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Ascent Industries' Q4 loss causes stock price to drop 14%
Investing.com – Ascent Industries (NASDAQ:ACNT) stock dropped 14.38% to $14.88 in pre-market trading on Wednesday, after the company announced a loss for the fourth quarter.
The company reported a loss of $1 million in the fourth quarter, compared to a profit of nearly $200,000 in the same period last year.
CEO Bryan Kitchen stated that the fourth quarter results reflect normal seasonal weakness, along with continued softness in multiple end markets.
Despite the loss, fourth quarter revenue increased 3.9% year-over-year, even as the company faced declining selling prices.
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