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Ampco-Pittsburgh (NYSE: AP) reported strong Q2 2024 results, with net sales of $111.0 million, up from $107.2 million in Q2 2023. The company’s operating income increased by 53% to $5.0 million compared to the prior-year period. This improvement was primarily driven by the Forged and Cast Engineered Products segment, benefiting from higher net roll pricing.
The Air and Liquid Processing segment saw a 19% increase in sales for both Q2 and year-to-date compared to 2023. Net income for Q2 2024 was $2.0 million, or $0.10 per diluted share, up from $0.4 million, or $0.02 per diluted share, in Q2 2023. The company’s CEO, Brett McBrayer, noted that Q2 results were at the high end of their previous guidance range, reflecting strong sequential improvement in both segments.
Ampco-Pittsburgh (NYSE: AP) ha registrato risultati notevoli per il secondo trimestre del 2024, con vendite nette di 111,0 milioni di dollari, in aumento rispetto ai 107,2 milioni di dollari del secondo trimestre del 2023. L’utile operativo è aumentato del 53% a 5,0 milioni di dollari rispetto allo stesso periodo dell’anno precedente. Questo miglioramento è stato principalmente guidato dal segmento Prodotti Ingegnerizzati Forgiati e Fusi, che ha beneficiato di un incremento dei prezzi netti di vendita.
Il segmento Elaborazione Aria e Liquidi ha visto un aumento delle vendite del 19% sia per il secondo trimestre sia per l’anno fino ad oggi rispetto al 2023. L’utile netto per il secondo trimestre del 2024 è stato di 2,0 milioni di dollari, ovvero 0,10 dollari per azione diluita, in aumento rispetto ai 0,4 milioni di dollari, ovvero 0,02 dollari per azione diluita, del secondo trimestre del 2023. Il CEO dell’azienda, Brett McBrayer, ha osservato che i risultati del secondo trimestre sono stati al limite superiore della loro precedente guida, riflettendo un forte miglioramento sequenziale in entrambi i segmenti.
Ampco-Pittsburgh (NYSE: AP) reportó resultados sólidos en el segundo trimestre de 2024, con ventas netas de 111,0 millones de dólares, un aumento respecto a los 107,2 millones de dólares del segundo trimestre de 2023. El ingreso operativo aumentó un 53% a 5,0 millones de dólares en comparación con el período del año anterior. Esta mejora fue impulsada principalmente por el segmento de Productos Ingenierizados Forjados y Fundidos, que se benefició de un mayor precio de venta neto.
El segmento de Procesamiento de Aire y Líquidos vio un aumento del 19% en las ventas tanto para el segundo trimestre como en lo que va del año en comparación con 2023. La ganancia neta para el segundo trimestre de 2024 fue de 2,0 millones de dólares, o 0,10 dólares por acción diluida, un aumento desde 0,4 millones de dólares, o 0,02 dólares por acción diluida, en el segundo trimestre de 2023. El CEO de la empresa, Brett McBrayer, señaló que los resultados del segundo trimestre se encontraban en el extremo superior de su rango de orientación anterior, reflejando una fuerte mejora secuencial en ambos segmentos.
Ampco-Pittsburgh (NYSE: AP)는 2024년 2분기 결과를 발표했으며, 매출이 1억 1천 1백만 달러로 2023년 2분기의 1억 7천 2백만 달러에서 증가했습니다. 영업 이익은 작년 동기 대비 53% 증가하여 500만 달러에 달했습니다. 이러한 개선은 주로 단조 및 주조 엔지니어링 제품 부문에서 발생했으며, 이는 높은 매출 가격 덕분이었습니다.
공기 및 액체 처리 부문은 2023년에 비해 매출이 19% 증가했습니다, 2분기와 연간 누적 모두에서 증가했습니다. 2024년 2분기의 순이익은 200만 달러, 희석 주당 0.10달러로, 2023년 2분기의 40만 달러, 희석 주당 0.02달러에서 증가했습니다. 회사의 CEO인 Brett McBrayer는 2분기 결과가 이전 지침 범위의 상단에 해당하여 두 부문 모두에서 강한 순차적 개선을 반영하고 있다고 언급했습니다.
Ampco-Pittsburgh (NYSE: AP) a annoncé des résultats solides pour le deuxième trimestre 2024, avec des ventes nettes de 111,0 millions de dollars, en hausse par rapport à 107,2 millions de dollars au deuxième trimestre 2023. Le résultat d’exploitation a augmenté de 53 % pour atteindre 5,0 millions de dollars par rapport à l’année précédente. Cette amélioration a été principalement tirée par le segment des Produits Ingénierie Forgés et Coulés, bénéficiant d’une augmentation des prix nets de vente.
Le segment de Traitement de l’Air et des Liquides a connu une augmentation de 19 % des ventes tant pour le deuxième trimestre que pour l’année en cours par rapport à 2023. Le bénéfice net pour le deuxième trimestre 2024 s’élevait à 2,0 millions de dollars, soit 0,10 dollar par action diluée, en hausse par rapport à 0,4 million de dollars, soit 0,02 dollar par action diluée, au deuxième trimestre 2023. Le PDG de l’entreprise, Brett McBrayer, a noté que les résultats du deuxième trimestre étaient à l’extrémité supérieure de leur précédente fourchette de prévisions, reflétant une forte amélioration séquentielle dans les deux segments.
Ampco-Pittsburgh (NYSE: AP) berichtete über starke Ergebnisse im 2. Quartal 2024, mit Nettoverkäufen von 111,0 Millionen Dollar, ein Anstieg von 107,2 Millionen Dollar im 2. Quartal 2023. Das Betriebsergebnis stieg um 53% auf 5,0 Millionen Dollar im Vergleich zum Vorjahreszeitraum. Diese Verbesserung wurde hauptsächlich durch das Segment der Schmiedeeisen- und Gussprodukte erreicht, das von höheren Nettoverkaufspreisen profitierte.
Das Segment Luft- und Flüssigkeitsverarbeitung verzeichnete einen 19%igen Anstieg der Verkäufe sowohl im 2. Quartal als auch im bisherigen Jahresverlauf im Vergleich zu 2023. Der Nettogewinn für das 2. Quartal 2024 betrug 2,0 Millionen Dollar oder 0,10 Dollar je verwässerter Aktie, ein Anstieg von 0,4 Millionen Dollar oder 0,02 Dollar je verwässerter Aktie im 2. Quartal 2023. Der CEO des Unternehmens, Brett McBrayer, wies darauf hin, dass die Ergebnisse des 2. Quartals am oberen Ende ihrer vorherigen Prognose lagen, was auf eine starke sequenzielle Verbesserung in beiden Segmenten hindeutet.
- Strong sequential earnings improvement delivered at top end of previous guidance range.
- Q2 2024 operating income up 53% over prior-year period led by Forged and Cast Engineered Products segment improvement.
- Air and Liquid Processing segment sales up 19% for both Q2 and YTD compared to prior-year periods.
CARNEGIE, Pa.–(BUSINESS WIRE)– In the Teleconference Access section, website link should read: https://dpregister.com/sreg/10191257/fd2870d5f2 (instead of https://dpregister.com/sreg/10188757/fc6d48eec8.)
The updated release reads:
AMPCO-PITTSBURGH CORPORATION (NYSE: AP) ANNOUNCES SECOND QUARTER 2024 RESULTS
- Strong sequential earnings improvement delivered at top end of previous guidance range.
- Q2 2024 operating income up 53% over prior-year period led by Forged and Cast Engineered Products segment improvement.
- Air and Liquid Processing segment sales up 19% for both Q2 and YTD compared to prior-year periods.
Ampco-Pittsburgh Corporation (NYSE: AP) reported net sales of $111.0 million and $221.2 million for the three and six months ended June 30, 2024, respectively, compared to $107.2 million and $212.0 million for the three and six months ended June 30, 2023, respectively. The increase is attributable to sales growth in the Air and Liquid Processing segment.
