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Ampco Pittsburgh Corp (AP) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

SEC Filings

AP Registration of Securities

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 14, 2019

Ampco-Pittsburgh Corporation Announces Fourth Quarter 2018 Results

and Plan to Sell Canadian Subsidiary

Carnegie, PA, March 14, 2019 – Ampco-Pittsburgh Corporation (NYSE: AP) reported sales from continuing operations for the three and twelve months ended December 31, 2018, of $95.8 million and $419.4 million, respectively, compared to $103.6 million and $385.2 million, respectively, for the three and twelve months ended December 31, 2017. This excludes sales in all periods for the Corporation’s Canadian subsidiary, ASW Steel Inc. (“ASW”), which has now been classified as a discontinued operation pursuant to a plan to sell this business approved during the fourth quarter. The change in sales from continuing operations is principally attributable to the Forged and Cast Engineered Products segment.

Segment Results

Sales from continuing operations for the Forged and Cast Engineered Products segment declined 8% for the three months ended December 31, 2018, compared to prior year, due to a lower volume of shipments of forged engineered products for the oil and gas industry, as well as lower shipments of forged rolls caused, in part, by equipment downtime issues carrying over from the third quarter. Segment sales from continuing operations for the full year 2018 increased 11% compared to 2017, led by higher shipments of forged engineered products to the oil and gas industry and both cast and forged mill rolls. Operating results from continuing operations for the three months ended December 31, 2018, declined compared to the prior year, driven primarily by the lower volume of shipments and higher operating costs, including lower cost absorption and higher equipment maintenance costs. Segment operating results from continuing operations for the full year 2018 were comparable to 2017. While operating results for the current year benefited from the higher volume of shipments and improved pricing, unabsorbed costs from lower production levels, higher operating costs, and equipment maintenance issues offset the expected contribution to operating results.

Sales for the Air and Liquid Processing segment for the three and twelve months ended December 31, 2018, were approximately comparable to prior year levels. The segment recorded an operating loss for the three and twelve months ended December 31, 2018, driven by a charge of $32.9 million, representing the estimated costs for pending and future asbestos litigation, net of additional insurance recoveries, through 2052, the anticipated date by which the Corporation expects to have resolved all asbestos-related claims (“Asbestos Charge”). Otherwise, results for the segment were generally comparable to the prior year periods.


The following information was filed by Ampco Pittsburgh Corp (AP) on Thursday, March 14, 2019 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 (Loss)
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 Change And Ending Balances For Various Components Of Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Loss (Detail)
Borrowing Arrangements
Borrowing Arrangements (Tables)
Borrowing Arrangements - Additional Information (Detail)
Borrowing Arrangements - Schedule Of Outstanding Borrowings (Detail)
Business Segments
Business Segments (Tables)
Business Segments - Additional Information (Detail)
Business Segments - Business Segment Net Sales And (Loss) Income From Continuing Operations Before Income Taxes (Detail)
Business Segments - Business Segment Net Sales And (Loss) Income From Continuing Operations Before Income Taxes (Parenthetical) (Detail)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities - Additional Information (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)
Discontinued Operations And Disposition
Discontinued Operations And Disposition (Tables)
Discontinued Operations And Disposition - Additional Information (Detail)
Discontinued Operations And Disposition - Summary Of Assets And Liabilities Of Asw (Detail)
Discontinued Operations And Disposition - Summary Of Major Classes Of Asw's (Loss) Income From Discontinued Operations, Net Of Tax In The Consolidated Statements Of Operations (Detail)
Environmental Matters
Environmental Matters - Additional Information (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 Before Income Taxes And Equity Gains (Losses) In Joint Venture (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 - Income Tax Provision (Benefit) For Continuing Operations (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 Leases
Operating Leases - Additional Information (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 And Weighted-Average Wage Increases 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 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 U.S. And Foreign Pension 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 - Net Sales (Detail)
Revenue - Net Sales (Parenthetical) (Detail)
Schedule Ii - Valuation And Qualifying Accounts (Detail)
Schedule Ii - Valuation And Qualifying Accounts (Parenthetical) (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Summary Of Outstanding Incentive Options (Rsus And Psus) (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 (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Schedule Of Cumulative-Effect Adjustment To Retained Earnings (Detail)
Summary Of Significant Accounting Policies - Schedule Of Effect Of Retrospective Guidance On Consolidated Statements Of Operations (Detail)
Summary Of Significant Accounting Policies - Schedule Of Effect Of Retrospective Guidance On Operating Results Of Segments (Detail)
Valuation And Qualifying Accounts
Ticker: AP
CIK: 6176
Form Type: 10-K Annual Report
Accession Number: 0001564590-19-008247
Submitted to the SEC: Mon Mar 18 2019 11:55:17 AM EST
Accepted by the SEC: Mon Mar 18 2019
Period: Monday, December 31, 2018
Industry: Pumps And Pumping Equipment

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