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Ampco Pittsburgh Corp (AP) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Ampco Pittsburgh Corp

CIK: 6176 Ticker: AP

Exhibit 99.1

 

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Contact:

Michael G. McAuley

Senior Vice President, Chief Financial Officer and Treasurer

(412) 429-2472

mmcauley@ampcopgh.com

FOR IMMEDIATE RELEASE

CARNEGIE, PA

March 16, 2022

Ampco-Pittsburgh Corporation (NYSE: AP) Announces Fourth Quarter and Full Year 2021 Results

 

   

Full-year backlog growth of 19% with Forged Engineered Products backlog up 319%

 

   

Full-year sales growth of 5%

 

   

Price increase actions completed to address inflationary cost pressures

 

   

Non-cash asbestos-related revaluation charge of $6.7 million pre-tax

Carnegie, PA, March 16, 2022 – Ampco-Pittsburgh Corporation (NYSE: AP) reported net sales of $84.5 million and $344.9 million for the three and twelve months ended December 31, 2021, compared to $87.0 million and $328.5 million for the three and twelve months ended December 31, 2020, respectively. Full year 2021 sales exceeded the prior year by 5%, principally due to higher demand from the steel distribution and oil and gas markets for forged engineered products. The decrease in sales for the three months ended December 31, 2021, compared to prior year is attributable to the Air and Liquid Processing segment, which was impacted by customer-requested deferrals and delays in receiving required components.

CEO Brett McBrayer commented, “We are pleased with the continuing improvement in our backlog, a 19% increase from a year ago. Inflationary cost pressures, however, contributed significantly to our disappointing fourth quarter results. In October and November, we announced major price increase actions for rolls and forged engineered products which are now implemented. We raised base prices and expanded surcharge coverage beyond raw materials to include relevant energy and transportation costs. We expect these actions will begin to restore margins during Q1 2022 with a full benefit expected by Q2 2022. During the quarter, we also took additional steps to reduce our long-term cost structure which will contribute further to improving our operating results.”

The Corporation reported a loss from operations for the three and twelve months ended December 31, 2021, of $12.6 million and $13.6 million, respectively, which included a $6.7 million Asbestos-Related Charge resulting from a revaluation of the asbestos liabilities and the asbestos-related insurance receivables and Reorganization-Related Costs of $1.4 million and $1.6 million, respectively, for the quarter and full year, to reduce the Corporation’s long-term cost structure. By comparison, the Corporation

reported income from operations of $2.0 million and $6.4 million for the three and twelve months ended December 31, 2020, respectively.

The current year operating results, when compared to the same periods of the prior year, were negatively impacted primarily by significantly higher costs of raw materials, energy and other operating costs and higher maintenance spending associated with extended machine outages offset, in part, by improved cost absorption resulting from higher production levels. Additionally, the 2020 full-year operating results included $0.8 million of proceeds received from a previous-year insurance claim (the “Proceeds from Business Interruption Insurance Claim”) and a smaller Asbestos-Related Charge of $0.3 million associated with the potential insolvency of an asbestos-related insurance carrier.


