Financial Performance - Net sales for the three months ended March 31, 2021, were $86,800,000, a decrease of 4% compared to $91,063,000 for the same period in 2020[10] - Income from operations for the first quarter of 2021 was $907,000, down from $4,351,000 in the first quarter of 2020, representing a decline of approximately 79%[10] - Net income attributable to Ampco-Pittsburgh for the three months ended March 31, 2021, was $167,000, a significant decrease of 96% from $4,142,000 in the same period of 2020[10] - For the three months ended March 31, 2021, net income was $314,000, compared to $4,602,000 for the same period in 2020, representing a decrease of approximately 93.2%[16] - Basic net income per share attributable to Ampco-Pittsburgh common shareholders was $0.01 for the first quarter of 2021, down from $0.33 in the first quarter of 2020[10] - Total income before income taxes for reportable segments decreased to $4,158 in Q1 2021 from $7,140 in Q1 2020, a decline of about 41.5%[84] Assets and Liabilities - Total current assets increased to $186,067,000 as of March 31, 2021, compared to $171,832,000 as of December 31, 2020, reflecting an increase of approximately 8%[7] - Total liabilities rose to $382,811,000 as of March 31, 2021, compared to $378,209,000 as of December 31, 2020, indicating a slight increase of about 1.4%[7] - The company’s total assets increased to $471,294,000 as of March 31, 2021, compared to $463,208,000 as of December 31, 2020, reflecting a growth of about 1.3%[7] - Current liabilities rose from $105,332 at December 31, 2020, to $119,138 at March 31, 2021, an increase of about 13.1%[7] - Total outstanding borrowings decreased to $36,493 million as of March 31, 2021, from $37,243 million as of December 31, 2020, a decrease of 2%[41] Cash Flow - Net cash flows provided by operating activities for the three months ended March 31, 2021, were $1,858,000, a decrease from $12,605,000 in the same period of 2020[19] - Cash and cash equivalents increased to $18,251,000 as of March 31, 2021, from $16,842,000 as of December 31, 2020, marking an increase of approximately 8.4%[7] - The company reported a total cash and cash equivalents balance of $18,251,000 at the end of the period, up from $13,942,000 at the end of March 31, 2020[19] Operating Costs - Operating costs and expenses decreased to $85,893,000 for the three months ended March 31, 2021, down from $86,712,000 in the same period of 2020, a reduction of approximately 0.9%[10] - The company incurred interest expense of $895,000 in Q1 2021, down from $1.2 million in Q1 2020, indicating a reduction of 26.5%[10] Segment Performance - The FCEP segment produces forged hardened steel rolls and cast rolls, primarily serving the steel, aluminum, and other metal industries, with operations in the U.S., England, Sweden, and Slovenia[22] - The Air and Liquid Processing segment includes divisions that manufacture custom-engineered heat exchange products and centrifugal pumps for various industries, with operations in Virginia and New York[23] - Forged and Cast Engineered Products segment net sales fell to $63,351 in Q1 2021 from $68,764 in Q1 2020, a decrease of about 7.1%[84] - Air and Liquid Processing segment net sales increased to $23,449 in Q1 2021 from $22,299 in Q1 2020, reflecting a growth of approximately 5.2%[84] Asbestos Liability - Total claims pending related to asbestos litigation at the end of the period were 5,964, down from 6,181 at the end of March 31, 2020[74] - The average gross settlement and defense costs per claim resolved for asbestos claims was $13.63 thousand in the three months ended March 31, 2021, down from $31.99 thousand in the same period of 2020[74] - The Corporation's reserve for Asbestos Liability claims was $227,922 as of December 31, 2018, and decreased to $176,856 by March 31, 2021, indicating a reduction of approximately 22.4%[79] - The insurance receivable related to Asbestos Liability claims was $152,508 at December 31, 2018, and decreased to $115,862 by March 31, 2021, reflecting a decline of about 24.0%[79] COVID-19 Impact - The company is actively monitoring the impact of COVID-19 on its operations and financial condition, with potential long-term disruptions anticipated[25] - The Corporation has taken advantage of provisions from the CARES Act and the American Rescue Plan Act, but the future impact on consolidated financial statements remains uncertain[26] Other Financial Metrics - The Corporation recognized a net of tax amount of $362 million from the amortization of unrecognized employee benefit costs for the three months ended March 31, 2021[57] - The total accumulated other comprehensive loss as of March 31, 2021, was $(69,187) million, compared to $(72,937) million as of March 31, 2020[56] - The Corporation's foreign net sales for the three months ended March 31, 2021, were $42.318 million, a decrease from $51.013 million in the same period of 2020[67]
Ampco-Pittsburgh(AP) - 2021 Q1 - Quarterly Report