SYNL - Earnings call transcript Q4 2020

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Operator

Good afternoon everyone. And thank you for participating in today’s conference call to discuss Synalloy's Financial Results for the Fourth Quarter and Full Year ended December 31, 2020.

Joining us today is our Synalloy's Interim President and CEO Chris Hutter. CFO, Sally Cunningham, and the Company’s outside Investor Relations Advisor Sean Mansouri.

Following the remarks, we will open the call for your questions.

I’d to further, over the go Mr. to we now turn like call Before reads Safe of the meaning he statements. as Mansouri Company’s Private important regarding Litigation provides of Harborstatements Securities Reform that Act XXXX cautions forward-looking the the within ahead. Seanplease go

Sean Mansouri

Good XXXX thank you afternoon financial conference results. joining all quarter fourth And the discuss to Synalloy's everyone. and you. for our Thank call full year

may Synalloy the call Chris. to that the also that, on be this continue, cause on discussion Before earnings uncertainties and and us release amounts closest call include Harbor the XX-Q statements on Synalloy forward-looking to available like back latest With the of participants Chris the discussion replay for various all the its the to issued to to based and today posted of the measures. webcast section would forward-looking company's all is that note actual certain reconciliations with These call XX-K regulation today are Interim and website over materially. update at In we and synalloy.com. posted today the is that this we statements Hutter, President the does information turn for G, reconciled the Please company's Synalloy of via to a of the differ CEO responsibility remind risks I'll pursuant link the review Further, results Safe these that to provisions website. investors GAAP summary The and posted Laws. the to measurement. these Federal found of accordance any in on company can has non-GAAP the of earlier press investor section contain could undertake may to subject risks advises not currently Securities website uncertainties. available based are to those listening statements.

Christopher Hutter

and for of and ongoing joining that start-off you leading today's Synalloy hard organization to and joining by here as I customers. and the and to the thank through pandemic. months who quality insight all I'm Sean. products ago. COVID-XX persevered operations just time and continued been dedicated safe impressed afternoon Good regarding gained every a capabilities deliver have to CEO our employees you stay honored challenges have and our President day hope high the since I've team at call. the throughout significant Interim saying this to incredibly the to maybe particularly have to be you, Thank the everyone work by continue unique wanted I services few and well

years certainly of not been Synalloy challenging come. for our now only year, team positioned ensured to is to this a While thrive survived hard-working that the but XXXX, has commitment

fourth year, Looking continue be came we at the our sales close affected pandemic. how as our customers the in quarter net uncertainty to out from expected the resulting by given

operations, and profitability sequential pleased increases identified in fourth for and our measures. cost production able along not prevent early adjusted implementing the of year-over-year We proactive am steps our improve efficiency adjusted businesses, quarter. resulted to their these I just making margin are us modest that Though and to across reported take in our to either this and control. within report EBITDA new did things we efforts the However, many only being stages. as improving were in initiatives containment across progress or from purchasing with EBITDA our

on efforts that our tireless service possible. Sally be the upfront have our basis. of do terminated These and will our providers. intent In of see but one to efficiency begun costs from ongoing the soon efforts forecast proceeds, approach, meaningful to an finance provide just remove an on as and to planning, manufacturing to don't sales, savings we lease in approach As savings realize not example as ongoing selling already expect fronts. parallel aircraft our economic have outside meaningful payback, we We intent department, and that work the similar on resource will to through a our we

and While progress far, of shareholder work the proud thus transform is we've truly this value. the our to beginning I'm made just this of long-term business drive

I'll a through of plenty of quarter segments. into each to and fourth will our in who of be CFO I'd we for Sally grow over have the We organization to like part excited first, Sally. results our detail. more you walk our improvement, to But Cunningham, together. I'm as dive this turn call room deeper financial

