Ampco-Pittsburgh Announces Second Quarter Earnings
01 August 2014 - 10:31PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) announces sales for the
three and six months ended June 30, 2014 of $69,949,000 and
$132,862,000, respectively, against $69,938,000 and $139,562,000
for the comparable prior year periods. Net income for the three
months ended June 30, 2014 and 2013 was $1,121,000 or $0.11 per
share and $1,106,000 or $0.11 per share, respectively, and for the
six months ended June 30, 2014 and 2013 was $1,199,000 or $0.12 per
share and $1,232,000 or $0.12 per share, respectively. Income from
operations approximated $2,018,000 and $2,795,000 for the three and
six months ended June 30, 2014, respectively, against $2,391,000
and $4,102,000 for the same periods in 2013.
For the Forged and Cast Rolls segment, operating income for the
quarter and year-to-date periods ended June 30, 2014 was less than
the comparable prior year periods due to weak margins and a lower
volume of shipments. Pricing pressures from international roll
suppliers remain fierce since demand continues to be sluggish as
global steel and aluminum customers work below capacity. For
the Air and Liquid Processing group, earnings for the three and six
months ended June 30, 2014 were higher than the same periods of the
prior year primarily due to improved product mix and cost
containment.
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 June 30, Six
Months Ended June 30, 2014
2013 2014 2013
Sales
$ 69,949,000 $
69,938,000 $
132,862,000 $
139,562,000 Income from
operations 2,018,000 2,391,000 2,795,000 4,102,000 Other (expense)
income – net
(88,000 )
(460,000 ) 30,000
(1,104,000 ) Income
before income taxes 1,930,000 1,931,000 2,825,000 2,998,000 Income
tax expense (575,000 ) (581,000 ) (951,000 ) (901,000 )
Equity loss in Chinese joint venture
(234,000 )
(244,000 ) (675,000
) (865,000 ) Net
income
$ 1,121,000 $
1,106,000 $ 1,199,000
$ 1,232,000 Earnings
per common share: Basic
$ 0.11
$ 0.11 $
0.12 $ 0.12
Diluted
$ 0.11 $
0.11 $ 0.12
$ 0.12
Weighted-average number of common shares
outstanding:
Basic
10,395,154
10,356,797 10,384,178
10,351,473 Diluted
10,448,249 10,406,686
10,436,285
10,402,772
Ampco-Pittsburgh CorporationDee Ann Johnson, Chief Financial
Officer and Treasurer, 412-456-4410dajohnson@ampcopgh.com
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