STOCK TITAN

Ampco-Pittsburgh Corporation (NYSE: AP) Announces Third Quarter 2024 Results

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags

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) ha annunciato i risultati del terzo trimestre del 2024. Le vendite nette per il trimestre sono state di 96,2 milioni di dollari, rispetto ai 102,2 milioni di dollari nel terzo trimestre del 2023. Le vendite nette da inizio anno sono aumentate a 317,4 milioni di dollari rispetto ai 314,2 milioni di dollari del 2023. Il reddito operativo è stato di 1,9 milioni di dollari nel terzo trimestre del 2024, in leggero aumento rispetto a 1,7 milioni di dollari nel terzo trimestre del 2023, grazie al miglioramento dei margini nei prodotti ingegnerizzati forgiati e colati, nonostante i volumi di spedizione più bassi. L'attività forgiate negli Stati Uniti ha registrato significativi miglioramenti grazie a nuovi equipaggiamenti, che hanno compensato la debole domanda di rotoli colati. La perdita netta per il terzo trimestre del 2024 è stata di (2,0) milioni di dollari o (0,10) dollari per azione diluita, rispetto ad un utile netto di 0,8 milioni di dollari o 0,04 dollari per azione diluita nel terzo trimestre del 2023. L'aumento delle spese per interessi e un maggiore accantonamento per le imposte sul reddito hanno contribuito alla perdita netta. Il CEO Brett McBrayer ha evidenziato l'impatto delle chiusure stagionali degli impianti e le azioni di pricing nel settore dei rotoli. Il segmento della lavorazione dell'aria e dei liquidi ha visto una crescita delle vendite da inizio anno, ma ha affrontato sfide dovute a una combinazione di prodotti sfavorevole e costi più elevati.

Ampco-Pittsburgh (NYSE: AP) anunció sus resultados del tercer trimestre de 2024. Las ventas netas para el trimestre fueron de 96,2 millones de dólares, una disminución con respecto a los 102,2 millones de dólares en el tercer trimestre de 2023. Las ventas netas acumuladas hasta la fecha aumentaron a 317,4 millones de dólares desde los 314,2 millones de dólares en 2023. El ingreso operativo fue de 1,9 millones de dólares para el tercer trimestre de 2024, un ligero aumento desde los 1,7 millones de dólares en el tercer trimestre de 2023, impulsado por márgenes mejorados en productos forjados y fundidos, a pesar de los menores volúmenes de envío. El negocio de forja en EE. UU. mostró mejoras significativas gracias a nuevos equipos, compensando la débil demanda de rollos fundidos. La pérdida neta para el tercer trimestre de 2024 fue de (2,0) millones de dólares o (0,10) dólares por acción diluida, en comparación con un ingreso neto de 0,8 millones de dólares o 0,04 dólares por acción diluida en el tercer trimestre de 2023. El aumento en los gastos por intereses y una mayor provisión para impuestos contribuyeron a la pérdida neta. El CEO Brett McBrayer destacó el impacto de los cierres estacionales de las plantas y las acciones de precios en el negocio de rollos. El segmento de Procesamiento de Aire y Líquidos vio un crecimiento en las ventas acumuladas hasta la fecha, pero enfrentó desafíos debido a una combinación de productos desfavorable y mayores costos.

Ampco-Pittsburgh (NYSE: AP)가 2024년 3분기 실적을 발표했습니다. 해당 분기 순매출은 9,620만 달러로, 2023년 3분기 1억 220만 달러에서 감소했습니다. 년초 대비 순매출은 3억 1,740만 달러로 증가했으며, 이는 2023년의 3억 1,420만 달러에서 증가한 수치입니다. 운영 소득은 2024년 3분기에 190만 달러로, 2023년 3분기의 170만 달러에서 소폭 증가했으며, 이는 재료 및 주철 엔지니어링 제품의 마진 개선 덕분이지만 선적량이 줄어들었습니다. 미국의 단조 사업은 신규 장비 덕분에 비약적인 성장을 보여주었고, 저조한 주철 롤 수요를 상쇄했습니다. 2024년 3분기 순손실은 (200만) 달러 또는 희석 주당 (0.10) 달러로, 2023년 3분기의 순이익 80만 달러 또는 주당 0.04 달러에 비해 부정적인 실적을 보였습니다. 이자 비용의 증가와 더 높은 소득세 충당금이 순손실에 기여했습니다. CEO인 Brett McBrayer는 계절적 공장 중단 및 롤 사업의 가격 조정이 미친 영향을 강조했습니다. 공기 및 액체 처리 부문은 연간 판매 성장세를 보였지만 불리한 제품 믹스와 높은 비용으로 어려움을 겪었습니다.

