Ampco-Pittsburgh Corporation reported a slight decline in net sales for the fiscal year ending December 31, 2024, totaling $418.3 million, down from $422.3 million in 2023. The decrease was primarily driven by a reduction in sales from the Forged and Cast Engineered Products (FCEP) segment, which saw revenues drop to $286.6 million from $303.8 million. In contrast, the Air and Liquid Processing (ALP) segment experienced an increase in sales, rising to $131.7 million from $118.6 million. The overall income from operations improved significantly, reaching $12.2 million compared to a loss of $34.6 million in the previous year, largely due to a credit related to asbestos claims and improved pricing strategies.
The FCEP segment faced challenges as demand for steel products softened, particularly in North America and Europe, which was approximately 15% below pre-pandemic levels. However, the segment mitigated some of the impact through higher pricing and increased participation in new mill builds. The ALP segment benefited from steady demand and market share growth, although it also contended with rising production costs due to inflation and supply chain issues. The company has implemented price increases for certain products to counteract these inflationary pressures.
Operationally, Ampco-Pittsburgh reported a backlog of $378.9 million as of December 31, 2024, nearly unchanged from $378.9 million in 2023. The FCEP segment's backlog increased slightly, while the ALP segment's backlog decreased due to a decline in air handling units and heat exchange coils. The company employed 1,634 individuals globally, with approximately 56% based in the United States. The workforce is subject to collective bargaining agreements, which are set to expire between March 2025 and September 2026.
Looking ahead, Ampco-Pittsburgh remains focused on improving profitability in the FCEP segment by enhancing operational efficiency and equipment reliability. The company is also monitoring the ongoing effects of geopolitical conflicts and economic conditions that could impact its operations. The management expressed optimism about the potential for increased order intake and stable pricing in 2025, particularly in the FCEP segment, while continuing to strengthen its engineering and manufacturing capabilities in the ALP segment to capitalize on growth opportunities.
About AMPCO PITTSBURGH CORP
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.