Ampco-Pittsburgh (AP) Reports Q1 Loss of $1.00, Revenues Beat

Ampco-Pittsburgh (NYSE: AP) reported Q1 EPS of ($1.00), versus $0.12 reported last year. Revenue for the quarter came in at $107.49 million versus the consensus estimate of $95.82 million.

CEO Commentary

Commenting on the quarter’s results, Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer said, “The anticipated divestiture of our U.S. cast roll facility and reduction in force action implemented during the quarter are further key steps in the Corporation’s overall restructuring. Excess capacity and high operating costs in our cast roll system have made operation of the Avonmore facility untenable. We expect both actions to improve our operating results from continuing operations by approximately $1.0 million per month on a full run-rate basis, once the sale is complete. Although the Corporation incurred a GAAP loss from continuing operations of $12.0 million in the first quarter, we generated positive non-GAAP adjusted income from continuing operations before the Impairment Charge, the Restructuring-Related Costs and the excess costs of the Avonmore facility. The quarter’s results also reflected an improvement year-over-year as we are beginning to show the benefits of our operational improvement initiatives. These improvements were achieved despite the demand contraction in our frac block business. We are currently engaged in additional asset restructuring opportunities which should facilitate further overhead reduction actions and increase efficiencies in our business. We will continue our restructuring plan with a pace and urgency to fully demonstrate our earnings power.”

For earnings history and earnings-related data on Ampco-Pittsburgh (AP) click here.

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