Ampco-Pittsburg Corp Stock Price, News & Analysis

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.

Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on November 4, 2021, at 10:30 a.m. ET to discuss its third-quarter financial results for the period ending September 30, 2021. Participants can register via a provided link or by calling 1-844-308-3408 at least five minutes prior to the start. A replay will be accessible on the company's website post-event. The corporation manufactures specialty metal products, including forged and cast rolls for the steel and aluminum industries, with operations across several countries.

Ampco-Pittsburgh Corporation (NYSE: AP) will present at the virtual Midwest IDEAS Investor Conference on August 26, 2021. CEO J. Brett McBrayer is scheduled to provide a corporate overview at 8:00 am ET on August 25, accessible on the IDEAS conference website. The presentation will be archived on the Corporation's website afterward. Additionally, Mr. McBrayer and CFO Michael McAuley will participate in one-on-one investor meetings. For more information on participation, interested parties can contact Lacey Wesley.

Ampco-Pittsburgh Corporation (NYSE: AP) reported net sales of $92.4 million for Q2 2021, up from $74.8 million in Q2 2020, and $179.2 million for the first half of 2021, compared to $165.8 million in 2020. Operating income was $0.5 million for Q2 and $1.4 million for the first half, though the latter saw a decline due to increased raw material costs and a less favorable sales mix. Basic earnings per share rose to $0.06 for Q2. Despite challenges in supply chain and production, the company anticipates a full sales recovery by 2022.

Ampco-Pittsburgh Corporation (NYSE: AP) will conduct a conference call on August 10, 2021, at 10:30 a.m. ET to discuss second-quarter financial results ending June 30, 2021. Interested participants can register via the provided link or by calling 1-844-308-3408 at least five minutes before the start time. Pre-registered callers will receive a passcode for immediate access. A replay of the call will be available one hour after it concludes on the company's website. Ampco-Pittsburgh specializes in manufacturing high-performance specialty metal products globally.

Ampco-Pittsburgh Corporation (NYSE: AP) has announced an amended and restated credit agreement providing a $100 million revolving line of credit, with a $30 million accordion feature. The credit facility, arranged by PNC Capital Markets and F.N.B. Capital Markets, aims to enhance the corporation's liquidity, support market recovery, and facilitate capital expenditures for plant modernization. Senior VP, Michael McAuley, expressed satisfaction with the agreement, highlighting its benefits of increased lending capacity and lower costs, reinforcing the corporation's solid liquidity position.

Ampco-Pittsburgh Corporation (NYSE: AP) announced its participation in the virtual East Coast IDEAS Investor Conference on June 16, 2021. CEO J. Brett McBrayer will present a corporate overview at 8:00 am EDT. The presentation will be available via webcast on the IDEAS conference website, with archived materials accessible on the Corporation's site afterward. Additionally, McBrayer and CFO Michael McAuley will hold virtual one-on-one meetings for investors interested in learning more. For further inquiries about the IDEAS conferences, contact Lacey Wesley.