Ampco-Pittsburgh (NYSE: AP) a annoncé ses résultats pour le troisième trimestre 2024. Le chiffre d'affaires net pour le trimestre s'est élevé à 96,2 millions de dollars, en baisse par rapport à 102,2 millions de dollars au troisième trimestre 2023. Le chiffre d'affaires net depuis le début de l'année a augmenté à 317,4 millions de dollars, contre 314,2 millions de dollars en 2023. Le résultat opérationnel s'élevait à 1,9 million de dollars pour le troisième trimestre 2024, légèrement en hausse par rapport à 1,7 million de dollars au troisième trimestre 2023, grâce à l'amélioration des marges dans les produits forgés et coulés malgré des volumes d'expédition plus faibles. L'activité forgée aux États-Unis a enregistré des améliorations significatives grâce à de nouveaux équipements, compensant la faible demande de rouleaux coulés. La perte nette pour le troisième trimestre 2024 s'élevait à (2,0) millions de dollars ou (0,10) dollars par action diluée, contre un bénéfice net de 0,8 million de dollars ou 0,04 dollars par action diluée au troisième trimestre 2023. L'augmentation des intérêts et une provision d'impôt sur le revenu plus élevée ont contribué à la perte nette. Le PDG Brett McBrayer a souligné l'impact des arrêts saisonniers des usines et des actions de tarification dans le secteur des rouleaux. Le segment du traitement de l'air et des liquides a connu une croissance des ventes depuis le début de l'année, mais a été confronté à des défis liés à un mélange de produits défavorable et à des coûts plus élevés.

Ampco-Pittsburgh (NYSE: AP) gab seine Ergebnisse für das dritte Quartal 2024 bekannt. Der Nettoumsatz für das Quartal betrug 96,2 Millionen USD, ein Rückgang von 102,2 Millionen USD im dritten Quartal 2023. Der Nettoumsatz seit Jahresbeginn stieg auf 317,4 Millionen USD von 314,2 Millionen USD im Jahr 2023. Das Betriebsergebnis betrug 1,9 Millionen USD für das dritte Quartal 2024, ein leichter Anstieg gegenüber 1,7 Millionen USD im dritten Quartal 2023, was auf verbesserte Margen bei geschmiedeten und gegossenen Ingenieurprodukten zurückzuführen ist, trotz geringerem Versandvolumen. Das geschmiedete Geschäft in den USA zeigte deutliche Verbesserungen aufgrund neuer Geräte, die die schwache Nachfrage nach gegossenen Walzen ausglichen. Der Nettoverlust für das dritte Quartal 2024 lag bei (2,0) Millionen USD oder (0,10) USD je verwässerter Aktie, im Vergleich zu einem Nettogewinn von 0,8 Millionen USD oder 0,04 USD je verwässerter Aktie im dritten Quartal 2023. Der Anstieg der Zinsaufwendungen und eine höhere Rückstellung für die Einkommenssteuer trugen zum Nettoverlust bei. CEO Brett McBrayer hob die Auswirkungen saisonaler Werksstillstände und Preisgestaltungen im Walzgeschäft hervor. Der Bereich Luft- und Flüssigkeitsverarbeitung verzeichnete ein Umsatzwachstum seit Jahresbeginn, sah sich jedoch Herausforderungen durch eine ungünstige Produktmischung und steigende Kosten gegenüber.