The Corporation reported income from operations for the three and six months ended June 30, 2024, of $5.0 million and $5.1 million, respectively, compared to $3.3 million and $5.3 million for the three and six months ended June 30, 2023, respectively. The three and six months ended June 30, 2023, include a benefit from a $1.9 million foreign energy credit. The underlying improvement is primarily due to higher net roll pricing in the Forged and Cast Engineered Products segment.
Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “Our final Q2 results came in at the high end of our previous guidance range, reflecting the strong sequential improvement we expected in both segments. With the first full quarter of all the new machinery running in our U.S. forged plants and a sequential rebound in Air and Liquid Processing segment margins during the quarter, our Q2 results reflect our current potential in a steady production environment with no unusual items coming into play. We are still experiencing losses in our European cast roll business due to excess capacity and the market for forged engineered products remains weak, but total backlog has improved sequentially due to higher order intake during the quarter.”
Interest expense for the three and six months ended June 30, 2024, increased in comparison to the same periods of the prior year primarily due to the higher equipment financing debt balance, higher average revolving credit facility borrowings and higher average interest rates. Other income – net improved for the three and six months ended June 30, 2024, compared to the same periods of the prior year, primarily due to higher losses on foreign exchange in the prior year periods.
Net income (loss) for the current year periods equaled $2.0 million, or $0.10 per diluted share, and $(0.7) million, or $(0.04) per share, for the three and six months ended June 20, 2024, respectively. This compares to net income of $0.4 million, or $0.02 per diluted share, and $1.1 million, or $0.06 per diluted share, for the three and six months ended June 30, 2023, respectively. The foreign energy credit improved earnings per share by $0.10 for the three and six months ended June 30, 2023.
Segment Results
Forged and Cast Engineered Products
Sales for the Forged and Cast Engineered Products segment for the three and six months ended June 30, 2024, declined slightly from the same periods of the prior year primarily due to a lower volume of shipments, offset by improved pricing and favorable changes in product mix.
Operating results for the three and six months ended June 30, 2024, improved when compared to the same periods of the prior year primarily due to improved pricing and fluctuations in manufacturing costs, net of lower variable-index surcharges. The three and six months ended June 30, 2023, include a $1.9 million benefit for a foreign energy credit.
Air and Liquid Processing
Sales for the Air and Liquid Processing segment for both the three and six months ended June 30, 2024, improved 19% compared to the same periods of the prior year due primarily to an increase in shipments of air handling systems as a result of expansion of its sales distribution network and the additional manufacturing facility opened in the third quarter of 2023.
Operating results for the three months ended June 30, 2024, improved slightly compared to the prior year period but declined for the six months ended June 30, 2024. The benefit from the higher sales volume was minimized by an unfavorable product mix of heat exchangers, caused by the timing of shipments for several large orders, and centrifugal pumps, due to shipping older lower margin orders. In addition, higher commissions and employee-related costs associated with the expansion of the segment’s sales distribution network and higher lease costs associated with the additional manufacturing facility negatively impacted operating income when compared to the prior year periods.
Teleconference Access
Ampco-Pittsburgh Corporation will hold a conference call on Tuesday August 13, 2014, at 10:30 a.m. Eastern Time (ET) to discuss its financial results for the second quarter ended June 30, 2024. The Corporation encourages participants to pre-register at any time, including up to and after the call start time via this link: https://dpregister.com/sreg/10191257/fd2870d5f2. Those without internet access or unable to pre-register should dial in at least five minutes before the start time using:
- 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 the Corporation’s website under the Investors menu at www.ampcopgh.com.
About Ampco-Pittsburgh Corporation
Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industries. It also manufactures open-die forged products that are sold principally to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems and centrifugal pumps. It operates manufacturing facilities in the United States, England, Sweden, and Slovenia and participates in three operating joint ventures located in China. It has sales offices in North America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania.
FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by us or on behalf of the Corporation. This press release may include, but is not limited to, statements about operating performance, trends and events that the Corporation may expect or anticipate will occur in the future, statements about sales and production levels, restructurings, the impact from pandemics and geopolitical conflicts, profitability and anticipated expenses, inflation, the global supply chain, future proceeds from the exercise of outstanding warrants, and cash outflows. 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 and words such as “may,” “will,” “intend,” “believe,” “expect,” “anticipate,” “estimate,” “project,” “target,” “goal,” “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 the Corporation, these risks and uncertainties include, but are not limited to: economic downturns, cyclical demand for our products and insufficient demand for our products; excess global capacity in the steel industry; limitations in availability of capital to fund our strategic plan; inability to maintain adequate liquidity to meet our operating cash flow requirements, repay maturing debt and meet other financial obligations; fluctuations in the value of the U.S. dollar relative to other currencies; increases in commodity prices or insufficient hedging against increases in commodity prices, reductions in electricity and natural gas supply or shortages of key production materials for us or our customers; inability to obtain necessary capital or financing on satisfactory terms to acquire capital expenditures that may be necessary to support our growth strategy; inoperability of certain equipment on which we rely; inability to execute our capital expenditure plan; liability of our subsidiaries for claims alleging personal injury from exposure to asbestos-containing components historically used in certain products of our subsidiaries; changes in the existing regulatory environment; inability to successfully restructure our operations and/or invest in operations that will yield the best long-term value to our shareholders; consequences of pandemics and geopolitical conflicts; work stoppage or another industrial action on the part of any of our unions; inability to satisfy the continued listing requirements of the New York Stock Exchange or the NYSE American Exchange; potential attacks on information technology infrastructure and other cyber-based business disruptions; failure to maintain an effective system of internal control; and those discussed more fully elsewhere in Item 1A, Risk Factors, in Part I of the Corporation’s latest Annual Report on Form 10-K and Part II of the latest Quarterly Report on Form 10-Q. The Corporation cannot guarantee any future results, levels of activity, performance or achievements. In addition, there may be events in the future that it is 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, the Corporation assumes no obligation, and disclaims any obligation, to update forward-looking statements whether as a result of new information, events or otherwise.
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AMPCO-PITTSBURGH CORPORATION |
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|
FINANCIAL SUMMARY |
|||||||||||||||
|
(in thousands, except per share amounts) |
|||||||||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||||||
|
Total net sales |
$ |
110,988 |
|
$ |
107,211 |
|
$ |
221,203 |
|
$ |
212,014 |
|
|||
|
|
|
|
|
|
|||||||||||
|
Cost of products sold (excl. depreciation and amortization) |
|
87,684 |
|
|
85,471 |
|
|
180,174 |
|
|
171,843 |
|
|||
|
Selling and administrative |
|
13,550 |
|
|
14,093 |
|
|
26,523 |
|
|
26,280 |
|
|||
|
Depreciation and amortization |
|
4,698 |
|
|
4,354 |
|
|
9,368 |
|
|
8,728 |
|
|||
|
Loss (gain) on disposal of assets |
|
13 |
|
|
5 |
|
|
13 |
|
|