Sally Cunningham

primarily more you, operations into Palmer earlier today. our With as Chris jump I be efficient Thank the let's with the and driven that, decline Net calls, release were of takeaways. our with down results. on Detailed earlier key lower can afternoon, in million, press curtailment to be fourth the sales will to effort In our our found well year, issued as conference everyone. focus information by $XX.X shipments. an earnings pipe and financial quarter tube good in

we the Palmer to decision reminder, curtail made Texas the XXXX. April a business As in

our it As longer return no met threshold. internal

touch we’ve XX will which quarter our margin Gross have from cash in allocated the We I to increased prior moment. business, line over credit, since any points generated on reduced year the a XX%. basis during that of

raw efficiencies our successfully to a As and result we passthrough material customers. of increases price that operational

goodwill charges. [QX] mostly our progress operating some In also to impairment to the by our Tube saw unit. an million $X.X financial of continue noise hidden that so ongoing was We in initiatives Welded Pipe and our in we reporting cost some one-time our of reduction resulted values the which related due of balance carrying sheet, in to quarter, impact on scrutinize fourth the non-cash statements

a EBITDA share for to of related fourth to period. year $X $X.X XXXX. loss margin operational net increased $X.XX benefit or to The improved payments XX% result to CEO. charges and primarily to former increases million of million measures. $X.X adjusted had compared a EBITDA the cost were net to also Adjusted also The improved or $X prior quarter in X.X% in XXX the the execution was and QX driven per the of of We severance points by QX basis loss share million of $X.XX million containment our per compared

capacity. loan, Lastly, million December looking reduction at $XX.X our XX, $XX.X December nearly XXXX. position in under liquidity million consisting was as on BMO facility quarter, facility debt with agreement agreement to million an the XX, entered up the we revolving credit Harris new $XX A a us debt new compared January full credit XXXX. that under total includes XX, Subsequent year into Bank XX% of for of of revolving our and of million a XXXX. revolving provides the term $XXX facility to representing end outstanding outstanding with to borrowing credit

under of we of As facilities available borrowing and capacity XX, have to the as new subject $XX.X million are XXXX, covenants. January currently financial not a result, any

see and For further filed now release and XXXX. our please disseminated on I'll over XX, X-K filings details, turn January corresponding to back press Chris. it

Christopher Hutter

Thanks, Sally.

transparency as across will like before have our can months the just forward invest strategic introduce our we I always areas our that since in we together with to significantly and begin employees in what President operational few strengths in we our at a maximize process need a early can strategy, fresh strides earlier, of and taking The go that CEO complete and weaknesses of the Team put a mentioned organization. the processes, analyzing culture that upon. I improve businesses is we helm and and as begun would Board Management a potential too improving increase accountability the already our believe making value reengineering plan effectiveness have share doing eyes, believed we efficiency the the we've our to ago, Interim and All organization. I've Directors still foster our shareholder to been well of across business. and been looking to as As

heard that how do are our give continue to from customers, about to. ideas we best to employees our while team for my proud creating some our During facilities, visits I've culture a can great to better their our

with a on We with different have and asset employees around working resource improving across and are throughput procurement their into some combining of best and experiences our begun of taking businesses. the we account it diverse toward capitalizing and aim planning Further, operational scheduling, specific our efficiency. already practices feedback relationships

build As we of as individual service intern see to better our on together alignment us internal a and broader can organization, opportunities have and organization. team. to sense many the leverage and is work renewed of early one to create some unified we our that our functioning for My the throughout hope strengths wins customers

we services there that in segments. has and products clear value it and metals offer quality become me period, the this in During is chemical high tremendous our to

this and There this of the of variety more by simple. company, gain I'm left significant of solutions. a end is important of day, is commercial tubing and business a that I the applications for and the has manufacture produce fairly As create already of for offer. offer environmental pipe blend our understanding chemicals to further company industries potential. including many even amount various encouraged We value At intricacies its

in incumbent to three every are metal of all we specialties. be resources have on succeed. a business positioned our our to going it's respective is On their as that ensure So maximize best team us to leaders to operating segment, management businesses

includes Brismet, the unit high which welded of well-regarded largest pipe the stainless and domestic brand is ornamental welded stainless most tubing, and Our tube pipe is which stainless-steel and tubing. reporting manufacturer American end

