Ampco-Pittsburgh (AP) Tops Q3 EPS by 1c, Revenues Miss

Ampco-Pittsburgh (NYSE: AP) reported Q3 EPS of $0.07, $0.01 better than the analyst estimate of $0.06. Revenue for the quarter came in at $75.7 million versus the consensus estimate of $78.1 million.

• Corporation reports EPS of $0.07 per diluted share for Q3 2020 despite continued impact of COVID-19 pandemic on end-market demand, sequentially higher than Q2 2020 EPS.
• Return to profitability extends for fourth consecutive quarter.
• $19.3 million gross proceeds from equity offering completed in Q3.
• Total debt of $32.6 million reduced by $38.3 million (54%) from $70.9 million at December 31, 2019.

Remarking on the quarter’s results, Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer, said, “Ampco-Pittsburgh has continued to perform amidst the challenges presented by this pandemic. Despite significant plant downtime experienced in the quarter to manage through the contraction and handle scheduled maintenance activities, we extended our positive net earnings performance for a fourth consecutive quarter. The Forged and Cast Engineered Products segment delivered improved results for the quarter compared to prior year, while the Air and Liquid Processing segment remained a stable force with results equaling prior year. Our successful equity raise during Q3 strengthened our balance sheet considerably and with significant liquidity and operating leverage, we are well positioned to capitalize on recovery in our end markets.”

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

You May Also Be Interested In

• Nike CEO says company strengthened foundation in fiscal 2026
• Norfolk Southern (NSC) Tops Q2 EPS by 29c
• Popular, Inc. CEO to retire in 2026, CFO named successor