Ampco Pittsburgh Corp (AP) 10-Q Quarterly Report May 2022

Carnegie, PA, May 10, 2022 – Ampco-Pittsburgh Corporation (NYSE: AP) (“Ampco-Pittsburgh” or the “Corporation”) reported total net sales of $94.4 million for the three months ended March 31, 2022, compared to $86.8 million for the three months ended March 31, 2021. The increase is primarily attributable to higher sales for the Forged and Cast Engineered Products segment due to higher pricing and surcharges passed through to customers driven by higher raw material, energy and transportation costs, and a higher volume of forged engineered products shipments to the steel distribution and oil and gas markets. This increase was partly offset by a decline in sales in the Air and Liquid Processing segment resulting from supply chain issues impacting the availability of components for production and customer delivery timing.

Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “We successfully implemented price increases and expanded surcharge coverage in the Forged and Cast Engineered Products segment to address not only raw material price escalation, but also natural gas, electricity and transportation for a large majority of our contracts, which has helped to restore margins. Although we and our customers have been negatively impacted like most manufacturers by supply chain issues affecting availability and lead times for parts, we continue to focus on the controllable elements of our cost structure. We are pleased with the accelerating backlog growth in both segments.”

Income from operations for the three months ended March 31, 2022, was $1.2 million, compared to $0.9 million for the three months ended March 31, 2021. The increase primarily reflects a change in certain employee benefits, which increased income from operations for the current year quarter by $1.4 million, offset, in part, by the impact of unfavorable manufacturing variances from lower production levels, higher raw material, energy and transportation costs in excess of lagging customer pass-throughs, and a lower volume of mill roll, centrifugal pump and custom air handler shipments.

The following information was filed by Ampco Pittsburgh Corp (AP) on Monday, May 9, 2022 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:

Other - Other Highlight
All statements in this document other than statements of historical fact are statements that are, or could be, deemed "forward-looking statements" within the meaning of the Act and words such as "may," "will," "intend," "believe," "expect," "anticipate," "estimate," "project," "forecast," and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements.

Financial - Income Highlight
While operating income for the current year quarter includes a benefit from the Change in Employee Benefit Policy of $680, it was negatively impacted by the lower sales volumes.
Revenue - Product Highlight
Air and Liquid Processing The decrease in net sales for the current year period when compared to the same period of the prior year of $3,782 is principally attributable to a lower level of shipments of centrifugal pumps to U.S. Navy shipbuilders and the power generation industry caused by supply chain delays in purchased components and customer delivery timing.
Financial - Income Highlight
The decrease in operating income year over year of $548 is primarily the result of a lower volume of mill roll shipments, which reduced operating income by approximately $900 for the three months ended March 31, 2022, when compared to the same period of the prior year, offset by the savings generated from the Change in Employee Benefit Policy of $562.
Financial - Expense Highlight
The increase year over year primarily is attributable to the FCEP segment which experienced higher net raw material, energy and transportation costs.
Revenue - Product
Backlog at a certain date...Read more
Other - Other
The higher backlog at March...Read more
Financial - Expense
Corporate costs decreased for the...Read more
Financial - Expense
22 Selling and administrative expenses...Read more
Financial - Expense
For the ALP segment, costs...Read more
Financial - Income
The Corporation presents non-GAAP adjusted...Read more
Revenue - Product
21 Net sales approximated $94,426...Read more
Financial - Shares
The improvement period over period...Read more
Other - Other
Approximately 75% of customer orders...Read more
Other - Other
At March 31, 2022, commitments...Read more
Financial - Income
Operating income approximated $1,243 and...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: AP
CIK: 6176
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-22-019097
Submitted to the SEC: Tue May 10 2022 9:13:55 AM EST
Accepted by the SEC: Tue May 10 2022
Period: Thursday, March 31, 2022
Industry: Pumps And Pumping Equipment