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) announced that its Buffalo Pumps Division will supply centrifugal pumps to Fincantieri Marinette Marine for the construction of guided-missile frigates for the U.S. Navy. The contract, valued at up to $22 million, spans six years and includes pumps for various onboard services. Shipments are expected to commence in late 2022. This partnership emphasizes Ampco-Pittsburgh's commitment to supporting national defense initiatives.
Ampco-Pittsburgh Corporation (NYSE: AP) announced its participation in the Southwest IDEAS Investor Conference on November 17, 2021, at the Westin Dallas Downtown in Dallas, Texas. CEO J. Brett McBrayer will present a corporate overview starting at 12:45 p.m. CT, with a live webcast available on the Ampco-Pittsburgh website. Additionally, McBrayer and CFO Michael McAuley will engage in virtual one-on-one investor meetings. For more details, attendees can contact Lacey Wesley.
The IDEAS Investor Conferences, produced by Three Part Advisors, aim to connect quality companies with investment professionals.
Ampco-Pittsburgh Corporation (NYSE: AP) reported a 7% increase in sales, reaching $81.2 million for Q3 2021, compared to $75.7 million in Q3 2020. However, the company experienced a loss from operations of $2.4 million due to inflationary production costs and higher maintenance spending. The backlog for Forged and Cast Engineered Products rose 16% sequentially. The company is pursuing price increases and cost reduction plans to combat inflation. Additionally, basic loss per share was $0.08 for Q3 2021, compared to earnings of $0.07 in Q3 2020.
Ampco-Pittsburgh Corporation (NYSE: AP) has announced an immediate price increase of 8-12% on forged and cast roll products produced by its subsidiary, Union Electric Steel Corporation. This decision is driven by rising costs of raw materials, natural gas, electricity, transportation, and labor, alongside increased production costs stemming from heightened product demand and global supply chain challenges. Skip Reinert, VP of Sales and Marketing, emphasized that this adjustment is crucial for maintaining reliable supply and superior product quality amidst escalating manufacturing expenses.
Ampco-Pittsburgh Corporation (NYSE: AP) announced that its subsidiary, Union Electric Steel Corporation, will raise prices on forged engineered products by 12-18% due to rising raw material and production costs. This increase takes effect on new orders from October 25, 2021, and an alloy and energy surcharge will apply to orders shipping from January 1, 2022. The adjustments are necessary to cope with heightened manufacturing costs and to ensure a reliable supply of quality products to customers.
Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on November 4, 2021, at 10:30 a.m. ET to discuss its third-quarter financial results for the period ending September 30, 2021. Participants can register via a provided link or by calling 1-844-308-3408 at least five minutes prior to the start. A replay will be accessible on the company's website post-event. The corporation manufactures specialty metal products, including forged and cast rolls for the steel and aluminum industries, with operations across several countries.
Ampco-Pittsburgh Corporation (NYSE: AP) will present at the virtual Midwest IDEAS Investor Conference on August 26, 2021. CEO J. Brett McBrayer is scheduled to provide a corporate overview at 8:00 am ET on August 25, accessible on the IDEAS conference website. The presentation will be archived on the Corporation's website afterward. Additionally, Mr. McBrayer and CFO Michael McAuley will participate in one-on-one investor meetings. For more information on participation, interested parties can contact Lacey Wesley.
Ampco-Pittsburgh Corporation (NYSE: AP) reported net sales of $92.4 million for Q2 2021, up from $74.8 million in Q2 2020, and $179.2 million for the first half of 2021, compared to $165.8 million in 2020. Operating income was $0.5 million for Q2 and $1.4 million for the first half, though the latter saw a decline due to increased raw material costs and a less favorable sales mix. Basic earnings per share rose to $0.06 for Q2. Despite challenges in supply chain and production, the company anticipates a full sales recovery by 2022.
Ampco-Pittsburgh Corporation (NYSE: AP) will conduct a conference call on August 10, 2021, at 10:30 a.m. ET to discuss second-quarter financial results ending June 30, 2021. Interested participants can register via the provided link or by calling 1-844-308-3408 at least five minutes before the start time. Pre-registered callers will receive a passcode for immediate access. A replay of the call will be available one hour after it concludes on the company's website. Ampco-Pittsburgh specializes in manufacturing high-performance specialty metal products globally.
Ampco-Pittsburgh Corporation (NYSE: AP) has announced an amended and restated credit agreement providing a $100 million revolving line of credit, with a $30 million accordion feature. The credit facility, arranged by PNC Capital Markets and F.N.B. Capital Markets, aims to enhance the corporation's liquidity, support market recovery, and facilitate capital expenditures for plant modernization. Senior VP, Michael McAuley, expressed satisfaction with the agreement, highlighting its benefits of increased lending capacity and lower costs, reinforcing the corporation's solid liquidity position.
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