Financial Performance - Ampco-Pittsburgh Corporation reported net sales of 104.8 million in Q1 2023[2] - The company experienced a net loss of (0.14) per share, compared to net income of 0.03 per diluted share, in the same quarter last year[4] - Income from operations decreased to 2.0 million in Q1 2023, primarily due to higher repair expenses and plant downtime from fire damage[2] - Interest expense rose to 0.7 million from the previous year, driven by higher average borrowings and interest rates[3] - Other income decreased to 1.4 million in Q1 2023, primarily due to foreign exchange transaction losses[3] Segment Performance - The Air and Liquid Processing segment reported net sales of 28.0 million in Q1 2023[12] - The company anticipates that the sales mix issue affecting Air and Liquid margins will be resolved in Q2 2024, with better absorption of expansion costs as prior order book growth converts to sales[3] Operational Challenges - Corporate costs increased to (3.2) million in Q1 2023, impacting overall profitability[11] - The company noted that a low order book in Europe continues to negatively affect cast plant utilization, but customer orders are improving as the destocking cycle appears complete[3] Company Overview - Ampco-Pittsburgh operates manufacturing facilities in the U.S., England, Sweden, and Slovenia, and has sales offices in North America, Asia, Europe, and the Middle East[6]
Ampco-Pittsburgh(AP) - 2024 Q1 - Quarterly Results