Ampco Pittsburgh Corp (AP) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Exhibit 99.1

Contact:

Michael G. McAuley

Senior Vice President, Chief Financial Officer and Treasurer

(412) 429-2472

mmcauley@ampcopgh.com

FOR IMMEDIATE RELEASE

CARNEGIE, PA

August 9, 2021

Ampco-Pittsburgh Corporation (NYSE: AP) Announces Second Quarter 2021 Results

Carnegie, PA, August 9, 2021 – Ampco-Pittsburgh Corporation (NYSE: AP) (the “Corporation” or “Ampco-Pittsburgh”) reported net sales of $92.4 million and $179.2 million, respectively, for the three and six months ended June 30, 2021, compared to $74.8 million and $165.8 million for the three and six months ended June 30, 2020, respectively. The increase is primarily attributable to higher shipments of mill rolls and higher shipments of forged engineered products.

Income (loss) from operations for the three and six months ended June 30, 2021, was $0.5 million and $1.4 million, respectively, compared to $(0.1) million and $4.3 million for the three and six months ended June 30, 2020, respectively. For the three months ended June 30, 2021, the improvement primarily reflects the impacts of higher shipment volumes and improved cost absorption from higher production levels in the current quarter compared to significant downtime from the idling of manufacturing facilities associated with the early stages of the pandemic in the prior year quarter. For the six months ended June 30, 2021, income from operations declined as higher raw material costs net of surcharges, a less favorable sales mix, and an insurance recovery of $0.8 million in the prior year more than offset the benefit of higher shipment volumes in the current year.

Investment-related income for the three and six months ended June 30, 2021, includes a dividend of $1.0 million from one of the Corporation’s Chinese joint ventures. Interest expense for the three and six months ended June 30, 2021, declined in comparison to the prior year based on reduced debt. Other – net was approximately comparable for the three-month periods ended June 30, 2021, and 2020, though improved for the six months ended June 30, 2021, due to higher pension income and unrealized gains on Rabbi Trust assets.

The income tax provision for the three and six months ended June 30, 2021, includes unusual expenses totaling $0.7 million, or $0.04 per common share, for the revaluation of certain deferred income tax liabilities for a future tax rate change enacted in the U.K. during the quarter and for the restructuring of a foreign sales office. The income tax benefit for the six months ended June 30, 2020, includes a benefit of $3.5 million due to expanded tax loss carryback provisions made possible by the CARES Act.