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Ampco-Pittsburgh Corporation (AP+0.82%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
Net sales for the quarter were $96,166, compared to $102,218 in the same quarter the previous year. The decrease is primarily due to lower sales in the Forged and Cast Engineered Products segment.
Income from operations for the quarter was $1,870, compared to $1,722 in the previous year. The increase is attributed to improved pricing and manufacturing efficiencies.
The Forged and Cast Engineered Products segment reported net sales of $67,203, down from $73,625 in the previous year, due to lower volumes and product mix changes.
The Air and Liquid Processing segment reported net sales of $28,963, slightly up from $28,593 in the previous year, driven by higher sales of heat exchange coils and centrifugal pumps.
Interest expense for the quarter increased to $2,976 from $2,468 in the previous year, primarily due to higher borrowings and interest rates.
Net loss attributable to Ampco-Pittsburgh was $1,959 for the quarter, compared to net income of $809 in the previous year. This resulted in a loss of $0.10 per share, compared to earnings of $0.04 per share in the previous year.
Cash flows from operating activities were $10,576 for the nine months ended September 30, 2024, compared to cash used of $10,327 in the previous year.
The company completed its capital program to upgrade existing equipment at certain locations during the second quarter of 2024.
Backlog as of September 30, 2024, was $383,550, compared to $378,912 at December 31, 2023, with approximately 71% expected to ship after 2024.
The filing also details various financial agreements, including a revolving credit facility and equipment financing arrangements.
The company continues to address asbestos litigation and related insurance recoveries, with total asbestos claims pending at the end of the period at 6,324.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ampco-Pittsburgh Corporation quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.