Financial Performance - Operating income for Q3 2024 was $1.9 million, with year-to-date operating income at $7.0 million, reflecting improved margins in the Forged and Cast Engineered Products segment[1]. - Net sales for Q3 2024 were $96.2 million, a decrease of 5.9% compared to $102.2 million in Q3 2023, primarily due to lower shipment volumes and lower surcharge pass-through revenues[2]. - Year-to-date net sales increased to $317.4 million, up 1.0% from $314.2 million in the same period last year, driven by growth in the Air and Liquid Processing segment[2]. - Income from operations for Q3 2024 improved slightly to $1.9 million compared to $1.7 million in Q3 2023, despite including a $0.2 million recovery from an insolvent insurance carrier in the prior year[3]. - The net loss for Q3 2024 was $(2.0) million, or $(0.10) per diluted share, compared to net income of $0.8 million, or $0.04 per diluted share, in Q3 2023[6]. - Net loss attributable to Ampco-Pittsburgh for the three months ended September 30, 2024, was $(1,959), compared to net income of $809 in the same period of 2023[15]. - Basic net loss per share attributable to Ampco-Pittsburgh common shareholders was $(0.10) for the three months ended September 30, 2024, compared to earnings of $0.04 in the same period of 2023[15]. Segment Performance - Sales for the Forged and Cast Engineered Products segment declined due to lower shipment volumes, although improved base pricing partially offset this decline[7]. - The Air and Liquid Processing segment saw improved sales for the nine months ended September 30, 2024, primarily due to increased shipments from an expanded sales distribution network[9]. - Operating results for the Air and Liquid Processing segment declined due to an unfavorable product mix and higher selling and administrative expenses[10]. - Income from operations for the Forged and Cast Engineered Products segment increased to $2,456 for the three months ended September 30, 2024, from $1,448 in the same period of 2023[16]. - Net sales for the Forged and Cast Engineered Products segment decreased to $67,203 for the three months ended September 30, 2024, from $73,625 in the same period of 2023, representing a decline of 8.5%[17]. - The Air and Liquid Processing segment reported net sales of $28,963 for the three months ended September 30, 2024, a slight increase from $28,593 in the same period of 2023[17]. Costs and Expenses - Total operating costs and expenses for the three months ended September 30, 2024, were $94,296, down from $100,496 in the same period of 2023[15]. - Interest expense increased to $(2,976) for the three months ended September 30, 2024, compared to $(2,468) in the same period of 2023[15]. - The company experienced increased interest expenses due to higher equipment financing debt and average interest rates[4]. - Total other expense — net for the three months ended September 30, 2024, was $(2,688), compared to $(411) in the same period of 2023[15]. Tax and Valuation - The income tax provision increased due to the establishment of a valuation allowance on net deferred tax assets in the U.K. operations, reflecting a three-year cumulative loss history[5]. Shareholder Information - The weighted-average number of common shares outstanding for the three months ended September 30, 2024, was 19,980, compared to 19,729 in the same period of 2023[15].
Ampco-Pittsburgh(AP) - 2024 Q3 - Quarterly Results