specialty pandemic. seamless U.S. tubing. anticipate service and is industries, several the wall have pipe diameter These the effects a upper from also pipe of of rebound and we leading which the of which of large variety to We heavy tube, distributor businesses

we lubricants, committed fats supported which CRI through we metals resources the of providing quality to textiles, three possible finished Both And markets paper, sulfated, mining, businesses. I'm to the for manufacturing processes. can agriculture, these global and development of manufacturing and carpet, employees automotive. segment, of And produce Tolling, chemical to provides our who sitting which and manufacturers, wide customers. a large businesses chemicals, chemical of including have our to proprietary we to oils continually They serve in manufacturers, product by of maximize are and As goods these end outside and will operating companies. range intermediaries, service be reaction a today, best petroleum what continue defoamers, surfactants, also one evaluate dedicated at do potential group

sure a make our I than be portion of the and the but our also that on markets. are advantage that by revenue, our our does increasing infrastructure believe we dual a way primary terms margins, relatively to amount segment is optimized, chemical Most to a and efficiently. not want capabilities capacity value. across throughput will capitalize segments, our there on segment better While cutting profile to is can that This be were of setting create cost enacted for corporate hope growth, businesses support very various of for and and across current this emphasize a of we across surface operate businesses tremendous that profitable more goal cost Everything our question We see no to have of better opportunities just additional prosperity. effect to as that not will growth. still are planning we to move forward. I of up end its And be both Though minor margin do additional applies our on have and just our our the improving and offers this very leverage customers our we a segment, providing products opportunity in metal improve it I clear further structure can importantly, with we're scratching we services we warranted. want focused we

are we Although we by for our the we growth work opportunities margin much in are And there and do, businesses. many to us so to energized potential have believe towards.

which through further also that and strategic out include acquisitions. We both will forward look to opportunities our is organic building growth roadmap, for

company drive profitability the providing solutions in our are and return customers committed the growth. that We are to and right business can to to this moving direction value-added

thank Before just our questions. employees for again like to taking to dedication Synalloy. I'd their

open You have welcoming, work been we our minded incredibly engaging together as to and improve company.

met, up open will I Q&A. getting yet that each know those it we every not have one of Operator to to and forward for now you. look For

Operator

the Thank our you, from Secrid. question compile first will while Q&A we [Operator stand-by David roster. sir. Please come And Instructions].

Your line is open.

David Secrid

credit facility. new congratulations on the Hey,

Christopher Hutter

Thanks, David. It's nice to see.

David Secrid

just change here. that you the I how question noticed lenders, on interest So each much saving are a with you have? expense month new the with flexibility

Christopher Hutter

that you. for Sally, be question may a

Sally Cunningham

hand my that have don't I top here. tell right you rate the question. is off our great exact lower. a that's number that But And of can I interest

have is the of forward. I going don't significant just me. numbers exact So front savings in there

David Secrid

you. no Yes, problem. Okay. Thank

question. Another

I exceed that up years. agreement, -- over credit million, acquisitions So $XX that $XXX could we noticed it to four million make the in you mentioned not to

So conjunction into. in we I inorganic guess, at comments, of expect that kind with some acquisitions some I could Chris, read your point, what

Christopher Hutter

want to flexibility for yes. the provide plan new attractive some having much amendment And Synalloy to we the to goal an accomplish flexibility growth to Yes, the to fees. give loan something wanted accommodate versus to pre-negotiated mission. opportunities and say, incur re-amend future was willing agreement the growth. We the possible acquisition for board bucket to opportunity, and through so us credit facility go were and Should obviously a they be our as our hey, just provide for with as future for of already

David Secrid

That makes sense. Good.

Richmond, manufacturing seems a facility. headquarters plans consolidate your that That noticed, like I maybe Is you’re to Now, start. miles to considered? is infrastructure? something a good -- place XXX that's Any been corporate in

Christopher Hutter

that's large, of Obviously, well. and extremely a dedicated world our with at remote centralized the the are great There's IT Richmond is has the in that operating HR, very to moment. a Sally's efficiently the that Yes, structure moved built Richmond of and functioning at accounting, somewhat finance, team functions a pandemic team question.

