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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 Corporation (NYSE: AP) announced its participation in the virtual East Coast IDEAS Investor Conference, taking place on June 22, 2022. CEO J. Brett McBrayer will present a corporate overview at 6:00 AM ET, accessible via www.IDEASconferences.com. An archive of the webcast will be available afterward on the Corporation's investors' section at ampcopgh.com. Senior VP Michael McAuley will join in one-on-one meetings during the conference.
Ampco-Pittsburgh Corporation (NYSE: AP) has filed a Tender Offer with the SEC to temporarily reduce the exercise price of its Series A Warrants. The reduction allows holders to exercise warrants at $1.7856 each, down from $2.5668, until June 28, 2022. If fully exercised, the Company anticipates raising approximately $19.7 million for working capital and other corporate purposes. This Offer aims to encourage participation by warrant holders while providing significant financial benefits for the Corporation.
Ampco-Pittsburgh Corporation (NYSE: AP) reported a net income of $1.6 million for Q1 2022, up from $0.2 million in Q1 2021. Total net sales reached $94.4 million, a 9% increase year-over-year, driven by price increases and higher forged product shipments, despite a decline in the Air and Liquid Processing segment due to supply chain issues. Backlog growth was 36% compared to the previous year and 12% from the prior quarter. CEO Brett McBrayer acknowledged challenges from energy cost inflation exacerbated by geopolitical tensions but noted improved margins through price adjustments.
Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on May 10, 2022, at 10:30 a.m. ET to discuss its financial results for Q1 ended March 31, 2022. Participants can register via a provided link or by calling 1-844-308-3408 at least five minutes before the call. Pre-registration allows immediate access by obtaining a conference passcode. A replay of the call will be available on the company’s website shortly after the event.
Ampco-Pittsburgh manufactures specialty metal products and operates globally with facilities in the US, England, Sweden, and Slovenia.
Ampco-Pittsburgh Corporation (NYSE: AP) announced a significant $9.6 million order for custom air handling units from its Buffalo Air Handling Division. This marks the largest single order for the division in decades, emphasizing Ampco-Pittsburgh's pivotal role in the healthcare sector. Additionally, the company reported a 33% increase in total order backlog compared to the previous year's first quarter, attributed to heightened demand in air handling units and other engineered products amid rising oil prices. However, growth may pressure working capital due to inflation.
Ampco-Pittsburgh Corporation (NYSE: AP) is exploring options for obtaining incremental capital, considering to amend its outstanding Series A warrants. The aim is to evaluate financing alternatives to support working capital growth opportunities, address inflation, and complete a modernization program. CEO Brett McBrayer highlighted the intent to capitalize on an accelerating sales order backlog for increased profitability. The corporation is currently seeking feedback from institutional investors regarding potential transactions.
Ampco-Pittsburgh Corporation (NYSE: AP) reported full-year 2021 net sales of $344.9 million, a 5% increase compared to 2020, driven by higher demand in steel distribution and oil & gas. However, Q4 sales fell to $84.5 million from $87.0 million in Q4 2020, mainly due to delays in Air and Liquid Processing. The company faced a $12.6 million operating loss and a $12.3 million net loss for Q4 2021. Major price increases were implemented to combat inflation, expected to improve margins in Q1 2022. A significant $6.7 million non-cash asbestos-related charge impacted results.
Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on March 16, 2022, at 10:30 a.m. ET to discuss its financial results for the fourth quarter and fiscal year ended December 31, 2021. Participants can register via the provided link or dial in at least five minutes before the start time. A replay will be available one hour post-event on their website. Ampco-Pittsburgh manufactures specialty metal products and equipment, primarily serving the steel and aluminum industries through its subsidiary, Union Electric Steel Corporation.
Ampco-Pittsburgh Corporation has appointed three independent directors to its Board, enhancing its governance structure following a Cooperation Agreement with Ancora Holdings Group, which holds approximately 5.6% of its shares. The new directors, Frederick D. DiSanto and Darrell L. McNair, will join immediately, while Laurence E. Paul is expected to be nominated for election at the 2022 Annual Meeting. The appointments aim to diversify perspectives and support the Corporation's strategic plan, reflecting a commitment to shareholder interests.
Ampco-Pittsburgh Corporation (NYSE: AP) announced the appointment of David G. Anderson as President of its subsidiary, Air & Liquid Systems Corporation, effective January 1, 2022. Anderson succeeds Terrence W. Kenny, who retires after over 30 years of leadership. McBrayer, CEO, praised Kenny's contributions and expressed confidence in Anderson's capabilities, highlighting his extensive experience in finance and operations. Anderson has been with Air & Liquid Systems since 2010 and previously held the role of Vice President of Finance at Union Electric Steel Corporation.
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