Financial Performance - Total net sales for the three months ended June 30, 2024, were $110,988,000, an increase of 3.3% compared to $107,211,000 for the same period in 2023[9]. - Net income attributable to Ampco-Pittsburgh for the three months ended June 30, 2024, was $2,012,000, compared to $423,000 for the same period in 2023, representing a significant increase[9]. - For the three months ended June 30, 2024, the net income was $2,552,000, compared to $996,000 for the same period in 2023, representing a significant increase of 156%[14]. - The total comprehensive income for the six months ended June 30, 2024, was $1,957,000, compared to $2,102,000 for the same period in 2023, indicating a decrease of 7%[14]. - The Corporation's total income before income taxes for the three months ended June 30, 2024, was $3.4 million, compared to $1.1 million in the same period of 2023, indicating a significant improvement[78]. Assets and Liabilities - Total current assets increased to $247,384,000 as of June 30, 2024, from $236,653,000 as of December 31, 2023, reflecting a growth of 4.6%[6]. - Total liabilities decreased to $491,347,000 as of June 30, 2024, from $494,083,000 as of December 31, 2023, indicating a reduction of 0.7%[6]. - The company’s total assets decreased to $560,806,000 as of June 30, 2024, from $565,654,000 as of December 31, 2023, a decline of 0.8%[6]. - Total shareholders' equity decreased to $69,459,000 as of June 30, 2024, from $71,571,000 as of December 31, 2023, a decline of 2.9%[6]. - The company reported an increase in trade receivables to $83,974,000 as of June 30, 2024, from $78,939,000 as of December 31, 2023, representing a growth of 6.4%[6]. Cash Flow and Investments - Cash and cash equivalents increased to $7,892,000 as of June 30, 2024, from $7,286,000 as of December 31, 2023, a rise of 8.3%[6]. - Cash flows used in operating activities for the six months ended June 30, 2024, were $(780,000), a notable improvement from $(7,105,000) in the same period of 2023[16]. - The company reported net cash flows used in investing activities of $(4,370,000) for the six months ended June 30, 2024, compared to $(9,560,000) in the prior year, reflecting a reduction of 54%[16]. - The balance of cash and cash equivalents at the end of the period on June 30, 2024, was $7,892,000, down from $9,475,000 at the end of June 30, 2023[16]. - The company reported a net increase in cash and cash equivalents of $606,000 for the six months ended June 30, 2024, compared to an increase of $740,000 in the same period of 2023[16]. Operating Costs - The company reported operating costs of $105,945,000 for the three months ended June 30, 2024, compared to $103,923,000 for the same period in 2023, an increase of 2.0%[9]. - Stock-based compensation for the three months ended June 30, 2024, was $388,000, a decrease from $483,000 in the same period in 2023, showing a decline of 20%[14]. - The Corporation's amortization of intangible assets for the three months ended June 30, 2024, was $85, compared to $86 for the same period in 2023, showing a slight decrease[26]. Segment Performance - Net sales for the Forged and Cast Engineered Products segment were $75.7 million for the three months ended June 30, 2024, compared to $77.6 million in 2023, reflecting a decrease of 2.4%[78]. - The Air and Liquid Processing segment reported net sales of $35.3 million for the three months ended June 30, 2024, an increase of 19% from $29.6 million in 2023[78]. - Total reportable segments generated net sales of $111 million for the three months ended June 30, 2024, compared to $107.2 million in 2023, representing a growth of 3.3%[78]. - Income before income taxes for the Forged and Cast Engineered Products segment increased to $5.4 million in Q2 2024 from $3.9 million in Q2 2023, a growth of 37.4%[78]. Asbestos Liability - Total claims pending for Asbestos Liability at the end of June 30, 2024, were 6,248, a decrease from 6,489 claims at the end of June 30, 2023[61]. - Gross settlement and defense costs paid for Asbestos Liability in the six months ended June 30, 2024, amounted to $11.843 million, compared to $10.789 million in the same period of 2023[61]. - Asbestos liability at the end of June 30, 2024, was $226.836 million, an increase from $142.786 million at the end of June 30, 2023[66]. - Insurance receivable related to Asbestos Liability at the end of June 30, 2024, was $151.050 million, up from $99.223 million at the end of June 30, 2023[67]. Debt and Financing - Outstanding borrowings rose to $135,241 as of June 30, 2024, from $128,653 as of December 31, 2023, representing an increase of approximately 5.5%[31]. - The Corporation's current portion of debt increased to $15,886 as of June 30, 2024, from $12,271 as of December 31, 2023, indicating a rise of about 29.5%[31]. - The Corporation has a revolving credit facility of $100,000, which can be increased to $130,000, with outstanding borrowings of $61,896 as of June 30, 2024[32]. - The average interest rate for the revolving credit facility was approximately 8.22% for the three and six months ended June 30, 2024, compared to 7.87% and 7.78% for the same periods in 2023[32]. Other Financial Metrics - The total accumulated other comprehensive loss was $(66,532), with a net change of $(3,067) for the six months ended June 30, 2024[43]. - Approximately 41% of anticipated copper purchases ($2,495) and 56% of anticipated aluminum purchases ($621) are hedged as of June 30, 2024[48]. - The estimated amount to be reclassified from accumulated other comprehensive loss to earnings for foreign currency purchase contracts in the next 12 months is $28[51]. - The Corporation's financial assets and liabilities reported at fair value as of June 30, 2024, are detailed in the condensed consolidated balance sheets[52].
Ampco-Pittsburgh(AP) - 2024 Q2 - Quarterly Report