Ampco-Pittsburgh Corporation reported its financial results for the three and nine months ended September 30, 2024, revealing a mixed performance compared to the same periods in 2023. For the third quarter, net sales decreased to $96.2 million from $102.2 million, primarily due to lower sales in the Forged and Cast Engineered Products (FCEP) segment. However, for the nine months, net sales increased slightly to $317.4 million from $314.2 million, driven by higher sales in the Air and Liquid Processing (ALP) segment.
The company experienced a net loss of $1.5 million for the third quarter of 2024, a significant decline from a net income of $1.2 million in the same quarter of 2023. This trend continued for the nine-month period, with a net loss of $2.7 million compared to a net income of $1.9 million in the prior year. The net loss per share for the third quarter was $(0.10), down from $0.04 in 2023.
Operating income for the third quarter increased slightly to $1.9 million from $1.7 million year-over-year, while for the nine months, it remained relatively stable at $7.0 million compared to $7.0 million in 2023. The costs of products sold as a percentage of net sales improved, decreasing to 79.4% in Q3 2024 from 82.7% in Q3 2023.
The company’s total assets decreased to $547.4 million as of September 30, 2024, from $565.7 million at the end of 2023. Total current liabilities rose to $119.7 million from $116.9 million, while total shareholders’ equity increased to $73.7 million from $71.6 million.
Cash and cash equivalents improved significantly, reaching $11.8 million compared to $6.1 million at the end of September 2023. Net cash flows provided by operating activities were $10.6 million for the nine months ended September 30, 2024, a notable turnaround from $(10.3) million in the same period of 2023.
Strategically, the company is focusing on enhancing its operational efficiency and managing rising production costs in the ALP segment, which has seen steady demand. The FCEP segment is facing challenges due to flat demand for steel and reduced inventories among customers. The backlog as of September 30, 2024, increased to $383.6 million from $378.9 million at the end of 2023, indicating a positive outlook for future sales.
About AMPCO PITTSBURGH CORP
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