Ampco-Pittsburgh Announces Third Quarter Earnings
01 November 2014 - 7:15AM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) announces sales for the
three and nine months ended September 30, 2014 of $65,409,000 and
$198,270,000, respectively, against $64,433,000 and $203,995,000
for the comparable prior year periods. Income from operations
equaled $42,000 and $2,837,000 for the three and nine months ended
September 30, 2014, respectively. Income from operations
approximated $20,777,000 and $24,879,000 for the three and nine
months ended September 30, 2013, respectively, and includes a
pre-tax credit of $16,340,000 for estimated additional insurance
recoveries for asbestos liabilities through 2022 as a result of
insurance coverage settlement agreements entered into during the
third quarter of 2013. The Corporation incurred a net loss for the
three months ended September 30, 2014 of $343,000 or $0.03 per
share but remains profitable for the nine months ended September
30, 2014 earning $856,000 or $0.08 per share. Net income for the
three and nine months ended September 30, 2013 was $12,705,000 or
$1.23 per share and $13,937,000 or $1.35 per share, respectively,
including an after-tax credit of approximately $10,620,000 or $1.03
per share for the above-mentioned insurance settlements.
For the Forged and Cast Rolls segment, sales for the third
quarter were slightly better when compared to the same period of
the prior year while sales on a year-to-date basis fell short of
the prior year. With both the steel and aluminum industries
operating below capacity, depressed pricing and weak demand,
particularly for forged roll product, have resulted in lower
current year operating results when compared to the same periods of
the prior year. Additionally, operating income of the prior year
benefited from receipt of approximately $1,500,000 of insurance
proceeds for lost margin on rolls damaged in 2012.
For the Air and Liquid Processing group, sales for the third
quarter were also slightly better when compared to the same period
of the prior year but somewhat less on a year-to-date basis.
Operating income for the three and nine months ended September 30,
2014 was less than the same periods of the prior year due to the
pre-tax credit of $16,340,000 for the above-mentioned insurance
settlements.
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
EndedSeptember 30,
Nine Months
EndedSeptember 30,
2014 2013 2014
2013
Sales
$ 65,409,000 $
64,433,000 $
198,270,000 $
203,995,000 Income from operations
42,000
20,777,000
(1)
2,837,000
24,879,000
(1)
Other expense – net
(418,000 )
(565,000 )
(388,000 )
(1,669,000 )
(Loss) income before income taxes
(376,000 ) 20,212,000 2,449,000 23,210,000 Income tax benefit
(expense) 178,000 (7,057,000 ) (773,000 ) (7,958,000 )
Equity loss in Chinese joint venture
(145,000 )
(450,000 )
(820,000 )
(1,315,000 ) Net
(loss) income
$ (343,000 )
$
12,705,000
(2)
$ 856,000
$
13,937,000
(2)
Earnings per common share: Basic
$
(0.03 )
$
1.23
(2)
$ 0.08
$
1.35
(2)
Diluted
$ (0.03 )
$
1.22
(2)
$ 0.08
$
1.34
(2)
Weighted-average number of common shares
outstanding:
Basic
10,424,287
10,362,746 10,397,695
10,355,272 Diluted
10,477,346 10,407,664
10,447,739
10,404,158 (1)
Income from operations for the three and nine months ended
September 30, 2013 includes a pre-tax credit of $16,340,000 for
estimated additional insurance recoveries for asbestos liabilities
through 2022 as a result of insurance coverage settlement
agreements entered into during the quarter. (2) Net income
for the three and nine months ended September 30, 2013 includes an
after-tax credit of approximately $10,620,000 or $1.03 per share
for estimated additional insurance recoveries for asbestos
liabilities through 2022 as a result of insurance coverage
settlement agreements entered into during the quarter.
Ampco-Pittsburgh CorporationDee Ann Johnson, 412-456-4410Chief
Financial Officer and Treasurerdajohnson@ampcopgh.com
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