Ampco-Pittsburgh Q4 operating loss of $12.6M; full-year sales up 5%

AMPCO PITTSBURGH CORP

Q4 net sales $84.5M down from $87.0M; full-year net sales $344.9M up 5% from $328.5M.
Q4 operating loss $12.6M vs income $2.0M; includes $6.7M pre-tax asbestos revaluation charge.
Full-year backlog grew 19%; Forged Engineered Products backlog up 319% on steel and oil & gas demand.
Price increases implemented in Oct/Nov 2021 to cover energy and transport; expected full margin benefit by Q2 2022.
Adjusted loss from operations (non-GAAP) was $4.6M in Q4 vs adjusted income of $2.3M prior year.

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