David Secrid

Got it.

million. that EBITDA was Well Full Okay. sense. year XXXX make $X.X

So a cycle? what cycle you expect in are comfortable improving a like could goal giving business as better to us in reasonable we business

Christopher Hutter

on -- tailwind overall economy the general pricing with with there's have increasing. in metal down. say would Yes, improving great Obviously, winding I you pandemic, question. our it's segment, And a a commodity

are the So in without conditions improved say ‘XX. I a performance giving for would number. -- would specific right I

David Secrid

more. Good, here, want few some all questions but I give you thank more a take I you. I the do don't have the to questions? all Can

Christopher Hutter

David. Go ahead,

David Secrid

Okay.

they're I CRI XX% noticed correctly capacity, previous I Tolling at in if So remember calls.

to that more and renewed is used focus like pursue capacity so of So toll taken being manufacturing being expense off? fixed a there our we have that advantage

Christopher Hutter

here go can asset have can do we throughput we'll to with coming have our and asset for I'm and optimize our tremendous really what at for here producing a question or of what a it's product blend. CRI, to the with covers two to out efficiency the and on do just streamlined it’s that it since why dedicated under are reaction utilization. here products are floor, do there timely are facilities the me, our and looking we actually we in to that able up business. And sitting great now, significant a a team mix can and do definitely, together. more businesses right both chemicals just our confident opportunities And really work That's have lot whether the for fully customers and I'm looking at a base And that's solutions to and create at on be manufacturers we are And sell products. I'm We that. R&D what

David Secrid

or run their how problem into in with you logistics you. some able don't have week any ago like, to they Synalloy with -- or -- optimization that in Olympic to Got are area? there Thank some I were in been we mentioned UPG you there's use been has to trucking. that two of know, I Synalloy shortage don't mean, are steel freight that. there able that connected Is doing And competitors some challenges trucking. a -- mentioned, that having it. Has Olympic any been steel Why same

Christopher Hutter

there. that's I would couple guess a say of I mean, questions I

David Secrid

Yes, it is.

Christopher Hutter

to-date. entered service, throughput UPG short any not on any into agreement Though efficiency with or we

Synalloy’s Siegel respect what is or logistic third-party don't Mr. chemical with segment, said more Olympic, and flatbed to supply a freight. our at customer needs use constrained with I segment, on for -- tolling primary our there our know freighting trucking, it's but is metal So which for

plants. that of But and seen in us. been of constraint the that outbound for haven't the our has business So negotiating they're freights our not really we

David Secrid

sell Okay. -- any that initiatives? With Synalloy they have green into could product right. those energy, the that towards All all emphasis does

Christopher Hutter

there's cleaners, large sanitizer obviously table our the funny, and a lab large year. it be to pickup with it of it were significant I feels Yes, technicians, timely a It's backlog of glass surfactants. me, business it was amount almost surfactant a you chemicals. business another growing I And of was last surface And that goes be clothing, application product whether antimicrobial green whether surfactants, like one a it's for here got was a of into in the is for tailwind cleaners, sitting very our question. applications, talking antimicrobial

world focus that. the absolutely on heavy So has a

David Secrid

just two questions Maybe or it. one more. Got

of So an I cost XX cycle? XX-K, improving Would as noticed ability affect business in containment with your December in Synalloy’s execute measures? to the XXX that employees,

Christopher Hutter

argue No, not cost I eliminating is cut in finding productive invest going And our associated are And absolutely the right the increase and we're as additional focus what you've not. to our primary with people the inefficiencies that. I again, prosperity, and operational that would opportunities. that profile our uncover business mentioned earlier, processes. margin way is going that the we to uses to to into redeploying costs

David Secrid

I one just even went then I know the And higher quarter. through helps other some sense. in fourth makes March. up think nickel corrected it's It that XX% recently, thing, but probably is -- so don't quarter-after-quarter-after-quarter. inventory team but that a with quarter, how figured strategy losses inventory would not a we're have had can -- I out first we have profits, think you hedging That in

