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Ampco-Pittsburgh Corporation manufactures engineered specialty metal products and customized industrial equipment through Forged and Cast Engineered Products and Air and Liquid Processing operations. Its Union Electric Steel subsidiary produces forged and cast rolls for steel and aluminum producers, along with open-die forged products for steel distribution, oil and gas, aluminum extrusion, and plastic extrusion customers.
Recurring news for AP covers quarterly results, customer order trends, segment demand, manufacturing footprint changes, and investor presentations. Updates also address custom-engineered finned tube heat exchange coils, large air handling systems, centrifugal pumps, and the company’s completed exit from U.K. cast roll operations.
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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