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Ampco-Pittsburgh Corporation Announces First Quarter 2019 Results

Steel News - Published on Wed, 15 May 2019

Image Source: The Business Journals
Ampco-Pittsburgh Corporation reports sales from continuing operations for the three months ended March 31, 2019, of $107.5 million compared to $106.4 million for the three months ended March 31, 2018. The improvement is principally attributable to the Air and Liquid Processing segment, led by higher sales of air handling units and centrifugal pumps. For the Forged and Cast Engineered Products segment, forged and cast roll sales improved, however, sales of forged engineered products to the oil and gas industry decreased.

Consolidated Results
Loss from continuing operations for the three months ended March 31, 2019, was $12.0 million, including the Impairment Charge and $0.9 million in professional fees associated with the Corporation’s overall restructuring plan and employee severance due to a reduction in force (“Restructuring-Related Costs”). This compares to a loss from continuing operations of $1.8 million for the three months ended March 31, 2018. Adjusted income from continuing operations, which is not based on U.S. generally accepted accounting principles (“GAAP”) and excludes the Impairment Charge, the Restructuring-Related Costs and estimated excess costs of the Avonmore facility, was positive at approximately $1.2 million, an improvement of $0.7 million compared to the prior-year quarter on the same basis. A reconciliation of these GAAP to non-GAAP results is provided below under “Non-GAAP Financial Measures Reconciliation Schedule.”

Other income for the three months ended March 31, 2019, decreased compared to the prior year primarily due to a $2.4 million benefit in the prior year quarter related to a contractual settlement with a third party.

Net loss from continuing operations for the three months ended March 31, 2019, was $12.6 million, or $1.00 per common share, including approximately $0.88 per common share for the Impairment Charge and Restructuring-Related Costs recorded in the quarter. By comparison, net income from continuing operations for the three months ended March 31, 2018, was $1.5 million, or $0.12 per common share, but included $2.4 million, or $0.19 per common share, for a contractual settlement benefit.

Discontinued Operations
Loss from discontinued operations, net of tax, for the three months ended March 31, 2019, was $2.2 million, or $0.18 per common share, compared to $0.1 million, or $0.01 per common share, for the prior year period. The loss reflects the operations of the Corporation’s Canadian subsidiary, ASW Steel Inc., which is held for sale. The higher loss compared to prior year is due to a reduction in sales driven by tariffs imposed by the U.S. on imports of primary steel and lower demand of ingot feedstock for the production of forged engineered products for the oil and gas industry.

Segment Results

Sales from continuing operations for the Forged and Cast Engineered Products segment for the three months ended March 31, 2019, were flat compared to the prior year as a higher volume of both forged and cast roll shipments was offset by a decline in shipments of forged engineered products for the oil and gas industry. Operating results from continuing operations for the three months ended March 31, 2019, declined principally due to the Impairment Charge.

Sales for the Air and Liquid Processing segment for the three months ended March 31, 2019, increased approximately 5% compared to prior year due to higher shipment volumes of custom air handling units and centrifugal pumps. Operating results for the three months ended March 31, 2019, were approximately flat with prior year as the higher shipment volumes were offset by unfavorable product mix.

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Posted By : Rabi Wangkhem on Wed, 15 May 2019
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