Ampco-Pittsburgh reports Q4 net loss $41.8M ($2.12/share) on $40.9M asbestos charge

AMPCO PITTSBURGH CORP

Q4 2023 sales $108.1M (+16% YoY); FY 2023 sales $422.3M (+8% YoY).
Full-year loss from operations $34.6M vs income $2.8M in 2022; non-GAAP adjusted income improved $4.5M.
Air & Liquid Processing segment sales up 35% in Q4 and 31% FY 2023 vs prior year; record segment sales.
Asbestos-related revaluation charge of $40.9M non-cash in Q4; net loss includes ~$2.00/share after-tax impact.
CEO cites high European energy costs and excess U.S. forged capacity; equipment modernization ending Q1 2024.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AMPCO PITTSBURGH CORP reported the twelve months ended December 31, 2023 results: revenue $422.3 million, net income $39.9 million, EPS $2.04 per share.

Period: the twelve months ended December 31, 2023
Revenue: $422.3 million
Net income: $39.9 million
EPS: $2.04 per share
Result: reported results

Exact text from the filing

U.S. forged business equipment modernization program in Q1 2024. Carnegie, PA, March 25, 2024 – Ampco-Pittsburgh Corporation (NYSE: AP)reported net sales of $108.1 million and $422.3 million for the three and twelve months ended December 31, 2023, compared to $93.5 million and $390.2 million for the three and twelve months ended December 31, 2022, respectively. The

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AMPCO PITTSBURGH CORP reported the three months ended December 31, 2023 results: revenue $108.1 million, net income $41.8 million, EPS $2.12 per share.

Period: the three months ended December 31, 2023
Revenue: $108.1 million
Net income: $41.8 million
EPS: $2.12 per share
Result: reported results

Exact text from the filing

Ampco-Pittsburgh Corporation (NYSE: AP)reported net sales of $108.1 million and $422.3 million for the three and twelve months ended December 31, 2023

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Source: SEC EDGAR

accession 0000950170-24-036007

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