Ampco-Pittsburgh Corporation (NYSE: AP) reported consolidated
sales of $103.5 million for the three months ended March 31, 2017,
versus $63.6 million for the three months ended March 31, 2016.
Compared to prior year, the current quarter includes higher sales
of approximately $32.6 million for businesses acquired in 2016.
Loss from operations for the three months ended March 31, 2017,
was $2.4 million. This compares to a loss from operations in the
prior year quarter of $5.0 million, which included Åkers group
acquisition-related costs of approximately $1.8 million and
purchase accounting impacts of $1.6 million.
Net loss for the three months ended March 31, 2017, was $4.8
million or $0.39 per common share, compared to net loss for the
three months March 31, 2016, of $2.9 million or $0.26 per common
share. The change in net loss reflects the impact of higher
year-over-year pre-tax interest expense of $0.9 million and foreign
exchange losses of $1.1 million in the current year quarter,
compared to foreign exchange gains of $1.2 million recorded in the
prior year quarter. The Corporation also continues to maintain full
valuation allowances against the deferred tax assets of the
majority of its subsidiaries, which were recorded beginning in Q3
of 2016. As a result, there is no tax benefit recorded on loss
before taxes in the current year quarter compared to prior
year.
Sales for the Forged and Cast Engineered Products segment for
the three months ended March 31, 2017 nearly doubled compared to
prior year, driven primarily by the full-quarter effect of the
Åkers group acquisition, completed in March of 2016, and the
addition of ASW Steel Inc. (“ASW”), acquired in Q4 2016. The
segment’s operating loss decreased versus prior year driven by
improved cast roll operations, and the absence of purchase
accounting effects which reduced operating results in the prior
year. Sales and operating income for the Air and Liquid Processing
segment for the three months ended March 31, 2017 were comparable
to the prior year quarter.
Commenting on the quarter’s results, John Stanik,
Ampco-Pittsburgh’s Chief Executive Officer said, “The first quarter
of 2017 reflects what appears to mark the beginning of an improving
trend at Ampco-Pittsburgh. Sales have picked up and order intake
has risen significantly this quarter, particularly for cast rolls
and forged products for the oil and gas industry. While we remain
cautious of inventory re-stocking effects versus sustained recovery
in our end markets, we expect improved operating performance in
2017 versus 2016.”
Teleconference Access
Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference
call on Tuesday, May 9, 2017, at 10:30 a.m. Eastern Time (ET) to
discuss its financial results for the first quarter ended March 31,
2017. If you would like to participate in the conference call,
please register using the link below or by dialing 1-866-777-2509
at least five minutes before the 10:30 a.m. ET start time.
We encourage participants to pre-register for the conference
call using the following link. Callers who pre-register will be
given a conference passcode and unique PIN to gain immediate access
to the call and bypass the live operator. Participants may
pre-register at any time, including up to and after the call start
time.
To pre-register, please go to:
http://dpregister.com/10105243
Those without internet access or unable to pre-register may dial in
by calling: Participant Dial-in (Toll Free):
1-866-777-2509 Participant International Dial-in: 1-412-317-5413
For those unable to listen to the live broadcast, a replay will
be available one hour after the event concludes on our website
under the Investors menu at www.ampcopgh.com.
The Private Securities Litigation Reform Act of 1995 (the “Act”)
provides a safe harbor for forward-looking statements made by or on
our behalf. This news release may contain forward-looking
statements that reflect our current views with respect to future
events and financial performance. All statements in this document
other than statements of historical fact are statements that are,
or could be, deemed forward-looking statements within the meaning
of the Act. In this document, statements regarding future financial
position, sales, costs, earnings, cash flows, other measures of
results of operations, capital expenditures or debt levels and
plans, objectives, outlook, targets, guidance or goals are
forward-looking statements. Words such as “may,” “intend,”
“believe,” “expect,” “anticipate,” “estimate,” “project,”
“forecast” and other terms of similar meaning that indicate future
events and trends are also generally intended to identify
forward-looking statements. Forward-looking statements speak only
as of the date on which such statements are made, are not
guarantees of future performance or expectations, and involve risks
and uncertainties. For Ampco-Pittsburgh, these risks and
uncertainties include, but are not limited to, those described
under Item 1A, Risk Factors, of Ampco-Pittsburgh’s Annual Report on
Form 10-K. In addition, there may be events in the future that we
are not able to predict accurately or control which may cause
actual results to differ materially from expectations expressed or
implied by forward-looking statements. Except as required by
applicable law, we assume no obligation, and disclaim any
obligation, to update forward-looking statements whether as a
result of new information, events or otherwise.
AMPCO-PITTSBURGH
CORPORATION
FINANCIAL
SUMMARY
(In thousands except per share amounts)
Three Months Ended March 31, 2017 2016
Net sales
$ 103,516 $
63,578 Cost of products sold (excl.
depreciation and amortization) 84,663 51,105 Selling and
administrative 15,298 13,508 Depreciation and amortization 5,922
3,925 Loss on disposal of assets
0
3 Total operating expenses
105,883 68,541
Loss from operations (2,367 ) (4,963 ) Other (expense)
income – net
(2,210 )
967 Loss before income taxes (4,577 )
(3,996 ) Income tax (provision) benefit (135 ) 850 Equity earnings
from Chinese joint venture
50
172 Net loss before noncontrolling
interest (4,662 ) (2,974 ) Net income (loss) attributable to
noncontrolling interest
121
(84 ) Net loss attributable to Ampco
$ (4,783 ) $
(2,890 ) Earnings per common
share: Basic
$ (0.39 )
$ (0.26 ) Diluted
$ (0.39 ) $
(0.26 )
Weighted-average number of common shares
outstanding:
Basic
12,271 11,006
Diluted
12,271
11,006
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170509005853/en/
Ampco-Pittsburgh CorporationMichael G. McAuley, 412-429-2472Vice
President, Chief Financial Officer and Treasurermmcauley@ampcopgh.com
Ampco Pittsburgh (NYSE:AP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ampco Pittsburgh (NYSE:AP)
Historical Stock Chart
From Apr 2023 to Apr 2024