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Ampco-Pittsburgh Corp (NYSE: AP) delivers specialized engineered metal products and industrial processing solutions through its two core segments: Forged/Cast Engineered Products and Air/Liquid Processing systems. This news hub provides comprehensive coverage of the company's operational developments and financial milestones.
Key resources for stakeholders include earnings announcements, product innovation updates, and strategic partnership disclosures. Our curated collection features official press releases alongside third-party analysis of AP's role in metal processing and heavy manufacturing sectors.
Regular updates cover critical areas including forged steel roll production, industrial air systems development, and global manufacturing expansions. Track operational updates from AP's facilities in Pennsylvania, Europe, and Asia through verified news sources.
Bookmark this page for streamlined access to AP's latest corporate communications. Check back frequently updated coverage of this industrial manufacturer's technical advancements and market positioning.
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.
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.
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.
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.
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