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Ampco-Pittsburgh(AP) - 2024 Q4 - Annual Results
APAmpco-Pittsburgh(AP)2025-03-12 20:55

Financial Performance - Net sales for Q4 2024 were 100.9million,adecreaseof6.7100.9 million, a decrease of 6.7% from 108.1 million in Q4 2023; full year sales were 418.3million,down0.9418.3 million, down 0.9% from 422.3 million in 2023[2] - Reported earnings per share for Q4 2024 were approximately 0.16,and0.16, and 0.02 for the full year 2024, compared to a loss of 2.12pershareinQ42023[4][9]−NetincomeattributabletoAmpco−Pittsburghwas2.12 per share in Q4 2023[4][9] - Net income attributable to Ampco-Pittsburgh was 3.102 million in Q4 2024, compared to a loss of 41.836millioninQ42023[25]−ForthetwelvemonthsendedDecember31,2024,totalnetsaleswere41.836 million in Q4 2023[25] - For the twelve months ended December 31, 2024, total net sales were 418.305 million, a slight decrease from 422.340millionin2023[25]OperationalEfficiency−Non−GAAPadjustedincomefromoperationsforQ42024was422.340 million in 2023[25] Operational Efficiency - Non-GAAP adjusted income from operations for Q4 2024 was 1.0 million, compared to a loss of 0.7millioninQ42023;fullyearadjustedincomeimprovedto0.7 million in Q4 2023; full year adjusted income improved to 8.0 million, up 3.7millionfrom2023[3][4]−Totaloperatingcostsandexpensesdecreasedto3.7 million from 2023[3][4] - Total operating costs and expenses decreased to 95.762 million in Q4 2024 from 149.685millioninQ42023,areductionof36.0149.685 million in Q4 2023, a reduction of 36.0%[25] - Adjusted income from operations for Q4 2024 was 990 thousand, compared to a loss of 690thousandinQ42023[28]SegmentPerformance−TheAirandLiquidProcessingsegmentachievedrecordsalesin2024,witha6.5690 thousand in Q4 2023[28] Segment Performance - The Air and Liquid Processing segment achieved record sales in 2024, with a 6.5% increase in Q4 and an 11% increase for the full year compared to prior year periods[4] - The Forged and Cast Engineered Products segment reported a 38% increase in operating income despite lower sales revenue due to pricing actions and manufacturing efficiency improvements[5] - The Forged and Cast Engineered Products segment reported net sales of 66.460 million in Q4 2024, down 12.2% from 75.757millioninQ42023[27]−TheAirandLiquidProcessingsegmentsawanincreaseinnetsalesto75.757 million in Q4 2023[27] - The Air and Liquid Processing segment saw an increase in net sales to 34.476 million in Q4 2024, up 6.6% from 32.351millioninQ42023[27]CashFlowandExpenditures−Cashflowsfromoperatingactivitiesforthefullyear2024were32.351 million in Q4 2023[27] Cash Flow and Expenditures - Cash flows from operating activities for the full year 2024 were 18.0 million, an increase of 21.7millioncomparedto2023[10]−Capitalexpendituresfor2024wereapproximately21.7 million compared to 2023[10] - Capital expenditures for 2024 were approximately 12.2 million, which is 8.2millionlessthanin2023,primarilyduetothecompletionofaplantmodernizationprogram[10]AsbestosLiability−TheCorporationrecordedanetcreditof8.2 million less than in 2023, primarily due to the completion of a plant modernization program[10] Asbestos Liability - The Corporation recorded a net credit of 4.2 million related to asbestos liability revaluation in 2024, contrasting with a 40.7millionchargein2023[5][8]−Thecompanyexperiencedasignificantreductioninasbestos−relatedcosts,withanetchargeof40.7 million charge in 2023[5][8] - The company experienced a significant reduction in asbestos-related costs, with a net charge of (4,184) thousand in Q4 2024 compared to a charge of 40,887thousandinQ42023[25]DebtandFinancing−Interestexpenseincreasedduetohigherequipmentfinancingdebtandinterestrates,buttotaldebtremainedflatcomparedtothepreviousyear[6]StrategicConsiderations−TheCorporationisexploringoptionstomitigatelossesinunderutilizedcastrolloperations,particularlyintheU.K.whereoperatinglossesexceed40,887 thousand in Q4 2023[25] Debt and Financing - Interest expense increased due to higher equipment financing debt and interest rates, but total debt remained flat compared to the previous year[6] Strategic Considerations - The Corporation is exploring options to mitigate losses in underutilized cast roll operations, particularly in the U.K. where operating losses exceed 5 million annually[4][5]