Christopher Hutter

nickel that. of decreases. you The within inventory it's nickel. thing want to and it additional middle the Again, large a driver products. an set the steel level of is market look commodity when we or driver real Nickel that a from and not. the a surcharges increases stainless our to of our global interesting become the coal is in component roller it significant But a does that percent I passthrough not customers and on issue hot or Yes, that's we had at is the question. you And passthrough can products, at look passthrough we have timing to

at nickel in X,XXX ton if back a the and today. XXish history, So of prices, nickel ton you of XX,XXX the end was day, a regardless look

floor, is and job our right to on time. have the the Our out queue the production inventory customers on to in

the minimize prices So we we commodity the of sheet. our can of regardless minimize balance income can global condition, market effects statement on

David Secrid

That Thank ahead. hearing I to voice your forward sense. have. you. and Well, all makes look Good that's months

Christopher Hutter

Thanks, David. Have a night. great

David Secrid

too. You

Sally Cunningham

your David, on circle that And, per month your is questions month. per just back interest to one the of earlier approximately savings $XXX,XXX

David Secrid

Okay, you. thank excellent. Well,

Operator

SGF your next proceed. with question Hughes Mike will And Capital. come from Please

Michael Hughes

Thanks taking questions. my for

the one $X EBITDA during First of Palmer they a I teams could think prior million I for management accounted million. cycle, said assume $XX approach maybe that. And good said

a So good does right you to does for that this $XX seem environment a in still EBITDA? like million number

Christopher Hutter

I our give management the -- first efficiencies division for -- number exact with improve. Hey, can I positioned we throughput, this EBITDA strategic question. but But give can I our operational at cycle. Mike, Obviously, the strategic and thanks number. can't you to can't capital are speak they working any for EBITDA and significantly implementing. we business And to maximize that to that you improvements in should we specific it and the calculated in the tell are prior a number want how strategic to management you point, order improve and I

Michael Hughes

bottomed point? that like or maybe metrics this they backlog Okay. out have not have to have out at any that be Do willing you you'd maybe bottomed forward-looking they provide

Christopher Hutter

is it's significant define backlog, -- in what But what yes. the to delivering of you day, I actually end quarter regarding revenue count? product what a generates the any can a fourth in there -- business, delivered what customers the customers backlog. backlog, would are improvement that to I product So at our -- not

Michael Hughes

But you sequentially referring -- year-over-year? or are

Christopher Hutter

third From quarter. quarter to fourth

Michael Hughes

you the fourth in on Okay. from purely correct? on higher terms, a in would benefited And a unit have basis you mean -- higher just that because I assume volume quarter. dollar nickel steel and Is not

Christopher Hutter

problem, QX may think have And sequential of I be question ‘XX. with to the of we answer. that the Correct. get to Mike QX sequential ‘XX Or to able to may answer you Sally you ask

Sally Cunningham

have Yes, can certainly get do that to I But back we that. to answer.

Michael Hughes

fine. that's Okay,

you your I of the private has, three last have taken months think price base competitors One over done the few increases same? metal

Christopher Hutter

giving. looking the as ATI primary on we're Yes. with pricing We're group and at sure of [indiscernible]. at and passing the going for looking We're a I'm daily domestic as aware through [indiscernible] pricing it producers you're us. basis two pricing seeing on through come fast what's

Michael Hughes

okay. Okay,

Christopher Hutter

passthrough have And [indiscernible] so will we daily a daily. pricing

Michael Hughes

And difficult then manufacturers attracting a of time are and lot employees. retaining a Okay. having

employee look should we unusual wage So think this what's that for retention And like? there year? coming your is any about inflation

Christopher Hutter

employees I a employer hire not significant retain wage highly keeping inflation. we a the where our market. seeing around depending and [indiscernible] on talent, and issues everywhere We're and to it's the base are is would a -- difficult plant finding competitive say having challenge ability talented some and retaining

