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Ampco-Pittsburgh Corporation (AP+1.87%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. The filing is available for review filing.
The report outlines the company's operations in two business segments: Forged and Cast Engineered Products (FCEP) and Air and Liquid Processing (ALP). The FCEP segment produces forged hardened steel rolls, cast rolls, and forged engineered products, while the ALP segment includes Aerofin, Buffalo Air Handling, and Buffalo Pumps.
Net sales for the fiscal year 2024 were $418.3 million, a slight decrease from $422.3 million in 2023. The FCEP segment contributed $286.6 million, while the ALP segment contributed $131.7 million.
Income from operations for 2024 was $12.2 million, compared to a loss of $34.6 million in 2023. The improvement was primarily due to a net benefit related to asbestos-related costs.
The company reported a net income of $2.4 million for 2024, compared to a net loss of $38.1 million for 2023. The turnaround was attributed to changes in asbestos-related liabilities and insurance recoveries.
Ampco-Pittsburgh's backlog at the end of 2024 was $378.9 million, consistent with the previous year. The FCEP segment's backlog increased slightly, while the ALP segment's backlog decreased.
The company continues to face challenges such as excess global capacity in the steel industry, geopolitical conflicts, and inflationary pressures. It is actively monitoring these factors and their potential impact on operations and financial performance.
Ampco-Pittsburgh's liquidity position remains stable, with cash and cash equivalents of $15.4 million at the end of 2024. The company expects to have sufficient resources to meet its operational requirements and debt obligations.
The report also discusses various risk factors, including dependence on certain equipment, fluctuations in energy and commodity prices, and potential impacts from geopolitical conflicts.
The company is involved in ongoing asbestos litigation and has recorded liabilities and insurance recoveries related to these claims. The report provides detailed information on the estimated liabilities and potential insurance recoveries.
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 annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.