Positive
  • Year-to-date net sales increased to $317.4 million from $314.2 million.
  • Operating income for Q3 2024 was $1.9 million, up from $1.7 million in Q3 2023.
  • U.S. forged business improved significantly due to new equipment.
Negative
  • Net sales for Q3 2024 decreased to $96.2 million from $102.2 million in Q3 2023.
  • Net loss for Q3 2024 was $(2.0) million or $(0.10) per diluted share.
  • Increased interest expense due to higher equipment financing debt.
  • Higher income tax provision due to the establishment of a valuation allowance for U.K. operations.
  • Air and Liquid Processing segment faced challenges from an unfavorable product mix and higher costs.

Insights

The Q3 2024 results reveal mixed performance for Ampco-Pittsburgh. While operating income showed a slight improvement to $1.9 million from $1.7 million year-over-year, the company swung to a net loss of $2.0 million (-$0.10 per share) compared to a profit of $0.8 million in Q3 2023. Net sales declined by 5.9% to $96.2 million.

Key concerns include higher interest expenses from increased debt and borrowing costs, foreign exchange losses and tax implications from UK operations. However, positive developments include margin expansion in the Forged and Cast segment, improved U.S. forged business efficiency from new equipment and sequential backlog growth. The Air and Liquid Processing segment faces margin pressure despite sales growth.

The financial position shows operational resilience but increasing cost pressures, suggesting potential challenges ahead in maintaining profitability without significant revenue growth or cost optimization.

The operational dynamics show a strategic shift in manufacturing efficiency. The U.S. forged business improvements, driven by new equipment investments, demonstrate successful operational optimization. However, this is partially offset by cyclically weak cast roll demand, particularly affecting UK operations.

The segment performance indicates a transition period: while Forged and Cast Engineered Products improved margins through better pricing and manufacturing efficiencies, lower shipment volumes remain a concern. The Air and Liquid Processing segment's expansion through new distribution networks and facilities shows strategic growth initiatives, though margin pressures from older orders and higher costs need attention.

These operational trends suggest a company actively managing its manufacturing footprint while dealing with market cyclicality, particularly in international markets.

  • Operating income of $1.9 million in Q3 2024 and $7.0 million year-to-date.
  • Improved margins in Forged and Cast Engineered Products lead operating results higher than prior year.
  • Strong U.S. forged business results including impact of new equipment more than offsets cyclically weak cast roll demand.
  • Higher sequential backlog in Q3 2024 vs Q2 2024 led by higher roll order intake.

CARNEGIE, Pa.--(BUSINESS WIRE)-- Ampco-Pittsburgh Corporation (NYSE: AP) reported net sales of $96.2 million and $317.4 million for the three and nine months ended September 30, 2024, respectively, compared to $102.2 million and $314.2 million for the three and nine months ended September 30, 2023, respectively. The net sales decline for the three months ended September 30, 2024, compared to the prior year was attributable to lower shipment volumes and lower surcharge pass-through revenues in the Forged and Cast Engineered Products segment while the net sales increase for the nine months ended September 30, 2024, was attributable to growth in the Air and Liquid Processing segment.

The Corporation reported income from operations for the three and nine months ended September 30, 2024, of $1.9 million and $7.0 million, respectively, compared to $1.7 million and $7.0 million for the three and nine months ended September 30, 2023, respectively. For the three months ended September 30, 2024, income from operations improved slightly versus the prior year period, which included a $0.2 million recovery from an insolvent asbestos-related insurance carrier ("Asbestos-Related Credit"). The underlying improvement was primarily higher pricing net of surcharges and improved manufacturing cost absorption leading to margin expansion in the Forged and Cast Engineered Products segment which more than offset weaker shipment volumes. The nine months ended September 30, 2023, included a benefit from a $1.9 million foreign energy credit. The underlying improvement for the nine months compared to prior year was primarily margin improvement in the Forged and Cast Engineered Products segment which more than offset its weaker sales volumes.

Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “As we expected, our third quarter earnings reflected our seasonal plant shutdowns and were therefore lower than prior quarter, but continue to benefit from pricing actions in the roll business and the margin improvement we have seen versus prior year in the Forged and Cast Engineered segment. This has helped us offset the weaker roll demand in our cast roll business and in forged engineered products. We have seen significant improvement in our U.S forged business results with the operating efficiencies from our new equipment being a key driver. In addition, our sales order backlog improved sequentially due to roll order intake during the quarter.”

Interest expense for the three and nine months ended September 30, 2024, increased in comparison to the same periods of the prior year primarily due to the higher equipment financing debt balance, higher average revolving credit facility borrowings and higher average interest rates. Other income – net declined for the three and nine months ended September 30, 2024, compared to the same periods of the prior year, primarily due to higher losses on foreign exchange.

The income tax provision was higher for the three and nine months ended September 30, 2024, primarily due to the establishment of a valuation allowance on the net deferred tax assets of our U.K. operations at December 31, 2023, given its three-year cumulative loss history due to continued soft cast roll demand. As a result, the income tax provision in 2024 does not include any income tax benefit on the operating losses of the U.K. By comparison, the income tax provision for the three and nine months ended September 30, 2023, included income tax benefits of $0.6 million and $1.2 million, respectively, for the operating losses of the U.K. The income tax provisions are otherwise approximately comparable with slight fluctuations for income mix by jurisdictions not under valuation allowances.

Net loss for the current year periods equaled $(2.0) million, or $(0.10) per diluted share, and $(2.7) million, or $(0.13) per diluted share, for the three and nine months ended September 30, 2024, respectively. This compares to net income of $0.8 million, or $0.04 per diluted share, and $1.9 million, or $0.10 per diluted share, for the three and nine months ended September 30, 2023, respectively. Net income and earnings per share for the three months ended September 30, 2023, include an after-tax benefit of $0.2 million or $0.01 per share for the Asbestos-Related Credit. Net income and basic earnings per share for the nine months ended September 30, 2023, include after-tax benefits of $2.1 million or $0.11 per share associated with the Asbestos-Related Credit and the Foreign Energy Credit.

Segment Results

Forged and Cast Engineered Products

Sales for the Forged and Cast Engineered Products segment for the three and nine months ended September 30, 2024, declined from the same periods of the prior year primarily due to a lower volume of shipments and lower surcharge pass-throughs, offset in part by improved base pricing.

Operating results for the three and nine months ended September 30, 2024, improved when compared to the same periods of the prior year primarily due to improved net pricing and favorable manufacturing cost variances due in part to improved productivity, which more than offset lower shipment volumes. The nine months ended September 30, 2023, included a $1.9 million benefit for a foreign energy credit.

Air and Liquid Processing

Sales for the Air and Liquid Processing segment for the three months ended September 30, 2024, were comparable with the prior year quarter. Sales for the nine months ended September 30, 2024, improved compared to the same periods of the prior year due primarily to an increase in shipments of air handling systems as a result of expansion of its sales distribution network and the additional manufacturing facility opened in the third quarter of 2023.

Operating results for the three months and nine months ended September 30, 2024, declined compared to the prior year period. The benefit from the higher year-to-date sales volume was minimized by an unfavorable product mix of heat exchangers and of centrifugal pumps, due to shipping older lower margin orders. In addition, higher selling and administrative expenses primarily due to higher commissions and employee-related costs, including those associated with expanding the segment’s sales distribution network negatively impacted operating income when compared to the prior year periods.

Teleconference Access

Ampco-Pittsburgh Corporation will hold a conference call on Tuesday, November 12, 2024, at 10:30 a.m. Eastern Time (ET) to discuss its financial results for the third quarter ended September 30, 2024. The Corporation encourages participants to pre-register at any time, including up to and after the call start time via this link: https://dpregister.com/sreg/10193601/fdb4826d90. Those without internet access or unable to pre-register should dial in at least five minutes before the start time using:

  • Participant Dial-in (Toll Free): 1-844-308-3408
  • Participant International Dial-in: 1-412-317-5408

For those unable to listen to the live broadcast, a replay will be available one hour after the event concludes on the Corporation’s website under the Investors menu at www.ampcopgh.com.

