STOCK TITAN

Ampco-Pittsburgh Corporation - AP STOCK NEWS

Welcome to our dedicated page for Ampco-Pittsburgh Corporation news (Ticker: AP), a resource for investors and traders seeking the latest updates and insights on Ampco-Pittsburgh Corporation stock.

Ampco-Pittsburgh Corporation (NYSE: AP), headquartered in Carnegie, Pennsylvania, is a leading manufacturer and seller of engineered, specialty metal products and customized equipment. Founded in 1929 and listed on the New York Stock Exchange, Ampco-Pittsburgh operates through two main business segments: Forged and Cast Engineered Products, and Air and Liquid Processing.

The Forged and Cast Engineered Products segment, led by the Union Electric Steel Corporation, produces essential components like forged hardened steel rolls, cast rolls, and open-die forged products. These products are crucial in cold rolling mills globally, benefiting industries such as steel, aluminum, oil and gas, and plastic extrusion. The majority of Ampco-Pittsburgh's revenue is derived from this segment.

The Air and Liquid Processing segment includes brands like Aerofin, Buffalo Air Handling, and Buffalo Pumps, specializing in custom-engineered finned tube heat exchange coils, large custom air handling systems, and centrifugal pumps. This segment has shown notable growth, with recent sales increases of 35% year-to-date.

The company has a significant global footprint, operating manufacturing facilities in the United States, England, Sweden, and Slovenia, and participating in three joint ventures in China. Sales offices are strategically placed across North America, Asia, Europe, and the Middle East, enhancing their market presence.

Recent financial results highlight Ampco-Pittsburgh’s resilience and strategic growth. For the second quarter of 2023, net sales were $107.2 million, a rise from the previous year due to higher volumes in the Air and Liquid Processing segment. The company reported a year-to-date consolidated operating income more than three times higher than the previous year, underscoring effective cost management and strategic investments. Despite challenges in the steel distribution and oil & gas markets, the company maintains solid roll demand, with pricing keeping pace with material and energy costs.

Innovation and efficiency improvements are at the forefront of Ampco-Pittsburgh's strategy. The modernization program for their U.S. forged business is set to complete by the end of 2023, promising increased efficiencies in 2024. The company’s ongoing investments in new equipment and technology are poised to enhance operational capabilities and market competitiveness.

With a rich history and a forward-looking approach, Ampco-Pittsburgh Corporation continues to strengthen its market position, delivering high-performance products and maintaining strong customer relationships worldwide. For those interested in the latest updates and performance metrics, conference calls and detailed financial reports are readily available on their official website.

Rhea-AI Summary

Ampco-Pittsburgh (NYSE: AP) has released preliminary results for its Q2 2024 earnings and provided an update on its liquidity position. The company expects net sales to be between $107 million and $112 million, comparable to $107.2 million in Q2 2023 and $110.0 million in Q1 2024.

Income from operations is projected to range from $3.8 million to $4.8 million, up from $3.3 million in Q2 2023 and $0.1 million in Q1 2024. Net income is expected to be between $1.1 million and $2.1 million, or $0.05 to $0.10 per diluted share, compared to $0.4 million, or $0.02 per diluted share in Q2 2023, and a net loss of $2.7 million, or $0.14 per diluted share in Q1 2024.

As of July 9, 2024, Ampco-Pittsburgh's liquidity included $8.6 million in cash and $27.2 million available on its revolving credit facility. CEO Brett McBrayer highlighted the positive impact of new machinery in the U.S. forged operation and improved margins in the Air & Liquid Processing segment, despite challenges in the European cast roll business.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
18.7%
Tags
-
Rhea-AI Summary

Ampco-Pittsburgh announced significant contract wins and a notable increase in sales order backlog.

Their subsidiary, Union Electric Steel, secured two major roll contracts for new rolling mill projects. The first contract is with Ternium Mexico for $6.7 million, with deliveries starting in the first half of 2025. The second contract is with a major European OEM mill builder for $5.0 million, also with deliveries beginning in the first half of 2025.

Additionally, the Air and Liquid Processing segment achieved record new orders for the quarter ending June 30, 2024, with order intake increasing more than 50% from the previous quarter. The total backlog is expected to be between $360 to $365 million, showing a sequential growth of 3.2% to 4.6% compared to the previous quarter.

CEO Brett McBrayer emphasized the company's commitment to quality and increased market presence due to strengthened sales force and manufacturing capacity.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
60.81%
Tags
none
-
Rhea-AI Summary

Ampco-Pittsburgh (NYSE: AP) reported net sales of $110.2 million for Q1 2024, up from $104.8 million in Q1 2023, driven by growth in the Air and Liquid Processing segment. Despite this, the company experienced a significant drop in income from operations to $0.1 million, down from $2.0 million the prior year, due to higher repair expenses and plant downtime from fire damage. Additional costs in the Air and Liquid Processing segment also negatively impacted results. The company reported a net loss of $2.7 million, or $(0.14) per share, compared to a net income of $0.7 million, or $0.03 per share, in Q1 2023. Interest expenses rose by $0.7 million due to increased borrowings and higher interest rates. Although challenges remain, CEO Brett McBrayer expressed optimism for improved performance in upcoming quarters.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-8.56%
Tags
Rhea-AI Summary

