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Ampco Pittsburgh Corp (AP) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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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

May 9, 2022

 

      

Ampco-Pittsburgh Corporation (NYSE: AP) Announces First Quarter 2022 Results

 

   

Q1 2022 net income of $1.6 million vs. prior year of $0.2 million

 

   

Q1 2022 sales growth of 9% vs. prior year

 

   

Backlog growth of 36% vs. prior year and 12% vs. prior quarter

 

   

Price increases implemented and surcharges expanded

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:

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 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 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)
Accumulated Other Comprehensive Loss - Summary Of Income Tax Effect Associated With Various Components Of Other Comprehensive Income (Detail)
Business Segments
Business Segments (Tables)
Business Segments - Additional Information (Detail)
Business Segments - Business Segment Net Sales And 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 - 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)
Litigation - Summary Of Activity Relating To Asbestos Liability (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)
Related Parties
Related Parties - Additional Information (Detail)
Revenue And Income Before Income Taxes
Revenue And Income Before Income Taxes (Tables)
Revenue And Income Before Income Taxes - Net Sales And Income Before Income Taxes (Detail)
Revenue And Income Before Income Taxes - Net Sales And 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)

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: 0001564590-22-019097
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

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