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Michael G. McAuley
Senior Vice President, Chief Financial Officer and Treasurer
FOR IMMEDIATE RELEASE
August 5, 2020
Ampco-Pittsburgh Corporation Announces Second Quarter 2020 Results
Corporation reports positive EPS of $0.05 per common share for Q2 despite impact of COVID-19 pandemic.
Return to profitability extends through Q2 2020 with trailing twelve-month EPS now positive.
Air & Liquid Processing segment results approximated prior year levels and improved sequentially.
Liquidity position improved, including effective liquidity preservation measures taken during the second quarter in response to pandemic. Debt reduced 23%, or $15.9 million, from the end of Q1 2020.
Carnegie, PA, August 5, 2020 Ampco-Pittsburgh Corporation (NYSE: AP) (the Corporation) reports net income for the three and six months ended June 30, 2020, of $0.7 million, or $0.05 per share, and $4.8 million, or $0.38 per share, respectively. By comparison, the Corporation incurred a net loss of $(3.9) million, or $(0.31) per share, and $(19.0) million, or $(1.52) per share, for the same periods of the prior year which respectively included a $(0.27) and $(0.45) per share loss from discontinued operations.
Sales from continuing operations were $74.8 million and $165.8 million for the three and six months ended June 30, 2020, respectively, compared to $102.5 million and $210.0 million for the three and six months ended June 30, 2019, respectively. The decrease is principally attributable to a lower volume of shipments for the Forged and Cast Engineered Products segment due to customer deferrals in response to the global pandemic in the flat-rolled steel and aluminum markets and reduced demand for other forged engineered products.
Commenting on the quarters results, Brett McBrayer, Ampco-Pittsburghs Chief Executive Officer, said, I am proud of the way our team has responded to the pandemic while generating positive net income for Q2. We have taken extraordinary measures to maintain safe work environments and to protect our liquidity, including extended plant shutdowns and cost containment efforts in the quarter to mitigate reduced customer demand in our Forged and Cast Engineered Products segment. The restructuring of our portfolio, cost reduction measures and production efficiency improvements over the past two years have helped position us to achieve positive results and, to date, minimize the effects of the pandemic. Our Air and Liquid Processing segment also demonstrated its strength by delivering sales and income levels for the quarter about equal to the prior year, and sequentially better, with no plant downtime from the pandemic. Operating measures taken during the quarter to preserve liquidity enabled us to increase our cash position and to pay down borrowings under our revolving credit agreement significantly.
The following information was filed by Ampco Pittsburgh Corp (AP) on Wednesday, August 5, 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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