Welcome to our dedicated page for Ampco-Pittsburgh news (Ticker: AP), a resource for investors and traders seeking the latest updates and insights on Ampco-Pittsburgh stock.
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 Corporation (NYSE: AP) reported a full-year EPS of $0.18 and Q4 2022 sales of $93.5 million, up 11% compared to Q4 2021.
For the full year, sales increased 13% to $390.2 million, driven by improved pricing and demand for mill rolls and custom air handlers.
Net income for 2022 was $3.4 million, contrasting with a net loss of $3.9 million in 2021. The backlog rose 26% year-over-year, with significant gains in Air & Liquid Processing.
Changes in inventory valuation to FIFO method benefited financial comparability, with a cumulative adjustment reducing retained deficit by $11.5 million.
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