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) will hold a conference call on March 21, 2023, at 10:30 a.m. ET, to discuss its fourth-quarter financial results for the period ending December 31, 2022. Participants can register via a link or call 1-844-308-3408 at least five minutes prior to the start time. A replay of the call will be available on the company's website shortly after the conclusion of the event. Ampco-Pittsburgh manufactures high-performance specialty metal products through its subsidiary, Union Electric Steel Corporation, and operates internationally with facilities in the U.S., England, Sweden, and Slovenia.
Ampco-Pittsburgh Corporation (NYSE: AP) announced a 10-15% price increase on all forged and cast roll products globally through its subsidiary, Union Electric Steel Corporation. This adjustment is effective immediately for new orders and quotations, aiming to counterbalance escalating costs driven by inflation. Skip Reinert, Vice President of Sales and Marketing, cited a dramatic rise in costs across the metals industry, prompting this necessary price rise to ensure product quality and supply reliability.
Ampco-Pittsburgh Corporation (NYSE: AP) reported Q3 2022 net sales of $99.6 million, showing an increase from $81.2 million in Q3 2021, driven by higher selling prices and increased shipments. The company achieved net income of $0.8 million or $0.04 per diluted share, compared to a loss of $1.6 million in the prior year. The Air and Liquid Processing segment hit a record backlog, while operational results improved despite challenges in Europe and inflationary pressures. The company also enhanced liquidity through financing agreements.
Ampco-Pittsburgh Corporation (NYSE: AP) has scheduled a conference call on November 15, 2022, at 10:30 a.m. ET to discuss its third quarter financial results for the period ending September 30, 2022. Participants can register through a provided link or dial in via toll-free numbers. A replay will be available on the company’s website following the call. Ampco-Pittsburgh manufactures specialty metal products and operates globally with facilities in the US, UK, Sweden, Slovenia, and China.
Ampco-Pittsburgh Corporation (NYSE: AP) announced that CEO J. Brett McBrayer will present at the Midwest IDEAS Investor Conference on August 24, 2022, in Chicago, IL, starting at 9:30 am CT. The presentation will be webcasted and can be accessed via the conference's website. McBrayer will also engage in one-on-one meetings during the event. For further details and archive materials, visit Ampco-Pittsburgh's Investors webpage. The IDEAS conferences aim to connect quality companies with influential investors, supported by entities managing over $200 billion in assets.
Ampco-Pittsburgh Corporation (NYSE: AP) reported Q2 2022 earnings with net sales of $102.6 million, a rise from $92.4 million in Q2 2021. Year-to-date sales reached $197.0 million compared to $179.2 million last year. Both net income and EPS increased to $0.02 for Q2 and $0.11 YTD. However, operating income saw a drop due to rising costs outpacing pricing surcharges. The company’s backlog grew by 19% YTD, with strength noted in the Air & Liquid Processing segment, despite ongoing supply chain challenges.
Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on August 11, 2022, at 10:30 a.m. ET, to discuss its financial results for the second quarter ended June 30, 2022. Participants can register via the provided link or by calling 1-844-308-3408. Pre-registration is encouraged to receive a passcode for immediate access. A replay of the call will be available on the company's website after the event. Ampco-Pittsburgh specializes in high-performance specialty metal products for various industries globally.
Ampco-Pittsburgh Corporation (NYSE: AP) announced the results of its Offer to Exercise Series A Warrants, ending on July 15, 2022. A total of 108,375 warrants were tendered, raising $193,496 in gross proceeds. The exercise price was set at $1.7856 per warrant or $4.00 per whole share. Warrants not exercised remain at $5.75 per share and $2.5668 per warrant. The Offer was part of a previously filed Tender Offer Statement with the SEC, providing details for interested parties. The Corporation specializes in high-performance specialty metal products.
Ampco-Pittsburgh Corporation (NYSE: AP) announced the preliminary results of its Offer to Exercise, which saw approximately 73,001 Series A Warrants tendered, equating to about 0.66% of the total outstanding warrants. The Offer expired on July 15, 2022, raising gross proceeds of $130,336. The number of warrants tendered is still subject to verification. The unexercised Series A Warrants remain at previous exercise prices of $5.75 per share and $2.5668 per warrant. This press release serves as an informational update and not an offer to buy or sell securities.
Ampco-Pittsburgh Corporation (NYSE: AP) has extended its Offer to Exercise for Series A Warrants to July 15, 2022. The exercise price remains at $1.7856 per warrant, equivalent to $4.00 per whole share of common stock. As of the previous deadline on June 28, 2022, 72,201 Series A Warrants had been tendered. The terms of the offer remain unchanged aside from the expiration date. Investors are encouraged to review the Tender Offer Statement for detailed terms and conditions.
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