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 its participation in the virtual East Coast IDEAS Investor Conference on June 16, 2021. CEO J. Brett McBrayer will present a corporate overview at 8:00 am EDT. The presentation will be available via webcast on the IDEAS conference website, with archived materials accessible on the Corporation's site afterward. Additionally, McBrayer and CFO Michael McAuley will hold virtual one-on-one meetings for investors interested in learning more. For further inquiries about the IDEAS conferences, contact Lacey Wesley.
Ampco-Pittsburgh Corporation (NYSE: AP) will present at the G.research May Microcap Symposium on May 18, 2021. CEO J. Brett McBrayer will give an overview and participate in a live Q&A session at 1:00 PM ET. Investors can access the live webcast through the Corporation's website or via a provided link. Additionally, McBrayer and CFO Michael McAuley will engage in virtual one-on-one meetings with attendees. This event highlights Ampco-Pittsburgh's commitment to transparency and investor engagement.
Ampco-Pittsburgh Corporation (NYSE: AP) reported net sales of $86.8 million for Q1 2021, down from $91.1 million in Q1 2020, primarily due to reduced shipments of mill rolls. Income from operations fell to $0.9 million from $4.4 million, impacted by lower production and increased raw material costs. Earnings per share decreased to $0.01 from $0.33 year-over-year. The company anticipates improved order activity in the second half of the year and is investing in capital equipment, which may enhance future profitability.
Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on May 7, 2021, at 10:30 a.m. ET to discuss its first-quarter financial results for the period ending March 31, 2021. Participants can register via the provided link or by dialing 1-844-308-3408 at least five minutes before the call. Pre-registration allows immediate access with a conference passcode. A replay will be available on the company's website following the event. Ampco-Pittsburgh specializes in engineered metal products for various industries globally.
Ampco-Pittsburgh Corporation (NYSE: AP) reported net income of $2.2 million, or $0.12 per share, for Q4 2020, down from $3.1 million or $0.24 per share in the same quarter of 2019. For the full year, net income was $8.0 million, or $0.56 per share, compared to a net loss of $(21.0) million in 2019. Sales from continuing operations decreased by 10% in Q4 and 17% for the year, totaling $87.0 million and $328.5 million, respectively. CEO Brett McBrayer expressed cautious optimism for future order activity as the company adapts to pandemic challenges.
Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on March 18, 2021, at 10:30 a.m. ET to discuss its financial results for the fourth quarter and fiscal year ending December 31, 2020. The earnings press release is expected on March 17, 2021. Interested participants can register here or dial 1-844-308-3408. For those unable to join live, a replay will be available on the company's website after the call.
Ampco-Pittsburgh Corporation (NYSE: AP) reported a net income of $1.0 million ($0.07 per diluted share) for Q3 2020, a significant recovery from a net loss of $(5.1) million in Q3 2019. For the nine months ending September 30, 2020, net income was $5.8 million ($0.43 per diluted share), up from a loss of $(24.1) million in the prior year. Sales declined to $75.7 million for Q3, down from $90.9 million, primarily due to pandemic-related shipment delays. The company's debt was reduced by 54% to $32.6 million, and improved operating results were reported in the Forged and Cast Engineered Products segment.
Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on November 17, 2020, at 10:30 a.m. ET to discuss its third-quarter financial results for the period ending September 30, 2020. The earnings press release will be issued on November 16, 2020. Participants can register for the conference call via a provided link or by calling 1-844-308-3408. A replay will be available on their website after the event. Ampco-Pittsburgh specializes in high-performance specialty metal products for various industries, with production facilities worldwide.
Ampco-Pittsburgh Corporation (NYSE: AP) announced its upcoming presentation at the Sidoti Virtual Microcap Conference on November 19, 2020. CEO J. Brett McBrayer will deliver a corporate overview at 10:00 AM ET, followed by a live Q&A session. Investors can access the live webcast through the provided link or from the Corporation's website. Additionally, McBrayer and CFO Michael McAuley will engage in virtual one-on-one meetings with investors. The company manufactures specialty metal products utilized globally across various industries, including steel and aluminum.
Ampco-Pittsburgh Corporation (NYSE: AP) announced the successful completion of its equity rights offering, raising $19.3 million in gross proceeds. The funds will strengthen its balance sheet, reduce debt, and support capital expenditures for improved long-term profitability. Shareholders received common stock and Series A warrants, allowing them to purchase additional shares at an exercise price of $2.5668 per warrant, equating to $5.75 per whole common share. The company expresses gratitude for shareholder support and has provided an FAQ for warrant exercise on its website.
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