In don't inflation, right wage we cost now. terms see we're of situation of seeing living standard with that

Michael Hughes

for questions more two just then and you. Okay

I on think buyback XX. it's reauthorize in you stated XX-K the that February the

So back what's buy ability point? to this at stock your

Christopher Hutter

some within look, buyback our we can do our in agreement. terms to credit and you of restrictions revolving obviously amount our in the subject we is availability agreement loan that If have

board to decide capacity So there the pursue buybacks. some should is

Michael Hughes

basket? a like that Is payments it works? restricted Is how it

Christopher Hutter

you Yes, number give what to terms is. that exact of in the have the would amount

Michael Hughes

And my Okay. a kind the follow of up to of last then is one questions. question prior

larger up nickel it unfavorable that think move last in to and just I up in $X.X resulted prior steel. year, a was the the in you in XX-K million. There's big in the nickel $X.X impact the in move fourth fluctuations pointed And out an million operating year as then quarter. even indicates in

the kind was big that [indiscernible] or [indiscernible] over happen nickel that you is profits accounting I quarter of inventory few the reverse remember, methodology years, in first -- last the the in that have itself steel as does that quarter, first changed? when So

Christopher Hutter

price of increase decrease obviously or or -- and nickel. tail a on terms it steel typically a either price There's in

selling have into we're and cycling you pricing. floor selling, the that commodity market, given through in that on you're you're inventory higher if that general a as So

see lag anywhere reflection terms three of from to the statement. in you that So the on income typically six month

Michael Hughes

so be as up? holds on better you as half, Okay, long a first should sitting hopefully, demand

Christopher Hutter

is now. robust demand very right The

Michael Hughes

-- because about about we've been focusing what chemical on And just mental the what side? you on on demand the the can side,

Christopher Hutter

a it's It's the their chemicals amount overall their customers. similar, customers we're when from in all because increased our opportunities capacity of new the [indiscernible] of business of of Think seeing customers internal volume, reduction existing and reduction in demand.

is production Now, because have to CRI they're increasing, when a our customers’ manufacturers see as of demand amount limited to capacity help their start the capacity. have and needs. we we That's tremendous to opportunity, solve --

Michael Hughes

Okay, for good. last One one you.

CapEx have XXXX? do number Just a for you

Christopher Hutter

We do number. CapEx have approved front Sally, that you in may you. of have an

Sally Cunningham

number approved $X XXXX. have -- we the for is CapEx million Yes,

Michael Hughes

Okay, thank appreciate you. it. I

Christopher Hutter

Mike. Thanks,

Operator

question will next with from Truist. Charles your come And Gold

is line open. Your

Charles Gold

the the hopefully hit having but bill. what as exact in an stimulus I and Thank the take on a you. the sprit to know hope and for Board's title, Interim you is and getting Chris, the title come [indiscernible] keeping your My just plan your stepping you can and is ready CEO? involves opportunities one uptick question. the the And you're hello, before question the into with infrastructure date will advantage the Sally, well. I permanent game job and of company that Thank goal doing what

Christopher Hutter

Charles well hope Thanks, the and you're appreciate question. doing

I'm and and at and an It's Board. day Synalloy. blast people the can I to me. to the love up really loving every is that's my absolute What you working As tail-off you not having here know, tell up

I'm sense we the to As value assess progress with to working be continue and the creation. shareholder. a for what Board major actively makes obviously, make involved most I'll in long-term

yet. hasn't given there So immediate been direction

Charles Gold

you so So CEO, if permanent possibility are saying there's a you Board the ask become you? could that -- that the

Christopher Hutter

If me I'm loving enough, And the yes. it. Board likes

I So it's have perform. obviously to

Charles Gold

Thank you.

