Ampco-Pittsburgh Corporation Announces First Quarter Earnings
May 05 2015 - 4:34PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) announces sales and net
income for the three months ended March 31, 2015 of $65,087,000 and
$72,000 or $0.01 per common share, respectively, against sales and
net income of $62,913,000 and $78,000 or $0.01 per common share for
the same period in 2014. Income from operations for the first three
months of 2015 of $502,000 compares to $777,000 for the first three
months of 2014. Operating income for 2015 includes a pre-tax
curtailment charge of approximately $1,200,000 associated with a
partial freezing of the U.S. Defined Benefit Plan but benefited
from a pre-tax credit of approximately $750,000 relating to the
collection of accounts receivable previously written off.
For the Forged and Cast Engineered Products segment, sales
increased from a year ago principally due to a higher volume of
shipments of other forging products offset by a decrease in
traditional roll shipments. Operating income improved from a year
ago primarily due to the collection of accounts receivable
previously mentioned. For the Air and Liquid Processing segment,
sales were down slightly from a year ago resulting primarily from a
decline in shipments to the fossil-fueled utility and industrial
markets. Operating income was comparable.
John Stanik, Ampco-Pittsburgh’s Chief Executive Officer
commented, “The curtailment charge related to the partial freezing
of the U.S. Defined Benefit Plan, which is a prudent investment,
and the credit associated with the collection of previously
written-off accounts receivable somewhat cloud the operating
results of the business. Considering the extremely difficult
conditions of the primary markets we serve, I am pleased with our
financial performance.”
“During the first quarter, we made significant strides to
revitalize the Corporation, reduce costs that will bear fruit later
this year and in 2016, and made much progress in our strategic
planning process. While I am concerned about future short-term
revenue because of the ongoing steel industry problems, I am
excited about the progress we have made and the direction of
Ampco-Pittsburgh.”
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 March 31, 2015 2014
Sales
$ 65,087,000 $
62,913,000 Cost of products sold (excl.
depreciation) 52,044,000 50,063,000 Selling and administrative
9,396,000 9,006,000 Depreciation 3,142,000 3,058,000 Loss on
disposal of assets
3,000
9,000 Total operating expense
64,585,000 62,136,000
Income from operations (1) 502,000 777,000 Other
(expense) income – net
(380,000 )
118,000 Income before income
taxes 122,000 895,000 Income tax provision (40,000 ) (376,000 )
Equity losses in Chinese joint venture
(10,000
) (441,000 )
Net income
$ 72,000 $
78,000 Earnings per common share: Basic
$ 0.01 $
0.01 Diluted
$ 0.01
$ 0.01
Weighted-average number of common shares
outstanding:
Basic
10,425,664
10,373,191 Diluted
10,464,088 10,422,880
(1)
2015 includes a pre-tax curtailment charge
of approximately $1,200,000 associated with the
partial freezing of the U.S. Defined
Benefit Plan offset by a pre-tax credit of approximately
$750,000 relating to the collection of
accounts receivable previously written off.
Ampco-Pittsburgh CorporationDee Ann Johnson, 412-456-4410Chief
Financial Officer and Treasurerdajohnson@ampcopgh.com
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