Synalloy Corporation
04/18/2022 | Press release | Archived content
Synalloy reports strong third quarter 2021 results
April 18, 2022
Synalloy reports strong third quarter 2021 results
- Sequential and Year-Over-Year Growth in Net Sales, Gross Profit, Net Income and Adjusted EBITDA -
RICHMOND, Va.-Nov. 9, 2021-
Synalloy Corporation (Nasdaq: SYNL) ("Synalloy" or the "Company"), an industrials company focused on the production and distribution of piping, tubing and specialty chemicals, is reporting its results for the third quarter ended September 30, 2021.
Third Quarter 2021 Summary
| (in millions, except per share and margin) | Q3 2021 | Q3 2021 | Q3 2021 |
| Net Sales | $86.2 | 12.7% | $(10.5) |
| Gross Profit | $86.2 | 12.7% | $(10.5) |
| Net Sales | $86.2 | 12.7% | $(10.5) |
| Gross Profit | $86.2 | 12.7% | $(10.5) |
| Net Sales | $86.2 | 12.7% | $(10.5) |
Management Commentary
"The momentum from the first half of the year continued in the third quarter as we experienced profitable growth across both business segments," said Chris Hutter, interim president and CEO of Synalloy. "Robust commodity pricing and improved throughput drove strong growth in our metals segment. While our chemicals segment continued to face operational challenges due to labor and raw material constraints, the rebound in customer demand and increased volumes were enough to overcome these impacts and drive sales growth.
"Subsequent to the quarter, we announced the acquisition of DanChem, a leading specialty chemicals contract manufacturer, to accelerate product development capabilities and provide entrance into new end-markets and applications. This acquisition brings robust manufacturing capabilities, a highly experienced team and a blue-chip customer base. We believe Synalloy Chemicals is now one of the largest specialty chemical contract manufacturers in the U.S. with a platform to accelerate growth. We are pleased to welcome the employees of DanChem to Synalloy and look forward to using our broadened assets and capabilities to better serve our customers.
"The progress we've made since I first joined one year ago, including fortifying our management team with proven industry leaders, completing a major acquisition and delivering several consecutive quarters of profitable growth, gives me the utmost confidence in our foundation. Although the macro environment is dynamic and we are keeping a watchful eye on everything from commodity pricing to supply chain constraints, we will continue to make strides in the areas that we can control as we remain focused on delivering profitable growth and driving shareholder value creation."