Shares of Ascent Industries (NASDAQ:ACNT) fell 14.38% to $14.88 in premarket trading on Wednesday after the company reported a loss for the fourth quarter.
The company recorded a net loss of $1 million for the quarter, compared with a profit of nearly $200,000 in the same period a year earlier.
Chief Executive Officer Bryan Kitchen said the fourth-quarter performance reflected typical seasonal weakness, which was further impacted by softer conditions across several of the company’s end markets.
Despite the quarterly loss, revenue increased 3.9% year over year, even as the company faced pressure from lower selling prices.