Christopher Hutter

Charles. Thanks,

Charles Gold

welcome. You’re

Operator

And Instructions] proceed. next comes from the question line Investment. With Neuhauser. Charles of Please your [Operator Mainwall

Charles Neuhauser

provide detailed -- and your a I had there must get fairly to was the proxy contest. lot have that projections you assume to established. of to credit the Hi, your on spent And new money time line bank

come remember you than feel see You've that can't gist you exactly into six, what of was better maybe things But I months comment. you nine said you've and that job thought your the you are ago, the that said.

a why And that sure margin this is time you're make $X stock would the you're effort looking forward so to potential worthwhile. desirable. quantifying I not earning difficulty don't you and what understand upside, having consider price power, whatever all I'm

And you so, going to to come in realm are investment? putting undervalued the numbers when people conclusions becomes comfortable the stock in to get feel the the is some question same desirable a out company's public that to

Christopher Hutter

firm. leader involved is you've the I've that's been our new we understand have what numbers. Yes, a validate and gateway Charles, great question. year, last And released here a and that were presentations IR you believe. if I have confirm firmly thoroughly got investigate to and that And read, those stand-by obviously We've

business we're roadshows the need guidance. I want build the can we planning I to for talking end the absolute and we investors in say, numbers numbers. years need can we that confidence getting and I of that results excited make credibility. once the think but more to and specific sure I about deliver are we don't now deliver day, We And giving at on from those that say that And

I think as can a for to guidance provide where I’m we're all fully myself including major on talking getting quarters EBITDA a clarity future point from now, our of more so to shareholder. investors, us committed we

Charles Neuhauser

good. Okay, you. very Thank

Christopher Hutter

Charles. Thanks,

Operator

proceed. the And question from your of comes Please Ronald Braam. line next

Ronald Braam

Tennessee. welcome to And Hello, Chris. Cleveland,

served former chemicals. manufacturers I owner XXXX was I the As from And XXXX know, may of as until for CEO you Synalloy.

I are I being where the fresh think air. you the things that board. new appreciate And you're a doing you are breath of are and

to to wanted comments been solid as which, XXXX. a has make One you business the business, performer, in Synalloy I sold the since know we the of regarding chemical

then the and companies, other gets profitability We users. chemical you down business go have as to better end line users and [coal], to end intermediates to three types chemical the the of finally the

of some business situation business. are is, manufacturers, my compared plans good a question given intensive to the addition folks. salesforce had We many there chemicals, the and out, very regarding many, at the you're finding sales It's intensify to the steel as by So competitors. CRI current salesforce

a And sales there's it's important very so effort? that strong

Christopher Hutter

There unbelievable is here workforce Yes, great question. a to workforce the that by business the And own Ronald of the extremely be I've at exciting were and we today the that's truly it's reinvigorated you commitment mean, of business, is -- business energetic have that completely and a they employed different the passion We, process have. I've everywhere time. the around into they chemists Synalloy, is the cycle -- But this here, And think have is of their team longevity approved a the within a there's like And talked you're when with to of have that. effort lead sales to people you, here. this sales obviously and XX right. that seen will probably win. individuals it to really long having I a from the a lot product. goes customer of to group absolutely acceptance a lot I

business. customer we're put going be to chemicals in going effort renewed customer growth, new a customer retention and to overall -- is there So customer into that the service

Ronald Braam

news. wonderful That's

Christopher Hutter

here, I'd meet you. meet loved time one whenever I next I'm to love you down to day

Ronald Braam

of a good few to lots like months, sounds you, you forward Ben last over had conversations to I'd meeting that too. as meet I've look love with plan. Okay, but well. the

Christopher Hutter

here. Same Ronald. Thanks,

Operator

answer concludes showing turn to question remarks. over for time, now session. back any closing this speakers. our At I'm not the I further would to questions. Hutter Mr. call like and me, Excuse this

Christopher Hutter

everyone when thank first to and for in you. quarter our to we results Great, like we May. you forward thank speaking again listening with look today's report XXXX We'd to call

good Everyone going get a work. have back night. to to I'm Now

Operator

and Ladies teleconference. concludes this gentlemen, today's

You for participation. time. this may your lines your Thank at disconnect you

Ascent Industries (ACNT) 10 Mar 212020 Q4 Earnings call transcript