Ampco-Pittsburgh Corporation Announces First Quarter Earnings
25 April 2012 - 10:22PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) announces sales and net
income for the three months ended March 31, 2012 of $73,605,000 and
$2,000,000 or $0.19 per common share, respectively, against sales
and net income of $89,068,000 and $7,677,000 or $0.74 per common
share for the same period in 2011. Income from operations for the
three months of 2012 of $4,117,000 compares to $12,129,000 for the
first three months of 2011.
Sales and operating income for the Forged and Cast Rolls segment
declined from a year ago principally due to weak demand for rolling
mill rolls in Europe and the Pacific Rim, particularly China where
roll inventories remain at high levels. Lack of demand continued to
put pressure on pricing and erode margins. For the Air and Liquid
Processing segment, sales improved against the comparable prior
year period attributable to an increase in the volume of shipments.
Operating income, however, fell primarily as a result of a change
in product mix.
The matters discussed herein may contain forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from expectations. Some
of these risks are set forth in the Corporation's Annual Report on
Form 10-K as well as the Corporation's other reports filed with the
Securities and Exchange Commission.
AMPCO-PITTSBURGH
CORPORATIONFINANCIAL
SUMMARY
Three Months Ended March 31, 2012 2011
Sales
$ 73,605,000 $
89,068,000 Income from operations
4,117,000 12,129,000 Other expense – net
(276,000 ) (509,000
) Income before income taxes 3,841,000
11,620,000 Income tax expense (1,375,000 ) (3,873,000 ) Equity loss
in Chinese joint venture
(466,000
) (70,000 )
Net income
$ 2,000,000
$ 7,677,000 Earnings per
common share: Basic
$ 0.19
$ 0.74 Diluted
$
0.19 $ 0.74
Weighted-average number of common shares
outstanding:
Basic
10,329,000
10,305,156 Diluted
10,393,165 10,366,991
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