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Ampco Pittsburgh Corp (AP) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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 18, 2021

Ampco-Pittsburgh Corporation (NYSE: AP) Announces Fourth Quarter and Full Year 2020 Results

 

   

Corporation reports EPS of $0.12 per share for Q4 2020, sequentially higher than Q3 2020.

 

   

Full year 2020 EPS of $0.56 per share versus $(1.67) loss in full year 2019. First full year of profitability since 2015 despite impact of COVID-19.

 

   

Capitalization significantly improved from 2019. Total debt reduced by $33.6 million or 47% from December 31, 2019.

Carnegie, PA, March 18, 2021 – Ampco-Pittsburgh Corporation (NYSE: AP) (the “Corporation” or “Ampco-Pittsburgh”) reported net income for the three and twelve months ended December 31, 2020, of $2.2 million, or $0.12 per common share, and $8.0 million, or $0.56 per common share, respectively. By comparison, the Corporation reported net income for the three months ended December 31, 2019, of $3.1 million, or $0.24 per common share, and a net loss of $(21.0) million, or $(1.67) per common share, for the twelve months ended December 31, 2019. For the full year 2019, this includes a loss from discontinued operations, net of tax, of $(9.1) million, or $(0.72) per common share.

Sales from continuing operations were $87.0 million and $328.5 million for the three and twelve months ended December 31, 2020, respectively, compared to $97.0 million and $397.9 million for the three and twelve months ended December 31, 2019, respectively. The decrease is primarily attributable to a lower volume of shipments for the Forged and Cast Engineered Products segment due to deferral of deliveries by customers in the flat-rolled steel and aluminum markets and reduced demand for forged engineered products, primarily in the oil and gas market.

Commenting on the quarter and full year results, Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer, said, “Despite the decline in sales driven by the global pandemic, Ampco-Pittsburgh delivered another profitable quarter in Q4 2020 and improved sequentially over prior quarter EPS. The restructuring initiatives and efficiency improvements our team has been engaged in over the past two years have positioned us to face these challenges and deliver our first profitable year since 2015 while improving our liquidity position. We are cautiously optimistic that order activity levels will increase moving into the second half of 2021 as the lingering impacts of the pandemic subside.”


The following information was filed by Ampco Pittsburgh Corp (AP) on Thursday, March 18, 2021 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 Changes And Ending Balances For Various Components Of Other Comprehensive Income (Loss) And 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)
Business Segments - Business Segment Net Sales And Income (Loss) From Continuing 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)
Discontinued Operations And Dispositions
Discontinued Operations And Dispositions (Tables)
Discontinued Operations And Dispositions - Additional Information (Detail)
Discontinued Operations And Dispositions - Summary Of Major Classes Of Asw's Loss From Discontinued Operations, Net Of Tax In The Consolidated Statements Of Operations (Detail)
Environmental Matters
Environmental Matters - Additional Information (Detail)
Equity Rights Offering
Equity Rights Offering - 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 - 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 (Loss) Before Income Taxes (Detail)
Income Taxes - Income Tax Provision 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 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 Portion 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 Losses (Gains) (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)
Subsequent Events
Subsequent Events - Additional Information (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: 0001564590-21-015797
Submitted to the SEC: Fri Mar 26 2021 3:34:40 PM EST
Accepted by the SEC: Fri Mar 26 2021
Period: Thursday, December 31, 2020
Industry: Pumps And Pumping Equipment

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