Ampco-Pittsburgh (AP) Misses Q3 EPS by 1c, Revenues Beat

Ampco-Pittsburgh (NYSE: AP) reported Q3 EPS of ($0.56), $0.01 worse than the analyst estimate of ($0.55). Revenue for the quarter came in at $112.22 million versus the consensus estimate of $109 million.

Commenting on the quarter’s results, Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer said, “Sales for the quarter hit the top end of our guidance and operating loss near the middle of the range. The combined full-quarter effects of both the tariffs on steel imports from our Canadian subsidiary and the decline in the frac block market were major negative factors for us in the quarter. Equipment reliability was also an issue, but now that we have secured more than sufficient liquidity to prepare for the early 2019 debt maturity, we are presently addressing certain key equipment needs.

“As expressed in our November 1, 2018 press release, we have begun a series of restructuring actions to realign our manufacturing footprint and reduce cost. The magnitude of these actions is expected to be significant. Our first round of initiatives will continue throughout 2019; however, we anticipate incremental improvements as each action unfolds.”

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

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