Ampco-Pittsburgh Reports Q4 Sales Decline Of 3%, Expects Margins To Restore In Q1 2022

  • Ampco-Pittsburgh Corp AP reported a fourth-quarter sales decline of 2.9% year-over-year to $84.5 million, missing the consensus of $84.9 million.
  • The decrease in sales is attributable to the Air and Liquid Processing segment impacted by customer-requested deferrals and delays in receiving required components.
  • Loss from operations was $(12.63) million for the quarter, compared to income of $2 million in 4Q20.
  • Adjusted loss from operations totaled $(4.58) million versus income of $2.28 million in 4Q20.
  • EPS loss was $(0.65) versus $0.12 in the same quarter last year.
  • Full-year backlog increased 19% Y/Y with Forged Engineered Products backlog up 319%.
  • "We raised base prices and expanded surcharge coverage beyond raw materials to include relevant energy and transportation costs. We expect these actions will begin to restore margins during Q1 2022 with a full benefit expected by Q2 2022. During the quarter, we also took additional steps to reduce our long-term cost structure which will contribute further to improving our operating results," commented CEO Brett McBrayer.
  • Price Action: AP shares are trading lower by 0.78% at $6.35 on the last check Wednesday.


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Posted In: EarningsNewsBriefs