Ampco-Pittsburgh Corporation (NYSE: AP) Announces First Quarter 2024 Results
The Corporation reported income from operations of
Commenting on the quarter, Ampco-Pittsburgh’s CEO,
Interest expense of
Net loss of
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About
FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by us or on behalf of the Corporation. This press release may include, but is not limited to, statements about operating performance, trends and events that the Corporation may expect or anticipate will occur in the future, statements about sales and production levels, restructurings, the impact from pandemics and geopolitical conflicts, profitability and anticipated expenses, inflation, the global supply chain, future proceeds from the exercise of outstanding warrants, and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed “forward-looking statements” within the meaning of the Act and words such as “may,” “will,” “intend,” “believe,” “expect,” “anticipate,” “estimate,” “project,” “target,” “goal,” “forecast” and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For the Corporation, these risks and uncertainties include, but are not limited to: economic downturns, cyclical demand for our products and insufficient demand for our products; excess global capacity in the steel industry; limitations in availability of capital to fund our strategic plan; inability to maintain adequate liquidity to meet our operating cash flow requirements, repay maturing debt and meet other financial obligations; fluctuations in the value of the
FINANCIAL SUMMARY (in thousands except per share amounts) |
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|
Three Months Ended
|
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|
|
|
|
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|
2024 |
|
2023 |
||||
|
|
|
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Total net sales |
$ |
110,215 |
|
$ |
104,803 |
|
|
|
|
|
|||||
Costs of products sold (excl. depreciation and amortization) |
|
92,490 |
|
|
86,372 |
|
|
Selling and administrative |
|
12,973 |
|
|
12,187 |
|
|
Depreciation and amortization |
|
4,670 |
|
|
4,374 |
|
|
Gain on disposal of assets |
|
- |
|
|
(123 |
) |
|
Total operating costs and expenses |
|
110,133 |
|
|
102,810 |
|
|
|
|
|
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Income from operations |
|
82 |
|
|
1,993 |
|
|
|
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Other expense - net: |
|||||||
Investment-related income |
|
19 |
|
|
9 |
|
|
Interest expense |
|
(2,757 |
) |
|
(2,071 |
) |
|
Other income – net |
|
904 |
|
|
1,367 |
|
|
Total other expense – net |
|
(1,834 |
) |
|
(695 |
) |
|
|
|
|
|||||
(Loss) income before income taxes |
|
(1,752 |
) |
|
1,298 |
|
|
Income tax provision |
|
(454 |
) |
|
(313 |
) |
|
|
|
|
|||||
Net (loss) income |
|
(2,206 |
) |
|
985 |
|
|
|
|
|
|||||
Less: Net income attributable to noncontrolling interest |
|
511 |
|
|
309 |
|
|
Net (loss) income attributable to |
$ |
(2,717 |
) |
$ |
676 |
|
|
|
|
|
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|
|
|
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Net (loss) income per share attributable to
|
|
|
|||||
Basic |
$ |
(0.14 |
) |
$ |
0.03 |
|
|
Diluted |
$ |
(0.14 |
) |
$ |
0.03 |
|
|
|
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|
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Weighted-average number of common shares outstanding: |
|||||||
Basic |
|
19,729 |
|
|
19,404 |
|
|
Diluted |
|
19,729 |
|
|
19,404 |
|
SEGMENT INFORMATION (in thousands) |
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Three Months Ended
|
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|
|
|
|
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|
2024 |
|
2023 |
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|
|
|
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Forged and Cast Engineered Products |
$ |
77,189 |
|
$ |
76,798 |
|
|
Air and Liquid Processing |
|
33,026 |
|
|
28,005 |
|
|
Consolidated |
$ |
110,215 |
|
$ |
104,803 |
|
|
Income from Operations: |
|||||||
Forged and Cast Engineered Products |
$ |
1,576 |
|
$ |
2,224 |
|
|
Air and Liquid Processing |
|
1,982 |
|
|
2,953 |
|
|
Corporate costs |
|
(3,476 |
) |
|
(3,184 |
) |
|
Consolidated |
$ |
82 |
|
$ |
1,993 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240514578037/en/
Senior Vice President, Chief Financial Officer and Treasurer
(412) 429-2472
mmcauley@ampcopgh.com
Source: