Financial Performance - Total net sales for Q1 2024 reached 104,803 thousand in Q1 2023[9] - The company reported a net loss of 985 thousand in Q1 2023[11] - Basic and diluted net loss per share attributable to Ampco-Pittsburgh was 0.03 in Q1 2023[9] - The company experienced a comprehensive loss of 2,269 thousand in Q1 2023[11] - For the three months ended March 31, 2024, the net loss was 985 thousand for the same period in 2023, representing a significant decline[14] - The Corporation reported a total loss before income taxes of 1.298 million in 2023[79] Assets and Liabilities - Total assets as of March 31, 2024, were 565,654 thousand as of December 31, 2023[5] - Total liabilities increased to 494,083 thousand at the end of 2023[5] - Shareholders' equity decreased to 71,571 thousand as of December 31, 2023[5] - The company’s total liabilities decreased slightly to 71,571 thousand at January 1, 2024, suggesting improved financial stability[14] Cash Flow and Liquidity - Cash and cash equivalents increased to 7,286 thousand as of December 31, 2023[5] - Total cash and cash equivalents at the end of the period increased to 6,074 thousand year-over-year, indicating improved liquidity[17] - Operating cash flows for the three months ended March 31, 2024, were 4,391 thousand in the same period of 2023, showing a positive trend[17] Inventory and Assets Management - Inventories decreased slightly to 124,694 thousand at December 31, 2023, reflecting efficient inventory management[23] - Property, plant, and equipment net value decreased to 158,732 thousand at December 31, 2023, indicating ongoing depreciation[24] - Intangible assets net value decreased to 4,947 thousand at December 31, 2023, reflecting amortization of intangible assets[26] Segment Performance - Net sales for the three months ended March 31, 2024, were 104.803 million in the same period of 2023, representing a growth of approximately 5.3%[55] - The net sales in the United States for the three months ended March 31, 2024, were 55.377 million for the same period in 2023, indicating a significant increase of approximately 25.9%[55] - The net sales from foreign markets for the same period were 49.426 million in 2023, reflecting a decline of about 18.1%[55] - Net sales for the Forged and Cast Engineered Products segment increased to 76.798 million in 2023[79] - Air and Liquid Processing segment net sales rose to 28.005 million in 2023[79] Asbestos Liability - The total asbestos liability at the end of the period was 149.257 million at the end of March 31, 2023, representing a rise of approximately 55%[66] - The gross settlement and defense costs paid in the period for asbestos claims were 4.318 million in the same period of 2023, showing an increase of approximately 60%[66] - The insurance receivable related to asbestos at the end of the period was 102.833 million at the end of March 31, 2023, reflecting an increase of approximately 52.5%[67] - The Corporation intends to regularly evaluate its Asbestos Liability and related insurance receivable to determine if adjustments are necessary, but future adjustments remain uncertain[70] Other Financial Metrics - Contributions to U.S. defined contribution plans increased to 646 in Q1 2023, reflecting a growth of approximately 43.8%[40] - The Corporation's net periodic pension and other postretirement benefit costs for U.S. defined benefit pension plans resulted in a net benefit income of (1,071) for Q1 2023[41] - The loss on foreign exchange transactions for Q1 2024 was 85 in Q1 2023[48] - Stock-based compensation expense for the three months ended March 31, 2024, was 627,000 in the same period of 2023, indicating a decrease of approximately 44.8%[58]
Ampco-Pittsburgh(AP) - 2024 Q1 - Quarterly Report