Ampco-Pittsburgh Corporation ( (AP) ) has released its Q3 earnings. Here is a breakdown of the information Ampco-Pittsburgh Corporation presented to its investors.
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Ampco-Pittsburgh Corporation is a manufacturer of highly engineered specialty metal products and customized equipment for various industries, including steel, aluminum, oil and gas. The company operates in the Forged and Cast Engineered Products and Air and Liquid Processing segments, with facilities in multiple countries.
In the third quarter of 2024, Ampco-Pittsburgh Corporation reported net sales of $96.2 million, slightly down from $102.2 million in the same quarter of 2023. The company’s operating income improved to $1.9 million for the quarter, driven by margin improvements in its Forged and Cast Engineered Products segment, despite facing lower shipment volumes.
Key financial highlights include an increase in backlog due to higher roll order intake and improved margins in the U.S. forged business. However, the company experienced a net loss of $2.0 million for the three-month period, largely due to increased interest expenses and tax provisions related to its U.K. operations. The Air and Liquid Processing segment reported stable sales, but its operating results declined due to an unfavorable product mix and higher administrative costs.
Looking forward, Ampco-Pittsburgh is focused on capitalizing on the operational efficiencies from new equipment and expects continued benefits from pricing actions in its roll business. Despite the challenges faced in specific segments, the company remains committed to enhancing its operational performance and navigating the current market conditions effectively.
