved strategic sourcing, and product line optimization initiatives implemented throughout 2024. As of December 31, 2024, Ascent had $16.1 million in cash and cash equivalents, no outstanding debt under its revolving credit facilities, and $47.4 million in availability. The company also repurchased 101,263 shares for approximately $1.0 million at an average cost of $10.21 per share during 2024.
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