About Ampco-Pittsburgh Corporation

Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industries. It also manufactures open-die forged products that are sold principally to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems and centrifugal pumps. It operates manufacturing facilities in the United States, England, Sweden, and Slovenia and participates in three operating joint ventures located in China. It has sales offices in North America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania.

FORWARD-LOOKING STATEMENTS

The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by us or on behalf of the Corporation. This press release may include, but is not limited to, statements about operating performance, trends and events that the Corporation may expect or anticipate will occur in the future, statements about sales and production levels, restructurings, the impact from pandemics and geopolitical conflicts, profitability and anticipated expenses, inflation, the global supply chain, future proceeds from the exercise of outstanding warrants, and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed “forward-looking statements” within the meaning of the Act and words such as “may,” “will,” “intend,” “believe,” “expect,” “anticipate,” “estimate,” “project,” “target,” “goal,” “forecast” and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For the Corporation, these risks and uncertainties include, but are not limited to: economic downturns, cyclical demand for our products and insufficient demand for our products; excess global capacity in the steel industry; limitations in availability of capital to fund our strategic plan; inability to maintain adequate liquidity to meet our operating cash flow requirements, repay maturing debt and meet other financial obligations; fluctuations in the value of the U.S. dollar relative to other currencies; increases in commodity prices or insufficient hedging against increases in commodity prices, reductions in electricity and natural gas supply or shortages of key production materials for us or our customers; inability to obtain necessary capital or financing on satisfactory terms to acquire capital expenditures that may be necessary to support our growth strategy; inoperability of certain equipment on which we rely; inability to execute our capital expenditure plan; liability of our subsidiaries for claims alleging personal injury from exposure to asbestos-containing components historically used in certain products of our subsidiaries; changes in the existing regulatory environment; inability to successfully restructure our operations and/or invest in operations that will yield the best long-term value to our shareholders; consequences of pandemics and geopolitical conflicts; work stoppage or another industrial action on the part of any of our unions; inability to satisfy the continued listing requirements of the New York Stock Exchange or the NYSE American Exchange; potential attacks on information technology infrastructure and other cyber-based business disruptions; failure to maintain an effective system of internal control; and those discussed more fully elsewhere in Item 1A, Risk Factors, in Part I of the Corporation’s latest Annual Report on Form 10-K and Part II of the latest Quarterly Report on Form 10-Q. The Corporation cannot guarantee any future results, levels of activity, performance or achievements. In addition, there may be events in the future that it is not able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, the Corporation assumes no obligation, and disclaims any obligation, to update forward-looking statements whether as a result of new information, events or otherwise.

AMPCO-PITTSBURGH CORPORATION

FINANCIAL SUMMARY

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

September 30,

 

September 30,

 

 

 

 

 

 

 

 

 

 

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

 

Total net sales

 

$

96,166

 

 

$

102,218

 

 

$

317,369

 

 

$

314,232

 

 

 

 

 

 

 

 

 

 

Costs of products sold (excl. depreciation and amortization)

 

 

76,389

 

 

 

84,490

 

 

 

256,563

 

 

 

256,333

 

Selling and administrative

 

 

13,332

 

 

 

11,821

 

 

 

39,855

 

 

 

38,101

 

Depreciation and amortization

 

 

4,586

 

 

 

4,382

 

 

 

13,954

 

 

 

13,110

 

Credit for asbestos litigation

 

-

 

 

 

(191

)

 

 

-

 

 

 

(191

)

(Gain) loss on disposal of assets

 

 

(11

)

 

 

(6

)

 

 

2

 

 

 

(124

)

Total operating costs and expenses

 

 

94,296

 

 

 

100,496

 

 

 

310,374

 

 

 

307,229

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

1,870

 

 

 

1,722

 

 

 

6,995

 

 

 

7,003

 

 

 

 

 

 

 

 

 

 

Other expense - net:

 

 

 

 

 

 

 

 

Investment-related income

 

 

77

 

 

 

98

 

 

 

104

 

 

 

114

 

Interest expense

 

 

(2,976

)

 

 

(2,468

)

 

 

(8,750

)

 

 

(6,784

)

