Ampco-Pittsburgh(US:AP)2025-11-12 21:42Financial Performance - Total net sales for Q3 2025 reached $108.009 million, a 12.5% increase from $96.166 million in Q3 2024[12] - Net loss attributable to Ampco-Pittsburgh for Q3 2025 was $2.211 million, compared to a net loss of $1.959 million in Q3 2024, reflecting a 12.9% increase in losses[12] - Operating costs for Q3 2025 were $106.886 million, a 13.4% increase from $94.296 million in Q3 2024[12] - The company reported a comprehensive loss of $2.936 million for Q3 2025, compared to a comprehensive income of $2.921 million in Q3 2024[14] - For the three months ended September 30, 2025, the net loss was $2,211 thousand, compared to a net loss of $1,959 thousand for the same period in 2024, indicating an increase in losses of approximately 12.8% year-over-year[23] - The comprehensive loss for the nine months ended September 30, 2025, was $6,484 thousand, compared to a comprehensive loss of $1,108 thousand for the same period in 2024, reflecting a significant increase in losses of approximately 584.5%[20] Assets and Liabilities - Total current assets increased to $249.539 million as of September 30, 2025, up from $236.787 million as of December 31, 2024, representing a 5.3% growth[10] - Total liabilities decreased to $449.854 million as of September 30, 2025, down from $459.805 million as of December 31, 2024, indicating a 2.3% reduction[10] - The company’s retained deficit increased to $(80.963) million as of September 30, 2025, compared to $(72.559) million as of December 31, 2024[10] - Total shareholders' equity rose to $74.559 million as of September 30, 2025, compared to $71.091 million as of December 31, 2024, reflecting a 4.0% increase[10] - Cash and cash equivalents decreased to $14.958 million as of September 30, 2025, from $15.427 million as of December 31, 2024, a decline of 3.0%[10] Cash Flow and Financing - Cash flows used in operating activities for the nine months ended September 30, 2025, were $(1,363) thousand, a decrease from cash flows provided by operating activities of $10,576 thousand in 2024[20] - The company reported net cash flows used in investing activities of $(4,507) thousand for the nine months ended September 30, 2025, compared to $(6,657) thousand in 2024, showing an improvement in cash outflows[20] - The company reported proceeds from the revolving credit facility of $27,931 thousand for the nine months ended September 30, 2025, compared to $18,396 thousand in 2024, indicating an increase of approximately 52.2%[20] - The balance of cash and cash equivalents at the end of the period on September 30, 2025, was $14,958 thousand, compared to $11,844 thousand at the end of September 30, 2024, representing an increase of approximately 26.5% year-over-year[20] Segment Performance - For the three months ended September 30, 2025, net sales for the FCEP segment were $71,467,000, an increase from $67,203,000 in the same period of 2024, representing a growth of approximately 3.4%[115] - The ALP segment reported net sales of $36,542,000 for the three months ended September 30, 2025, compared to $28,963,000 in 2024, indicating a significant increase of about 26.2%[119] - Total reportable segment net sales for the nine months ended September 30, 2025, reached $325,378,000, up from $317,369,000 in 2024, reflecting a growth of approximately 2.5%[115] - The FCEP segment incurred a loss from operations of $401,000 for the three months ended September 30, 2025, compared to a profit of $2,456,000 in the same period of 2024[119] - The ALP segment achieved a profit from operations of $4,160,000 for the three months ended September 30, 2025, an increase from $3,134,000 in 2024, representing a growth of about 32.8%[119] Pension and Employee Costs - Contributions to U.S. defined benefit pension plans were $2,488 for the nine months ended September 30, 2025, down from $4,641 in 2024[68] - The net periodic pension benefit income for U.S. defined benefit pension plans was $(533) for the three months ended September 30, 2025[69] - For the three months ended September 30, 2025, net benefit expense for foreign defined benefit pension plans was $100 million, a decrease from $153 million in the same period of 2024[70] - The company incurred a severance charge of $6,019,000 during the nine months ended September 30, 2025, which was not present in the same period of 2024[12] Impairments and Write-downs - The Corporation's investment in UES-UK was written down to an estimated fair value of approximately $0, with a non-cash impairment charge expected to range between $43,000 and $45,000 in Q4 2025[35] - The decision to exit UES-UK operations was a triggering event for evaluating potential impairments of property, plant, and equipment[39] - The Corporation expects future cash expenditures associated with the Structured Insolvency to be insignificant[35] Inventory and Assets - Total inventories as of September 30, 2025, amounted to $119,165, an increase from $116,761 as of December 31, 2024[36] - Contract assets at the end of the period were $8,905, up from $6,864 at the end of the previous year[37] - Property, plant, and equipment net value decreased to $141,285 as of September 30, 2025, from $148,056 at December 31, 2024[38] - Intangible assets net value increased to $4,609 as of September 30, 2025, compared to $4,255 at December 31, 2024[43] Debt and Borrowings - As of September 30, 2025, total outstanding borrowings amounted to $135,214, an increase from $128,580 as of December 31, 2024[48] - The Corporation's Revolving Credit Facility had outstanding borrowings of $50,530 with an average interest rate of 7.38% for the three months ended September 30, 2025[51] - The remaining availability under the Revolving Credit Facility was approximately $28,189 as of September 30, 2025[52] - The Corporation's long-term debt increased to $118,959 million as of September 30, 2025, compared to $116,394 million at the end of 2024[48] Other Financial Metrics - The balance of accumulated other comprehensive loss at September 30, 2025, was $(58,524) million, a decrease from $(67,649) million at the beginning of the year[75] - The Corporation's outstanding standby and commercial letters of credit and bank guarantees equaled $15,580 million, with more than half serving as collateral for the IRB debt[73] - The total asbestos liability at the end of the period was $186,233 million for the nine months ended September 30, 2025, down from $220,069 million in 2024, reflecting a reduction of 15.4%[103] - The insurance receivable for asbestos claims at the end of the period was $124,947 million, a decrease from $146,404 million in 2024, indicating a decline of 14.6%[104]