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Synalloy Corporation (Nasdaq: SYNL) reported a robust second quarter of 2022, achieving year-over-year growth for the fifth consecutive quarter. Key financial metrics include a 40% increase in net sales to $116.2 million and a 283% surge in net income to $11.1 million compared to Q2 2021. Adjusted EBITDA rose 58% to $15.5 million, reflecting operational improvements and a favorable shift to higher-margin products. The company plans to rebrand as Ascent Industries Co. on August 10, 2022, aligning its strategy with long-term goals to enhance value for shareholders.
Synalloy Corporation (Nasdaq: SYNL) announced a corporate rebrand to Ascent Industries Co., effective August 10, 2022. The company’s stock ticker will change to ACNT. The rebranding aims to enhance its market strategy and reflect its growth trajectory. Ascent plans to maximize operational efficiency and drive sustainable shareholder value. The company's leadership will ring the Nasdaq Closing Bell on August 15, 2022, to celebrate the rebrand. Additionally, financial results for Q2 2022 will be reported on August 9, 2022.
Synalloy Corporation (Nasdaq: SYNL) will host a conference call on August 9, 2022, at 5:00 p.m. Eastern time to discuss its financial results for the second quarter ending June 30, 2022. Key details include live call registration and webcast options for investors. Synalloy is engaged in producing industrial tubular products and specialty chemicals. Investors can access the call through provided links for registration or via phone, with details available on their official website.
Synalloy Corporation (NASDAQ: SYNL) announces that Tim Lynch, Executive Vice President of Synalloy Metals, has been elected to the Board of Directors for the Committee on Pipe and Tube Imports (CPTI). The CPTI advocates for the U.S. steel pipe and tube industry, promoting fair trade policies. Synalloy’s President, Chris Hutter, commended Lynch's expertise, emphasizing the importance of his role in supporting domestic steel production. Lynch expressed his honor and commitment to addressing key domestic and foreign policy issues affecting the industry.
Synalloy Corporation (Nasdaq: SYNL) reported remarkable first-quarter results for 2022, with net sales climbing 67% to $116.2 million and net income surging 838% to $10.3 million. Adjusted EBITDA rose to $17.0 million, representing a 248% increase. The gross profit margin improved by 690 basis points to 19.4%, driven by robust demand across business segments. Specialty Chemicals saw a 90% rise in net sales, while Metals grew 60%. The company's liquidity remains stable with $71.1 million in total debt. Synalloy aims to continue executing its strategic priorities throughout the year.
Synalloy Corporation (Nasdaq: SYNL), an industrials company focused on piping, tubing, and specialty chemicals, will present at the Sidoti Virtual Conference on May 12, 2022 at 12:15 p.m. Eastern time. One-on-one meetings will occur throughout the day. The presentation will be available live and for replay here and on the Company’s investor relations website. Interested parties can contact the investor relations team for more info.
Synalloy Corporation (Nasdaq: SYNL) will host a conference call on May 10, 2022, at 5:00 p.m. Eastern time to discuss its financial results for Q1 ended March 31, 2022. The call will follow a press release detailing these results. Investors can join the call via toll-free or international dial-in numbers, with registration required 5-10 minutes before the start. The conference will also be available for replay on the Company's website. Synalloy focuses on producing stainless steel and galvanized pipes, seamless carbon pipe distribution, and specialty chemicals.
Synalloy Corporation (NASDAQ: SYNL) reported robust financial results for Q4 and the full year 2021, achieving record highs in net sales, net income, and adjusted EBITDA. Q4 net sales surged 71% to $95.7 million, while net income was $8.1 million, compared to a loss of $8.6 million in Q4 2020. For the full year, net sales increased 31% to $334.7 million, with net income of $20.2 million against a loss of $27.3 million in 2020. The strong performance was driven by high demand and strategic acquisitions, specifically the integration of DanChem.
Synalloy Corporation (Nasdaq: SYNL) will hold a conference call on March 29, 2022, at 5:00 p.m. Eastern time to discuss its financial results for the fourth quarter and full year ending December 31, 2021. The results will be announced in a press release prior to the call. Participants can join the call by dialing (877) 303-6648 (toll-free) or (970) 315-0443 (international). A live broadcast of the call will also be available for replay online.
Synalloy Corporation announces key leadership changes as Ben Rosenzweig becomes Executive Chairman and Chris Hutter transitions from interim president and CEO to permanent president and CEO, effective March 18, 2022. Hutter has been instrumental in improving financial results since November 2020, while Rosenzweig emphasizes the importance of strengthening the board with Aldo Mazzaferro, an independent director with over three decades of expertise in the steel and metals industry. The leadership team aims to unlock Synalloy's growth potential and enhance operational efficiency.
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