Ampco-Pittsburgh (NYSE: AP) will conduct a conference call on May 14, 2024, to discuss its first-quarter financial results. The company manufactures high-performance specialty metal products, forged and cast rolls, and air and liquid processing equipment for various industries worldwide.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.49%
Tags
-
Rhea-AI Summary
Ampco-Pittsburgh (NYSE: AP) reported a 16% increase in Q4 2023 sales and an 8% increase in full-year 2023 sales compared to the previous year. The Air and Liquid Processing segment saw a significant sales increase of 35% for Q4 2023 and 31% for full year 2023. However, the company reported a full-year loss of $34.6 million, including a $40.9 million non-cash asbestos-related charge. The conclusion of the U.S. forged business equipment modernization program is expected in Q1 2024.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-20.29%
Tags
-
Rhea-AI Summary
Ampco-Pittsburgh Corporation (NYSE: AP) will host a conference call on March 26, 2024, to discuss Q4 2023 financial results. Participants can pre-register for immediate access using a unique PIN.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.2%
Tags
Rhea-AI Summary
Ampco-Pittsburgh Corporation (NYSE: AP) reported an EPS of $0.04 for Q3 2023 and $0.10 for 2023 YTD. The company's operating income was $1.7 million for Q3 2023 and $7.0 million 2023 YTD, marking a significant increase from the prior year. The Air and Liquid Processing segment experienced an 18% sales increase for Q3 2023 and a 29% increase for 2023 YTD compared to the prior year. The U.S. forged business equipment modernization project is on track for completion in Q4 2023. The net sales for the three and nine months ended September 30, 2023, were $102.2 million and $314.2 million, respectively, compared to $99.6 million and $296.7 million for the same periods in 2022. This increase is primarily due to higher shipments for the Air and Liquid Processing segment.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.36%
Tags
-
Rhea-AI Summary
Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on November 14, 2023, at 10:30 a.m. ET to discuss its financial results for the third quarter ended September 30, 2023. Participants can register and pre-register for the conference call using the provided link. A replay will be available on the company's website.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.7%
Tags
-
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-14.97%
Tags
Rhea-AI Summary
Ampco-Pittsburgh Corporation to present at Midwest IDEAS Investor Conference on August 24, 2023
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.27%
Tags
conferences

FAQ

What does Ampco-Pittsburgh Corporation specialize in?

Ampco-Pittsburgh Corporation specializes in manufacturing and selling engineered, specialty metal products and customized equipment. The company's main segments are Forged and Cast Engineered Products and Air and Liquid Processing.

Where is Ampco-Pittsburgh headquartered?

Ampco-Pittsburgh Corporation is headquartered in Carnegie, Pennsylvania.

What are the main products of the Forged and Cast Engineered Products segment?

The Forged and Cast Engineered Products segment produces forged hardened steel rolls, cast rolls, and open-die forged products used in cold rolling mills and various industries, including steel, aluminum, oil and gas, and plastic extrusion.

Which brands are included in the Air and Liquid Processing segment?

The Air and Liquid Processing segment includes brands such as Aerofin, Buffalo Air Handling, and Buffalo Pumps, which specialize in custom-engineered finned tube heat exchange coils, custom air handling systems, and centrifugal pumps.

What recent financial performance has Ampco-Pittsburgh reported?

For the second quarter of 2023, Ampco-Pittsburgh reported net sales of $107.2 million, with significant increases in the Air and Liquid Processing segment. Year-to-date consolidated operating income is more than three times higher than the previous year.

Where does Ampco-Pittsburgh have its manufacturing facilities?

Ampco-Pittsburgh operates manufacturing facilities in the United States, England, Sweden, and Slovenia, and participates in three joint ventures in China.

How does Ampco-Pittsburgh support its global sales?

Ampco-Pittsburgh supports its global sales through strategically placed sales offices across North America, Asia, Europe, and the Middle East.

What strategic initiatives is Ampco-Pittsburgh currently undertaking?

Ampco-Pittsburgh is undertaking strategic initiatives such as a modernization program for its U.S. forged business, set to complete by the end of 2023, focusing on increased efficiencies and technological advancements.

How can investors stay updated on Ampco-Pittsburgh’s performance?

Investors can stay updated on Ampco-Pittsburgh’s performance through conference calls and financial reports available on the company's official website.

What challenges has Ampco-Pittsburgh faced recently?

Ampco-Pittsburgh has faced challenges such as higher operating costs, lower demand in certain markets, and the impact of interest expense increases. Despite these, the company has maintained solid roll demand and effective pricing strategies.

Ampco-Pittsburgh Corporation

NYSE:AP

AP Rankings

AP Stock Data

30.14M
20.09M
26.12%
51.7%
2.79%
Pump and Pumping Equipment Manufacturing
Manufacturing
Link
United States of America
CARNEGIE