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Ampco Pittsburgh Corp (AP) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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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

May 6, 2020

Ampco-Pittsburgh Corporation Announces First Quarter 2020 Results

 

   

Corporation improves performance in Q1 following a return to profitability in Q4 2019

 

   

GAAP EPS of $0.33 for quarter ended March 31, 2020, versus GAAP net loss per share of $(1.21) in the year-ago quarter

 

   

GAAP Operating Income improves by 43% from Q4 2019 to Q1 2020 as restructuring and efficiency improvements continue

Carnegie, PA, May 6, 2020 – Ampco-Pittsburgh Corporation (NYSE: AP) reports sales from continuing operations of $91.1 million for the three months ended March 31, 2020, compared to $107.5 million for the three months ended March 31, 2019. The decrease is principally attributable to a lower volume of shipments for the Forged and Cast Engineered Products segment due to weaker demand in the flat rolled steel and oil and gas markets.

Income from continuing operations for the three months ended March 31, 2020, was $4.4 million compared to a loss from continuing operations for the three months ended March 31, 2019, of $12.0 million which included a $10.1 million impairment charge and $0.9 million of restructuring-related costs. Income from continuing operations for the current quarter also benefited from the elimination of excess carrying costs of the Avonmore, PA cast roll plant which was divested in 2019, additional proceeds from a 2018 insurance claim, manufacturing efficiencies and cost reduction actions across the Corporation.

Adjusted income from continuing operations for the quarter, which is not based on U.S. generally accepted accounting principles (“GAAP”), was $3.6 million, an improvement of $2.3 million when compared to the same period of the prior year prepared on the same basis. The improvement is primarily driven by the aforementioned manufacturing efficiencies and cost reductions. A reconciliation of these GAAP to non-GAAP results is provided below under “Non-GAAP Financial Measures Reconciliation Schedule.”

Other expense for the three months ended March 31, 2020, includes higher foreign exchange losses and unrealized losses on rabbi trust investments, which are principally due to market disruptions caused by the COVID-19 pandemic, when compared to the same period of the prior year. The income tax benefit recognized in the current quarter includes a benefit of approximately $3.5 million for the reversal of previously established valuation allowances due to expanded tax loss carryback provisions made possible by the CARES Act.


The following information was filed by Ampco Pittsburgh Corp (AP) on Wednesday, May 6, 2020 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Shareholders' Equity (Unaudited)
Condensed Consolidated Statements Of Shareholders' Equity (Unaudited) (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 Condensed 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 Accumulated Other Comprehensive Loss (Detail)
Business Segments
Business Segments (Tables)
Business Segments - Additional Information (Detail)
Business Segments - Business Segment Net Sales And Income (Loss) From Continuing Operations Before Income Taxes (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 Condensed 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)
Discontinued Operations And Disposition
Discontinued Operations And Disposition (Tables)
Discontinued Operations And Disposition - Additional Information (Detail)
Discontinued Operations And Disposition - Summary Of Major Classes Of Asw's Loss From Discontinued Operations, Net Of Tax In The Condensed 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)
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)
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)
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 - Contributions For Pension And Other Postretirement Benefits (Detail)
Pension And Other Postretirement Benefits - Net Periodic Pension And Other Postretirement Benefit Costs (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)
Revenue
Revenue (Tables)
Revenue - Additional Information (Detail)
Revenue - Net Sales And Income (Loss) From Continuing Operations Before Income Taxes (Detail)
Stock-Based Compensation
Stock-Based Compensation - Additional Information (Detail)
Unaudited Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Financial Statements (Policies)

Material Contracts, Statements, Certifications & more

Ampco Pittsburgh Corp provided additional information to their SEC Filing as exhibits

Ticker: AP
CIK: 6176
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-024350
Submitted to the SEC: Mon May 11 2020 5:09:29 PM EST
Accepted by the SEC: Mon May 11 2020
Period: Tuesday, March 31, 2020
Industry: Pumps And Pumping Equipment

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