The following information was filed by Ampco Pittsburgh Corp (AP) on Wednesday, March 16, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ampco Pittsburgh Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Additional Information (Detail)
Accumulated Other Comprehensive Loss - Line Items Affected On Consolidated Statements Of Operations For Components Reclassified From Accumulated Other Comprehensive Loss (Detail)
Accumulated Other Comprehensive Loss - Net Changes And Ending Balances For Various Components Of Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Loss (Detail)
Accumulated Other Comprehensive Loss - Summary Of Income Tax Effect Associated With Various Components Of Other Comprehensive Income (Detail)
Business Segments
Business Segments (Tables)
Business Segments - Additional Information (Detail)
Business Segments - Business Segment Net Sales And (Loss) Income From Operations Before Income Taxes (Detail)
Business Segments - Business Segment Net Sales And (Loss) Income From Operations Before Income Taxes (Parenthetical) (Detail)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities - Additional Information (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Schedule Of Outstanding Borrowings (Detail)
Derivative Instruments
Derivative Instruments (Tables)
Derivative Instruments - Additional Information (Detail)
Derivative Instruments - Location And Fair Value Of Foreign Currency Sales Contracts Recorded On Consolidated Balance Sheets (Detail)
Derivative Instruments - Summary Of Amount Recognized As And Reclassified From Accumulated Other Comprehensive Income (Loss) (Detail)
Derivative Instruments - Summary Of Change In Fair Value Reclassified Or Expected To Be Reclassified From Accumulated Other Comprehensive Loss To Earnings (Detail)
Description Of Business
Description Of Business - Additional Information (Detail)
Environmental Matters
Environmental Matters - Additional Information (Detail)
Equity Rights Offering
Equity Rights Offering (Tables)
Equity Rights Offering - Additional Information (Detail)
Equity Rights Offering - Summary Of Outstanding Warrants (Detail)
Fair Value
Fair Value (Tables)
Fair Value - Fair Value Of Financial Assets And Liabilities (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - (Loss) Income From Operations Before Income Taxes (Detail)
Income Taxes - Additional Information (Detail)
Income Taxes - Deferred Income Tax Assets And Liabilities (Detail)
Income Taxes - Difference Between Statutory U.S. Federal Income Tax And The Corporation's Effective Income Tax (Detail)
Income Taxes - Summary Of Income Tax Provision (Benefit) (Detail)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Additional Information (Detail)
Intangible Assets - Schedule Of Intangible Assets (Detail)
Intangible Assets - Summary Of Changes In Intangible Assets (Detail)
Inventories
Inventories (Tables)
Inventories - Additional Information (Detail)
Inventories - Schedule Of Inventories (Detail)
Investments In Joint Ventures
Investments In Joint Ventures - Additional Information (Detail)
Litigation
Litigation (Tables)
Litigation - Additional Information (Detail)
Litigation - Schedule Of Loss Contingencies By Contingency (Detail)
Litigation - Schedule Of Loss Contingencies By Contingency (Parenthetical) (Detail)
Litigation - Summary Of Activity In Asbestos Insurance Recoveries (Detail)
Operating Lease Liabilities
Operating Lease Liabilities (Tables)
Operating Lease Liabilities - Additional Information (Detail)
Operating Lease Liabilities - Components Of Lease Cost (Detail)
Operating Lease Liabilities - Summary Of Current And Non Current Portions Of Operating Lease Arrangements (Detail)
Operating Lease Liabilities - Summary Of Future Operating Lease Payments (Detail)
Operating Lease Right Of Use Assets
Operating Lease Right Of Use Assets (Tables)
Operating Lease Right-Of-Use Assets - Schedule Of Right-Of-Use Assets Associated With Operating Leases (Detail)
Other Current Liabilities
Other Current Liabilities (Tables)
Other Current Liabilities - Additional Information (Detail)
Other Current Liabilities - Schedule Of Change In Customer Deposits (Detail)
Other Current Liabilities - Schedule Of Changes In Liability For Product Warranty Claims (Detail)
Other Current Liabilities - Schedule Of Other Current Liabilities (Detail)
Pension And Other Postretirement Benefits
Pension And Other Postretirement Benefits (Tables)
Pension And Other Postretirement Benefits - Additional Information (Detail)
Pension And Other Postretirement Benefits - Asset Categories Based On The Nature And Risks Of The Plan Assets (Detail)
Pension And Other Postretirement Benefits - Asset Categories Based On The Nature And Risks Of The Plan Assets (Parenthetical) (Detail)
Pension And Other Postretirement Benefits - Assumptions Regarding Net Periodic Pension And Other Postretirement Benefit Costs (Detail)
Pension And Other Postretirement Benefits - Components Of Actuarial (Gains) Losses (Detail)
Pension And Other Postretirement Benefits - Discount Rates Used To Determine The Benefit Obligations (Detail)
Pension And Other Postretirement Benefits - Net Periodic Pension And Other Postretirement Benefit Costs (Detail)
Pension And Other Postretirement Benefits - Schedule Of Accumulated Other Comprehensive Loss (Detail)
Pension And Other Postretirement Benefits - Schedule Of Changes In Plan Assets (Detail)
Pension And Other Postretirement Benefits - Schedule Of Changes In Projected Benefit Obligations (Pbo) (Detail)
Pension And Other Postretirement Benefits - Schedule Of Estimated Benefit Payments (Detail)
Pension And Other Postretirement Benefits - Schedule Of Funded Status Of The Plans (Detail)
Pension And Other Postretirement Benefits - Summary Of Amounts Recognized In The Consolidated Balance Sheets (Detail)
Pension And Other Postretirement Benefits - Summary Of Changes In The Fair Value Of The Level 3 Plan Assets For The U.S. And Foreign Pension Benefits Plans (Detail)
Pension And Other Postretirement Benefits - Summary Of Target Asset Allocations And Major Asset Categories (Detail)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Additional Information (Detail)
Property, Plant And Equipment - Schedule Of Property, Plant And Equipment (Detail)
Related Parties
Related Parties - Additional Information (Detail)
Research And Development Costs
Research And Development Costs - Additional Information (Detail)
Revenue
Revenue (Tables)
Revenue - Additional Information (Detail)
Revenue - Net Sales (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Summary Of Outstanding Restricted Stock Units ("Rsu") And Performance Share Awards ("Psu") (Detail)
Stock-Based Compensation - Summary Of Outstanding Stock Options (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Ticker: AP
CIK: 6176
Form Type: 10-K Annual Report
Accession Number: 0001564590-22-010687
Submitted to the SEC: Wed Mar 16 2022 6:05:20 PM EST
Accepted by the SEC: Thu Mar 17 2022
Period: Friday, December 31, 2021
Industry: Pumps And Pumping Equipment

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