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

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

November 4, 2021

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

 

 

Sales up 7% versus prior year quarter

 

 

Forged and Cast Engineered Products Backlog up 16% sequentially

 

 

Price increase actions commenced

 

 

Cost reduction actions in progress and capital equipment improvement plan on track

Carnegie, PA, November 4, 2021 – Ampco-Pittsburgh Corporation (NYSE: AP) (the “Corporation” or “Ampco-Pittsburgh”) reported net sales of $81.2 million and $260.4 million, respectively, for the three and nine months ended September 30, 2021, compared to $75.7 million and $241.5 million for the three and nine months ended September 30, 2020, respectively. The increase is primarily attributable to higher sales of forged engineered products to the steel distribution and energy markets and higher sales of cast rolls for hot strip mills.

Loss from operations for the three and nine months ended September 30, 2021, was $2.4 million and $1.0 million, respectively, compared to income from operations of $0.2 million and $4.4 million for the three and nine months ended September 30, 2020, respectively. The decline primarily reflects under-recovery of the inflationary effects of production costs as well as higher maintenance spending associated with extended machine outages in the Forged and Cast Engineered Products segment, which more than offset the effect of higher sales and improved absorption of manufacturing costs from higher production levels. For the nine months ended September 30, 2021, the decline additionally reflects an insurance recovery of $0.8 million received in the first quarter of the prior year.

Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “While I am proud of how our team has been able to navigate and mitigate much of the supply chain issues that nearly all manufacturers are now facing, we have seen significant inflationary pressures impacting our business. Our sales agreements with index-based surcharges do not uniformly cover all inflationary cost elements and our pricing is under-recovering the rapid rise in operating costs in the Forged and Cast Engineered Products Segment. As a result, we are now implementing price increase actions across the business.”


The following information was filed by Ampco Pittsburgh Corp (AP) on Thursday, November 4, 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-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 (Loss) Income 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)
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)
Intangible Assets
Intangible Assets (Tables)
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 - 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 And (Loss) Income Before Income Taxes
Revenue And (Loss) Income Before Income Taxes (Tables)
Revenue And (Loss) Income Before Income Taxes - Net Sales And (Loss) Income Before Income Taxes (Detail)
Revenue And (Loss) Income Before Income Taxes - Net Sales And (Loss) Income Before Income Taxes (Parenthetical) (Detail)
Stock-Based Compensation
Stock-Based Compensation - Additional Information (Detail)
Unaudited Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Financial Statements (Policies)
Unaudited Condensed Consolidated Financial Statements - Additional Information (Detail)

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: 0001564590-21-055733
Submitted to the SEC: Tue Nov 09 2021 4:16:06 PM EST
Accepted by the SEC: Tue Nov 09 2021
Period: Thursday, September 30, 2021
Industry: Pumps And Pumping Equipment

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