Ampco-Pittsburgh Corporation (NYSE: AP) (the “Corporation”) announced today preliminary estimates of net sales, income from operations and net income for the fiscal quarter ended June 30, 2024, and an update on its current liquidity position

Remarking on this outlook, Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer, said, “As we expected, Q2 2024 earnings should improve sequentially versus Q1 2024 with the impact of the Q1 foundry fire in our Sweden plant largely behind us, along with sequential improvement in Air & Liquid Processing segment margins. We experienced a full-quarter benefit of the new machinery in our U.S. forged operation in Q2. Although we are still experiencing excess capacity in our European cast roll business relative to demand, this is consistent with our experience the last few quarters. We are committed to delivering returns on the recent investments we have made for improved results. At this point, outside of typical operating variations, we believe there are no new significant headwinds which would have a material adverse effect on our businesses.”

This is not a comprehensive statement of the Corporation’s financial results and is subject to change. The Corporation has provided ranges, rather than specific amounts, for the preliminary estimates of the unaudited financial data described below primarily because the Corporation’s financial closing procedures for the quarter ended June 30, 2024, are not yet complete and, as a result, the Corporation’s final results upon completion of its closing procedures may vary from the preliminary estimates. These estimates should not be viewed as a substitute for the Corporation’s quarterly and year-to-date financial statements prepared in accordance with generally accepted accounting principles in the United States. The Corporation expects to file its Quarterly Report on Form 10-Q for the second quarter (its “Quarterly Report”) on approximately August 12, 2024. Except as otherwise required by applicable law, the Corporation undertakes no responsibility to update this outlook prior to the release of its Quarterly Report.

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. The Corporation’s corporate headquarters is located in Carnegie, Pennsylvania.

Contacts
Michael G. McAuley
Senior Vice President, Chief Financial Officer and Treasurer
(412) 429-2472
mmcauley@ampcopgh.com

 

Source: businesswire.com

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