Ampco-Pittsburg Corp Stock Price, News & Analysis

Ampco-Pittsburgh Corporation (NYSE: AP) reported full-year 2021 net sales of $344.9 million, a 5% increase compared to 2020, driven by higher demand in steel distribution and oil & gas. However, Q4 sales fell to $84.5 million from $87.0 million in Q4 2020, mainly due to delays in Air and Liquid Processing. The company faced a $12.6 million operating loss and a $12.3 million net loss for Q4 2021. Major price increases were implemented to combat inflation, expected to improve margins in Q1 2022. A significant $6.7 million non-cash asbestos-related charge impacted results.

Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on March 16, 2022, at 10:30 a.m. ET to discuss its financial results for the fourth quarter and fiscal year ended December 31, 2021. Participants can register via the provided link or dial in at least five minutes before the start time. A replay will be available one hour post-event on their website. Ampco-Pittsburgh manufactures specialty metal products and equipment, primarily serving the steel and aluminum industries through its subsidiary, Union Electric Steel Corporation.

Ampco-Pittsburgh Corporation has appointed three independent directors to its Board, enhancing its governance structure following a Cooperation Agreement with Ancora Holdings Group, which holds approximately 5.6% of its shares. The new directors, Frederick D. DiSanto and Darrell L. McNair, will join immediately, while Laurence E. Paul is expected to be nominated for election at the 2022 Annual Meeting. The appointments aim to diversify perspectives and support the Corporation's strategic plan, reflecting a commitment to shareholder interests.

Ampco-Pittsburgh Corporation (NYSE: AP) announced the appointment of David G. Anderson as President of its subsidiary, Air & Liquid Systems Corporation, effective January 1, 2022. Anderson succeeds Terrence W. Kenny, who retires after over 30 years of leadership. McBrayer, CEO, praised Kenny's contributions and expressed confidence in Anderson's capabilities, highlighting his extensive experience in finance and operations. Anderson has been with Air & Liquid Systems since 2010 and previously held the role of Vice President of Finance at Union Electric Steel Corporation.

Ampco-Pittsburgh Corporation (NYSE: AP) announced that its Buffalo Pumps Division will supply centrifugal pumps to Fincantieri Marinette Marine for the construction of guided-missile frigates for the U.S. Navy. The contract, valued at up to $22 million, spans six years and includes pumps for various onboard services. Shipments are expected to commence in late 2022. This partnership emphasizes Ampco-Pittsburgh's commitment to supporting national defense initiatives.

Ampco-Pittsburgh Corporation (NYSE: AP) announced its participation in the Southwest IDEAS Investor Conference on November 17, 2021, at the Westin Dallas Downtown in Dallas, Texas. CEO J. Brett McBrayer will present a corporate overview starting at 12:45 p.m. CT, with a live webcast available on the Ampco-Pittsburgh website. Additionally, McBrayer and CFO Michael McAuley will engage in virtual one-on-one investor meetings. For more details, attendees can contact Lacey Wesley.

The IDEAS Investor Conferences, produced by Three Part Advisors, aim to connect quality companies with investment professionals.

Ampco-Pittsburgh Corporation (NYSE: AP) reported a 7% increase in sales, reaching $81.2 million for Q3 2021, compared to $75.7 million in Q3 2020. However, the company experienced a loss from operations of $2.4 million due to inflationary production costs and higher maintenance spending. The backlog for Forged and Cast Engineered Products rose 16% sequentially. The company is pursuing price increases and cost reduction plans to combat inflation. Additionally, basic loss per share was $0.08 for Q3 2021, compared to earnings of $0.07 in Q3 2020.

Ampco-Pittsburgh Corporation (NYSE: AP) has announced an immediate price increase of 8-12% on forged and cast roll products produced by its subsidiary, Union Electric Steel Corporation. This decision is driven by rising costs of raw materials, natural gas, electricity, transportation, and labor, alongside increased production costs stemming from heightened product demand and global supply chain challenges. Skip Reinert, VP of Sales and Marketing, emphasized that this adjustment is crucial for maintaining reliable supply and superior product quality amidst escalating manufacturing expenses.

Ampco-Pittsburgh Corporation (NYSE: AP) announced that its subsidiary, Union Electric Steel Corporation, will raise prices on forged engineered products by 12-18% due to rising raw material and production costs. This increase takes effect on new orders from October 25, 2021, and an alloy and energy surcharge will apply to orders shipping from January 1, 2022. The adjustments are necessary to cope with heightened manufacturing costs and to ensure a reliable supply of quality products to customers.