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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.