(118 |
) |
|||
|
Total operating costs and expenses |
|
105,945 |
|
|
103,923 |
|
|
216,078 |
|
|
206,733 |
|
|||
|
|
|
|
|
|
|||||||||||
|
Income from operations |
|
5,043 |
|
|
3,288 |
|
|
5,125 |
|
|
5,281 |
|
|||
|
|
|||||||||||||||
|
Other expense – net: |
|||||||||||||||
|
Investment-related income |
|
8 |
|
|
7 |
|
|
27 |
|
|
16 |
|
|||
|
Interest expense |
|
(3,017 |
) |
|
(2,245 |
) |
|
(5,774 |
) |
|
(4,316 |
) |
|||
|
Other income – net |
|
1,381 |
|
|
98 |
|
|
2,285 |
|
|
1,465 |
|
|||
|
Total other expense – net |
|
(1,628 |
) |
|
(2,140 |
) |
|
(3,462 |
) |
|
(2,835 |
) |
|||
|
|
|
|
|
|
|||||||||||
|
Income before income taxes |
|
3,415 |
|
|
1,148 |
|
|
1,663 |
|
|
2,446 |
|
|||
|
Income tax provision |
|
(863 |
) |
|
(152 |
) |
|
(1,317 |
) |
|
(465 |
) |
|||
|
|
|
|
|
|
|||||||||||
|
Net income |
|
2,552 |
|
|
996 |
|
|
346 |
|
|
1,981 |
|
|||
|
|
|
|
|
|
|||||||||||
|
Less: Net income attributable to noncontrolling interest |
|
540 |
|
|
573 |
|
|
1,051 |
|
|
882 |
|
|||
|
Net income (loss) attributable to Ampco-Pittsburgh |
$ |
2,012 |
|
$ |
423 |
|
$ |
(705 |
) |
$ |
1,099 |
|
|||
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|||||||||||
|
Net income (loss) per share attributable to Ampco-Pittsburgh common shareholders: |
|
|
|
|
|||||||||||
|
Basic |
$ |
0.10 |
|
$ |
0.02 |
|
$ |
(0.04 |
) |
$ |
0.06 |
|
|||
|
Diluted |
$ |
0.10 |
|
$ |
0.02 |
|
$ |
(0.04 |
) |
$ |
0.06 |
|
|||
|
Weighted-average number of common shares outstanding: |
|||||||||||||||
| Basic |
|
19,859 |
|
|
19,541 |
|
|
19,794 |
|
|
19,504 |
|
|||
| Diluted |
|
19,875 |
|
|
19,590 |
|
|
19,794 |
|
|
19,587 |
|
|||
|
AMPCO-PITTSBURGH CORPORATION |
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|
SEGMENT INFORMATION |
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|
(in thousands) |
|||||||||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||||||
|
Net Sales: |
|||||||||||||||
|
Forged and Cast Engineered Products |
$ |
75,713 |
|
$ |
77,581 |
|
$ |
152,902 |
|
$ |
154,379 |
|
|||
|
Air and Liquid Processing |
|
35,275 |
|
|
29,630 |
|
|
68,301 |
|
|
57,635 |
|
|||
|
Consolidated |
$ |
110,988 |
|
$ |
107,211 |
|
$ |
221,203 |
|
$ |
212,014 |
|
|||
|
Income from Operations: |
|||||||||||||||
|
Forged and Cast Engineered Products |
$ |
5,361 |
|
$ |
3,904 |
|
$ |
6,937 |
|
$ |
6,128 |
|
|||
|
Air and Liquid Processing |
|
3,174 |
|
|
2,977 |
|
|
5,156 |
|
|
5,930 |
|
|||
|
Corporate costs |
|
(3,492 |
) |
|
(3,593 |
) |
|
(6,968 |
) |
|
(6,777 |
) |
|||
|
Consolidated |
$ |
5,043 |
|
$ |
3,288 |
|
$ |
5,125 |
|
$ |
5,281 |
|
|||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240812995167/en/
Michael G. McAuley
Senior Vice President, Chief Financial Officer and Treasurer
(412) 429-2472
Source: Ampco-Pittsburgh Corporation
FAQ
What were Ampco-Pittsburgh’s (NYSE: AP) Q2 2024 financial results?
Ampco-Pittsburgh reported net sales of $111.0 million and operating income of $5.0 million for Q2 2024. Net income was $2.0 million, or $0.10 per diluted share.
How did Ampco-Pittsburgh’s Q2 2024 results compare to Q2 2023?
Q2 2024 net sales increased from $107.2 million in Q2 2023, and operating income grew by 53% compared to the prior-year period. Net income improved from $0.4 million ($0.02 per share) in Q2 2023 to $2.0 million ($0.10 per share) in Q2 2024.
What drove the improvement in Ampco-Pittsburgh’s Q2 2024 performance?
The improvement was primarily due to higher net roll pricing in the Forged and Cast Engineered Products segment and a 19% sales increase in the Air and Liquid Processing segment.
How did Ampco-Pittsburgh’s Air and Liquid Processing segment perform in Q2 2024?
The Air and Liquid Processing segment saw a 19% increase in sales for both Q2 and year-to-date compared to 2023, driven by increased shipments of air handling systems and expansion of its sales distribution network.
