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Ampco-Pittsburgh Corporation (NYSE: AP), headquartered in Carnegie, Pennsylvania, is a leading manufacturer and seller of engineered, specialty metal products and customized equipment. Founded in 1929 and listed on the New York Stock Exchange, Ampco-Pittsburgh operates through two main business segments: Forged and Cast Engineered Products, and Air and Liquid Processing.
The Forged and Cast Engineered Products segment, led by the Union Electric Steel Corporation, produces essential components like forged hardened steel rolls, cast rolls, and open-die forged products. These products are crucial in cold rolling mills globally, benefiting industries such as steel, aluminum, oil and gas, and plastic extrusion. The majority of Ampco-Pittsburgh's revenue is derived from this segment.
The Air and Liquid Processing segment includes brands like Aerofin, Buffalo Air Handling, and Buffalo Pumps, specializing in custom-engineered finned tube heat exchange coils, large custom air handling systems, and centrifugal pumps. This segment has shown notable growth, with recent sales increases of 35% year-to-date.
The company has a significant global footprint, operating manufacturing facilities in the United States, England, Sweden, and Slovenia, and participating in three joint ventures in China. Sales offices are strategically placed across North America, Asia, Europe, and the Middle East, enhancing their market presence.
Recent financial results highlight Ampco-Pittsburgh’s resilience and strategic growth. For the second quarter of 2023, net sales were $107.2 million, a rise from the previous year due to higher volumes in the Air and Liquid Processing segment. The company reported a year-to-date consolidated operating income more than three times higher than the previous year, underscoring effective cost management and strategic investments. Despite challenges in the steel distribution and oil & gas markets, the company maintains solid roll demand, with pricing keeping pace with material and energy costs.
Innovation and efficiency improvements are at the forefront of Ampco-Pittsburgh's strategy. The modernization program for their U.S. forged business is set to complete by the end of 2023, promising increased efficiencies in 2024. The company’s ongoing investments in new equipment and technology are poised to enhance operational capabilities and market competitiveness.
With a rich history and a forward-looking approach, Ampco-Pittsburgh Corporation continues to strengthen its market position, delivering high-performance products and maintaining strong customer relationships worldwide. For those interested in the latest updates and performance metrics, conference calls and detailed financial reports are readily available on their official website.
Ampco-Pittsburgh (NYSE: AP) announced its Q3 2024 results. Net sales for the quarter were $96.2 million, down from $102.2 million in Q3 2023. Year-to-date net sales rose to $317.4 million from $314.2 million in 2023. Operating income was $1.9 million for Q3 2024, slightly up from $1.7 million in Q3 2023, driven by improved margins in Forged and Cast Engineered Products despite lower shipment volumes. The U.S. forged business saw significant improvements due to new equipment, offsetting weak cast roll demand. The net loss for Q3 2024 was $(2.0) million or $(0.10) per diluted share, compared to net income of $0.8 million or $0.04 per diluted share in Q3 2023. The increase in interest expense and a higher income tax provision contributed to the net loss. CEO Brett McBrayer highlighted the impact of seasonal plant shutdowns and pricing actions in the roll business. The Air and Liquid Processing segment saw year-to-date sales growth but faced challenges from an unfavorable product mix and higher costs.
Ampco-Pittsburgh (NYSE: AP) has scheduled its third quarter 2024 earnings conference call for Tuesday, November 12, 2024, at 10:30 a.m. Eastern Time. The call will discuss financial results for the quarter ended September 30, 2024. Participants can pre-register online or dial in directly. A replay will be available on the company's website under the Investors menu. Ampco-Pittsburgh is a manufacturer of specialty metal products and customized equipment, including forged and cast rolls for steel and aluminum industries, with facilities across the United States, England, Sweden, and Slovenia.
Ampco-Pittsburgh (NYSE: AP) announced that its subsidiary, Buffalo Air Handling Division of Air and Liquid Systems , has secured an $8.7 million order for a custom air handling project from a major pharmaceutical company. This marks the largest order ever received from the pharmaceutical market for Buffalo Air Handling. The order is set to ship in 2025.
David Anderson, President of Air and Liquid Systems, highlighted the pharmaceutical market as a key sector for their custom air handling products. He emphasized the company's recent expansion, including a new manufacturing location in central Virginia opened in summer 2023, to meet increasing demand. Anderson expressed confidence in Buffalo Air Handling's future growth potential, citing its 100-year legacy and recent investments in manufacturing capacity and sales force strengthening.
Ampco-Pittsburgh (NYSE: AP) reported Q2 2024 results with net sales of $111.0 million, up from $107.2 million in Q2 2023. Income from operations rose to $5.0 million, a 53% increase from $3.3 million in the prior-year period. The Air and Liquid Processing segment saw a 19% sales increase for both Q2 and YTD compared to 2023. Net income for Q2 2024 was $2.0 million, or $0.10 per diluted share, compared to $0.4 million, or $0.02 per diluted share, in Q2 2023.
CEO Brett McBrayer noted that Q2 results were at the high end of previous guidance, reflecting strong sequential improvement in both segments. The Forged and Cast Engineered Products segment improved due to higher net roll pricing, while the Air and Liquid Processing segment benefited from increased shipments of air handling systems.
Ampco-Pittsburgh (NYSE: AP) reported strong Q2 2024 results, with net sales of $111.0 million, up from $107.2 million in Q2 2023. The company's operating income increased by 53% to $5.0 million compared to the prior-year period. This improvement was primarily driven by the Forged and Cast Engineered Products segment, benefiting from higher net roll pricing.
The Air and Liquid Processing segment saw a 19% increase in sales for both Q2 and year-to-date compared to 2023. Net income for Q2 2024 was $2.0 million, or $0.10 per diluted share, up from $0.4 million, or $0.02 per diluted share, in Q2 2023. The company's CEO, Brett McBrayer, noted that Q2 results were at the high end of their previous guidance range, reflecting strong sequential improvement in both segments.
Ampco-Pittsburgh (NYSE: AP) has announced its second quarter 2024 earnings conference call, scheduled for Tuesday, August 13, 2024, at 10:30 a.m. Eastern Time. The call will discuss financial results for the quarter ended June 30, 2024. Participants can pre-register or dial in directly. A replay will be available on the company's website under the Investors menu.
Ampco-Pittsburgh is a manufacturer of highly engineered specialty metal products and customized equipment. Through its subsidiary, Union Electric Steel , it produces forged and cast rolls for the global steel and aluminum industries. The company also manufactures open-die forged products and air and liquid processing equipment. It operates facilities in the United States, England, Sweden, and Slovenia, with joint ventures in China and sales offices worldwide.
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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