Other income — net

 

 

211

 

 

 

1,959

 

 

 

2,496

 

 

 

3,424

 

Total other expense — net

 

 

(2,688

)

 

 

(411

)

 

 

(6,150

)

 

 

(3,246

)

 

 

 

 

 

 

 

 

 

(Loss) income before income taxes

 

 

(818

)

 

 

1,311

 

 

 

845

 

 

 

3,757

 

Income tax provision

 

 

(636

)

 

 

(76

)

 

 

(1,953

)

 

 

(541

)

 

 

 

 

 

 

 

 

 

Net (loss) income

 

 

(1,454

)

 

 

1,235

 

 

 

(1,108

)

 

 

3,216

 

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

 

 

505

 

 

 

426

 

 

 

1,556

 

 

 

1,308

 

Net (loss) income attributable to Ampco-Pittsburgh

 

$

(1,959

)

 

$

809

 

 

$

(2,664

)

 

$

1,908

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share attributable to Ampco-Pittsburgh common shareholders:

 

 

 

 

 

 

 

 

Basic

 

$

(0.10

)

 

$

0.04

 

 

$

(0.13

)

 

$

0.10

 

Diluted

 

$

(0.10

)

 

$

0.04

 

 

$

(0.13

)

 

$

0.10

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

19,980

 

 

 

19,729

 

 

 

19,857

 

 

 

19,580

 

Diluted

 

 

19,980

 

 

 

19,729

 

 

 

19,857

 

 

 

19,633

 

AMPCO-PITTSBURGH CORPORATION

SEGMENT INFORMATION

(in thousands)

 

 

Three months ended

 

Nine months ended

 

 

September 30,

 

September 30,

 

 

 

 

 

 

 

 

 

 

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

 

Net sales:

 

 

 

 

 

 

 

 

Forged and Cast Engineered Products

 

$

67,203

 

 

$

73,625

 

 

$

220,105

 

 

$

228,004

 

Air and Liquid Processing

 

 

28,963

 

 

 

28,593

 

 

 

97,264

 

 

 

86,228

 

Consolidated

 

$

96,166

 

 

$

102,218

 

 

$

317,369

 

 

$

314,232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Operations:

 

 

 

 

 

 

 

 

Forged and Cast Engineered Products

 

$

2,456

 

 

$

1,448

 

 

$

9,393

 

 

$

7,576

 

Air and Liquid Processing

 

 

3,134

 

 

 

3,456

 

 

 

8,290

 

 

 

9,386

 

Corporate costs

 

 

(3,720

)

 

 

(3,182

)

 

 

(10,688

)

 

 

(9,959

)

Consolidated

 

$

1,870

 

 

$

1,722

 

 

$

6,995

 

 

$

7,003

 

 

Michael G. McAuley

Senior Vice President, Chief Financial Officer and Treasurer

(412) 429-2472

mmcauley@ampcopgh.com

Source: Ampco-Pittsburgh Corporation

FAQ

What were Ampco-Pittsburgh's net sales for Q3 2024?

Ampco-Pittsburgh's net sales for Q3 2024 were $96.2 million.

How did Ampco-Pittsburgh's operating income for Q3 2024 compare to Q3 2023?

Operating income for Q3 2024 was $1.9 million, up from $1.7 million in Q3 2023.

What was Ampco-Pittsburgh's net loss for Q3 2024?

Ampco-Pittsburgh's net loss for Q3 2024 was $(2.0) million or $(0.10) per diluted share.

How did the U.S. forged business perform for Ampco-Pittsburgh in Q3 2024?

The U.S. forged business saw significant improvements due to new equipment, offsetting weak cast roll demand.

What challenges did the Air and Liquid Processing segment face in Q3 2024?

The Air and Liquid Processing segment faced challenges from an unfavorable product mix and higher costs.

Ampco-Pittsburgh Corp.

NYSE:AP

AP Rankings

AP Latest News

AP Stock Data

33.76M
14.85M
25.82%
43.36%
3.5%
Metal Fabrication
Pumps & Pumping Equipment
Link
United States of America
CARNEGIE