Financial Performance - Total net sales for Q1 2024 reached $110,215 thousand, an increase of 5.3% compared to $104,803 thousand in Q1 2023[9] - The company reported a net loss of $2,206 thousand for Q1 2024, compared to a net income of $985 thousand in Q1 2023[11] - Basic and diluted net loss per share attributable to Ampco-Pittsburgh was $(0.14) in Q1 2024, down from $0.03 in Q1 2023[9] - The company experienced a comprehensive loss of $4,985 thousand in Q1 2024, compared to a comprehensive income of $2,269 thousand in Q1 2023[11] - For the three months ended March 31, 2024, the net loss was $2,206 thousand compared to a net income of $985 thousand for the same period in 2023, representing a significant decline[14] - The Corporation reported a total loss before income taxes of $1.752 million in 2024, a decrease from a profit of $1.298 million in 2023[79] Assets and Liabilities - Total assets as of March 31, 2024, were $565,808 thousand, slightly up from $565,654 thousand as of December 31, 2023[5] - Total liabilities increased to $498,569 thousand as of March 31, 2024, compared to $494,083 thousand at the end of 2023[5] - Shareholders' equity decreased to $67,239 thousand as of March 31, 2024, down from $71,571 thousand as of December 31, 2023[5] - The company’s total liabilities decreased slightly to $67,239 thousand as of March 31, 2024, from $71,571 thousand at January 1, 2024, suggesting improved financial stability[14] Cash Flow and Liquidity - Cash and cash equivalents increased to $10,829 thousand as of March 31, 2024, from $7,286 thousand as of December 31, 2023[5] - Total cash and cash equivalents at the end of the period increased to $10,829 thousand from $6,074 thousand year-over-year, indicating improved liquidity[17] - Operating cash flows for the three months ended March 31, 2024, were $4,535 thousand, compared to cash used in operations of $4,391 thousand in the same period of 2023, showing a positive trend[17] Inventory and Assets Management - Inventories decreased slightly to $123,079 thousand as of March 31, 2024, from $124,694 thousand at December 31, 2023, reflecting efficient inventory management[23] - Property, plant, and equipment net value decreased to $155,382 thousand as of March 31, 2024, from $158,732 thousand at December 31, 2023, indicating ongoing depreciation[24] - Intangible assets net value decreased to $4,652 thousand as of March 31, 2024, from $4,947 thousand at December 31, 2023, reflecting amortization of intangible assets[26] Segment Performance - Net sales for the three months ended March 31, 2024, were $110.215 million, an increase from $104.803 million in the same period of 2023, representing a growth of approximately 5.3%[55] - The net sales in the United States for the three months ended March 31, 2024, were $69.764 million, compared to $55.377 million for the same period in 2023, indicating a significant increase of approximately 25.9%[55] - The net sales from foreign markets for the same period were $40.451 million, down from $49.426 million in 2023, reflecting a decline of about 18.1%[55] - Net sales for the Forged and Cast Engineered Products segment increased to $77.189 million in 2024 from $76.798 million in 2023[79] - Air and Liquid Processing segment net sales rose to $33.026 million in 2024, compared to $28.005 million in 2023[79] Asbestos Liability - The total asbestos liability at the end of the period was $231.772 million, an increase from $149.257 million at the end of March 31, 2023, representing a rise of approximately 55%[66] - The gross settlement and defense costs paid in the period for asbestos claims were $6.907 million, compared to $4.318 million in the same period of 2023, showing an increase of approximately 60%[66] - The insurance receivable related to asbestos at the end of the period was $156.960 million, up from $102.833 million at the end of March 31, 2023, reflecting an increase of approximately 52.5%[67] - The Corporation intends to regularly evaluate its Asbestos Liability and related insurance receivable to determine if adjustments are necessary, but future adjustments remain uncertain[70] Other Financial Metrics - Contributions to U.S. defined contribution plans increased to $929 in Q1 2024 from $646 in Q1 2023, reflecting a growth of approximately 43.8%[40] - The Corporation's net periodic pension and other postretirement benefit costs for U.S. defined benefit pension plans resulted in a net benefit income of $(1,017) for Q1 2024, compared to $(1,071) for Q1 2023[41] - The loss on foreign exchange transactions for Q1 2024 was $(492), compared to a gain of $85 in Q1 2023[48] - Stock-based compensation expense for the three months ended March 31, 2024, was $346,000, down from $627,000 in the same period of 2023, indicating a decrease of approximately 44.8%[58]
Ampco-Pittsburgh(AP) - 2024 Q1 - Quarterly Report