Sales Performance - Q4 2023 sales increased by 16% to $108.1 million compared to Q4 2022, while full year 2023 sales rose by 8% to $422.3 million compared to 2022[2]. - The Air and Liquid Processing segment saw a 35% increase in sales for Q4 2023 and a 31% increase for the full year 2023 compared to the prior year periods[2][10]. - The Forged and Cast Engineered Products segment sales increased by 9% for Q4 2023, driven by higher mill roll shipments and improved pricing[8]. - Total net sales for the three months ended December 31, 2023, were $108,108,000, an increase of 15.6% from $93,534,000 in the same period of 2022[20]. - Net sales for the twelve months ended December 31, 2023, reached $422,340,000, up 8.2% from $390,189,000 in 2022[20]. Financial Losses - The full year 2023 loss from operations was $34.6 million, which includes a $40.9 million non-cash asbestos-related revaluation charge recorded in Q4 2023[1][3]. - Net loss attributable to Ampco-Pittsburgh for Q4 2023 was $41.8 million, or $2.12 per share, compared to a net loss of $0.5 million, or $0.02 per share, in Q4 2022[7]. - The net loss attributable to Ampco-Pittsburgh for the three months ended December 31, 2023, was $(41,836,000), compared to a loss of $(463,000) in the same period of 2022[20]. - Basic net loss per share attributable to Ampco-Pittsburgh common shareholders for the three months ended December 31, 2023, was $(2.12), compared to $(0.02) in the prior year[20]. Operational Performance - The Forged and Cast Engineered Products segment reported a net income from operations of $4,000 for the three months ended December 31, 2023, down from a loss of $(1,648,000) in the same period of 2022[19]. - The Air and Liquid Processing segment experienced a loss from operations of $(38,470,000) for the three months ended December 31, 2023, compared to a profit of $5,509,000 in the same period of 2022[19]. - Total operating costs and expenses for the three months ended December 31, 2023, were $149,685,000, compared to $92,590,000 in the same period of 2022[20]. - The adjusted (loss) income from operations for the three months ended December 31, 2023, was $(690,000), compared to $(1,282,000) in the same period of 2022[21]. Tax and Charges - The income tax provision for the full year 2023 included a $1.3 million tax benefit related to the asbestos-related charge[6]. - The company reported an income tax benefit of $1,699,000 for the three months ended December 31, 2023, compared to a provision of $(144,000) in the same period of 2022[20]. Future Outlook - The conclusion of the U.S. forged business equipment modernization program is expected in Q1 2024, positioning the company to capture market opportunities[5]. - Interest expense increased due to a rise in total debt and interest rates compared to the prior year[5]. - The company operates manufacturing facilities in the U.S., England, Sweden, and Slovenia, and participates in joint ventures in China[12].
Ampco-Pittsburgh(AP) - 2023 Q4 - Annual Results