Ampco-Pittsburg Corp Stock Price, News & Analysis

Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on May 10, 2022, at 10:30 a.m. ET to discuss its financial results for Q1 ended March 31, 2022. Participants can register via a provided link or by calling 1-844-308-3408 at least five minutes before the call. Pre-registration allows immediate access by obtaining a conference passcode. A replay of the call will be available on the company’s website shortly after the event.

Ampco-Pittsburgh manufactures specialty metal products and operates globally with facilities in the US, England, Sweden, and Slovenia.

Ampco-Pittsburgh Corporation (NYSE: AP) announced a significant $9.6 million order for custom air handling units from its Buffalo Air Handling Division. This marks the largest single order for the division in decades, emphasizing Ampco-Pittsburgh's pivotal role in the healthcare sector. Additionally, the company reported a 33% increase in total order backlog compared to the previous year's first quarter, attributed to heightened demand in air handling units and other engineered products amid rising oil prices. However, growth may pressure working capital due to inflation.

Ampco-Pittsburgh Corporation (NYSE: AP) is exploring options for obtaining incremental capital, considering to amend its outstanding Series A warrants. The aim is to evaluate financing alternatives to support working capital growth opportunities, address inflation, and complete a modernization program. CEO Brett McBrayer highlighted the intent to capitalize on an accelerating sales order backlog for increased profitability. The corporation is currently seeking feedback from institutional investors regarding potential transactions.

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.