News Column

Ampco-Pittsburgh Announces Second Quarter Earnings

August 1, 2014

PITTSBURGH--(BUSINESS WIRE)-- Ampco-Pittsburgh Corporation (NYSE: AP) announces sales for the three and six months ended June 30, 2014 of $69,949,000 and $132,862,000, respectively, against $69,938,000 and $139,562,000 for the comparable prior year periods. Net income for the three months ended June 30, 2014 and 2013 was $1,121,000 or $0.11 per share and $1,106,000 or $0.11 per share, respectively, and for the six months ended June 30, 2014 and 2013 was $1,199,000 or $0.12 per share and $1,232,000 or $0.12 per share, respectively. Income from operations approximated $2,018,000 and $2,795,000 for the three and six months ended June 30, 2014, respectively, against $2,391,000 and $4,102,000 for the same periods in 2013.

For the Forged and Cast Rolls segment, operating income for the quarter and year-to-date periods ended June 30, 2014 was less than the comparable prior year periods due to weak margins and a lower volume of shipments. Pricing pressures from international roll suppliers remain fierce since demand continues to be sluggish as global steel and aluminum customerswork below capacity. For the Air and Liquid Processing group, earnings for the three and six months ended June 30, 2014 were higher than the same periods of the prior year primarily due to improved product mix and cost containment.

The matters discussed herein may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from expectations. Some of these risks are set forth in the Corporation's Annual Report on Form 10-K as well as the Corporation's other reports filed with the Securities and Exchange Commission.

AMPCO-PITTSBURGH CORPORATION

FINANCIAL SUMMARY

Three Months Ended June 30,Six Months Ended June 30,
2014 20132014 2013
Sales $69,949,000 $69,938,000 $132,862,000 $139,562,000
Income from operations 2,018,000 2,391,000 2,795,000 4,102,000
Other (expense) income net (88,000) (460,000) 30,000 (1,104,000)
Income before income taxes 1,930,000 1,931,000 2,825,000 2,998,000
Income tax expense (575,000 ) (581,000 ) (951,000 ) (901,000 )

Equity loss in Chinese joint venture

(234,000) (244,000) (675,000) (865,000)
Net income $1,121,000 $1,106,000 $1,199,000 $1,232,000
Earnings per common share:
Basic $0.11 $0.11 $0.12 $0.12
Diluted $0.11 $0.11 $0.12 $0.12

Weighted-average number of common shares outstanding:

Basic 10,395,154 10,356,797 10,384,178 10,351,473
Diluted 10,448,249 10,406,686 10,436,285 10,402,772





Ampco-Pittsburgh Corporation

Dee Ann Johnson, Chief Financial Officer and Treasurer, 412-456-4410

dajohnson@ampcopgh.com

Source: Ampco-Pittsburgh Corporation


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Business Wire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters