Ampco-Pittsburgh Corporation (NYSE: AP) reported consolidated
sales of $115.1 million for the three months ended March 31, 2018,
compared to $103.5 million for the three months ended March 31,
2017. Higher sales of forged engineered products to the oil and gas
industry was the primary driver, while sales of forged and cast
rolls also increased.
Net income for the three months ended March 31, 2018, was $0.9
million, or $0.08 earnings per common share, compared to net loss
of $4.8 million, or $0.39 loss per common share for the three
months ended March 31, 2017.
Loss from operations for the three months ended March 31, 2018,
was $1.1 million, compared to loss from operations of $2.6 million
for the three months ended March 31, 2017, as the impact of higher
overall shipment volumes and pricing more than offset the effect of
higher raw material and operating costs and lower cost absorption
related to a partial plant idling.
Other income (expense) – net for the three months ended March
31, 2018, improved by $4.1 million compared to the three months
ended March 31, 2017, including a one-time current period benefit
of $2.4 million related to a contractual settlement with a third
party, higher pension income of $1.1 million, and the non-recurring
prior year cost of $0.4 million related to extinguishing the
outstanding debt of ASW Steel, Inc., acquired in November 2016.
Sales for the Forged and Cast Engineered Products segment for
the three months ended March 31, 2018, increased approximately 15%
compared to prior year. Despite the loss of a key customer to a
plant closure, higher shipment volumes of forged engineered
products to the oil and gas industry led the increase. Sales of
forged and cast mill rolls also increased. The segment recorded an
operating income, compared to an operating loss in the prior year,
due to the higher shipment volumes and improved pricing, partly
mitigated by higher raw material and operating costs and
unfavorable cost absorption related to the idling of a cast roll
foundry which was in full operation in the prior year period.
Sales for the Air and Liquid Processing segment for the three
months ended March 31, 2018, declined approximately 3%, as lower
sales of centrifugal pumps to U.S. Navy shipbuilders was partly
offset by higher sales demand for custom air handlers. Segment
operating income declined for the quarter compared to prior year,
in line with the lower sales volumes.
Remarking on the quarter’s results, John Stanik,
Ampco-Pittsburgh’s Chief Executive Officer said, “Although pleased
with our continued improvement, we remain focused on further
operational advances, equipment reliability and commercial terms to
be able to sustain and expand on this progress as our order book
grows.”
Teleconference Access
Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference
call on Thursday, May 10, 2018, at 10:30 a.m. Eastern Time (ET) to
discuss its financial results for the first quarter ended March 31,
2018.
We encourage participants to pre-register for the conference
call at http://dpregister.com/10119580. 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. Those without internet access or unable
to pre-register may dial in by calling:
• Participant Dial-in (Toll Free): 1-844-308-3408 •
Participant International Dial-in: 1-412-317-5408
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
(Dollars in thousands except per share amounts; shares
outstanding in thousands) Three Months Ended March 31,
2018 2017 Sales
$
115,077 $ 103,516
Cost of products sold (excl. depreciation and
amortization) 94,757 84,781 Selling and administrative 15,473
15,377 Depreciation and amortization 5,905 5,922 Loss on
disposition of assets
45
0 Total operating expenses
116,180 106,080
Loss from operations (1,103 ) (2,564 ) Other income
(expense) – net
2,051
(2,013 ) Income (loss) before
income taxes 948 (4,577 ) Income tax benefit (provision) 441 (135 )
Equity gains in joint venture
0
50 Net income (loss) before
noncontrolling interest 1,389 (4,662 ) Net income attributable to
noncontrolling interest
448
121 Net income (loss) attributable to
Ampco-Pittsburgh
$ 941
$ (4,783 )
Net income (loss) per common share
attributable to Ampco-Pittsburgh:
Basic
$ 0.08 $
(0.39 )
Diluted
$ 0.08 $
(0.39 )
Weighted-average number of common shares
outstanding:
Basic
12,362 12,271
Diluted
12,379
12,271
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180510005670/en/
Ampco-Pittsburgh CorporationMichael G. McAuley,
412-429-2472Senior Vice President, Chief Financial Officer and
Treasurermmcauley@ampcopgh.com
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