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Ascent Industries Co. (NASDAQ:ACNT), a specialty manufacturer with a market capitalization of $130 million and strong financial health according to InvestingPro analysis, announced a change in its independent registered public accounting firm. On Monday, the company was informed that its previous auditor, Moss Adams LLP, merged with Baker Tilly US, LLP. As a result of the merger, Moss Adams resigned as Ascent Industries’ auditor, and the company’s Audit Committee appointed Baker Tilly as the new independent registered public accounting firm. The announcement comes as the company’s stock trades near its 52-week high of $13.33, having delivered a 24% return over the past year.
The audit reports provided by Moss Adams for the fiscal years ending December 31, 2024, and 2023 did not contain any adverse opinions, disclaimers, or modifications related to uncertainty, audit scope, or accounting principles. During the aforementioned periods and up to the interim period ending June 3, 2025, there were no disagreements between Ascent Industries and Moss Adams regarding accounting principles, practices, financial statement disclosures, or auditing procedures.
Ascent Industries also confirmed that neither the company nor anyone on its behalf consulted with Baker Tilly on matters related to accounting principles or the audit opinion on the company’s financial statements during the relevant periods.
This information is based on a press release statement filed with the Securities and Exchange Commission. For a comprehensive analysis of Ascent Industries’ financial health, valuation metrics, and growth potential, investors can access the detailed Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert insights and actionable intelligence.
In other recent news, Ascent Industries Co. reported its Q1 2025 earnings, which revealed a significant shortfall in earnings per share (EPS) compared to expectations. The company posted an EPS of -$0.23, falling short of the forecasted $0.12. Despite the earnings miss, Ascent Industries highlighted an improvement in gross margin, which increased from 8.3% to 19.3% year-over-year. Net sales, however, declined to $24.7 million from $28 million in Q1 2024. Additionally, Ascent Industries executed a share buyback under its 10b5-1 program, repurchasing 499,700 shares at $12.00 each, representing about 5% of its outstanding stock. This move reflects the company’s strategy to manage its capital and potentially boost the value of remaining shares. Furthermore, Ascent completed the sale of its Bristol Metals assets for $45 million, aiming to streamline operations and focus on more profitable segments. Analysts from firms like Ascent highlighted the company’s focus on operational efficiency and strategic repositioning for future growth.
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