Ampco-Pittsburgh Corporation (NYSE: AP) reported sales for the
three and six months ended June 30, 2018, of $127.4 million and
$242.5 million, respectively, compared to $110.6 million and $214.1
million, respectively, for the three and six months ended June 30,
2017. The increase is principally attributable to the Forged and
Cast Engineered Products segment.
Loss from operations for the three and six months ended June 30,
2018, was $1.6 million and $2.7 million, respectively. This
compares to a loss from operations of $2.2 million and $4.8
million, respectively, for the comparable prior year periods.
Net loss for the three and six months ended June 30, 2018, was
$3.0 million or $0.24 per common share, and $2.1 million or $0.17
per common share, respectively. This compares to net loss for the
comparable prior year periods of $1.9 million or $0.16 per common
share, and $6.7 million or $0.54 per common share,
respectively.
Sales for the Forged and Cast Engineered Products segment for
the three and six months ended June 30, 2018, increased 17% and
16%, respectively, compared to the same periods of the prior year.
The current year periods benefited from higher sales of forged and
cast mill rolls, and forged engineered products, primarily for the
oil and gas industry. Operating results for the second quarter of
2018 declined from the second quarter of 2017 but remain improved
on a year-to-date basis compared to prior year. Operating results
for both the current quarter and year-to-date periods benefited
from the higher overall volume of shipments and better pricing. The
expected improvement, however, was offset by increased operating
costs, the loss of a key customer due to a plant closure and the
loss of sales and plant cost absorption driven by tariffs imposed
by the U.S. on imports of steel into the U.S. from the
Corporation’s Canadian subsidiary, ASW Steel Inc. Additionally, the
prior year periods include the recovery of a portion of a
receivable associated with a customer bankruptcy.
Sales and operating income for the Air and Liquid Processing
segment for the three and six months ended June 30, 2018, improved
when compared to the same periods of the prior year due to a higher
volume of shipments and product mix.
Commenting on the quarter’s results, Brett McBrayer,
Ampco-Pittsburgh’s Chief Executive Officer said, “As we navigate
Ampco-Pittsburgh through this challenging period, I am thoroughly
evaluating the current state of our commercial relationships and
plant operations. Additionally, we face new headwinds. The tariffs
imposed by the U.S. on imported steel products from Canada are
having a significant negative impact on our Canadian subsidiary,
ASW. We are also seeing a lower frac block order intake due to what
we believe to be inventory adjustments in the supply chain. We are
moving to mitigate these headwinds through a number of actions,
several of which are already in progress.”
Teleconference Access
Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference
call on Friday August 10, 2018, at 10:30 a.m. Eastern Time (ET) to
discuss its financial results for the second quarter ended June 30,
2018. If you would like to participate in the conference call,
please register using the link below or by dialing 1-844-308-3408
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/10122377.
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
(In thousands except per share
amounts)
Three Months Ended June 30, Six Months
Ended June 30, 2018 2017
2018 2017 Sales
$ 127,427 $
110,550 $ 242,504
$ 214,066 Cost of
products sold (excl depreciation and amortization) 108,576 92,052
203,333 176,833 Selling and administrative 14,814 15,053 30,287
30,430 Depreciation and amortization 5,769 5,646 11,674 11,568 Gain
on disposal of assets
(106 )
(1 )
(61 )
(1 ) Total operating expense
129,053 112,750
245,233 218,830
Loss from operations (1,626 ) (2,200 ) (2,729
) (4,764 ) Other income (expense) – net
(526
) (136 )
1,525 (2,149 )
Loss before income taxes (2,152 ) (2,336 ) (1,204 ) (6,913 )
Income tax (provision) benefit (548 ) 102 (107 ) (33 ) Equity
income in joint venture
-
485 -
535 Net loss before non-controlling
interest (2,700 ) (1,749 ) (1,311 ) (6,411 ) Net income
attributable to non-controlling interest
294
164 742
285 Net loss
$
(2,994 ) $
(1,913 ) $
(2,053 ) $
(6,696 ) Loss per common share:
Basic
$ (0.24 )
$ (0.16 ) $
(0.17 ) $ (0.54
) Diluted
$ (0.24
) $ (0.16 )
$ (0.17 ) $
(0.54 ) Weighted-average number of
common shares outstanding: Basic
12,439
12,327 12,401
12,299 Diluted
12,439 12,327
12,401 12,299
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version on businesswire.com: https://www.businesswire.com/news/home/20180810005209/en/
Ampco-Pittsburgh CorporationMichael G. McAuley,
412-429-2472Senior Vice President, Chief Financial Officer and
Treasurermmcauley@ampcopgh.com
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