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Ampco-Pittsburgh Announces Third Quarter Earnings

Ampco-Pittsburgh Corporation (NYSE: AP) announces sales for the three and nine months ended September 30, 2011 of $74,263,000 and $258,303,000, respectively, in comparison to $79,537,000 and $244,721,000 for the three and nine months ended September 30, 2010. Net income approximated $2,756,000 or $0.27 per share and $19,555,000 or $1.90 per share for the quarter and year-to-date 2011, respectively. Net income for the same periods of 2010 was $7,524,000 or $0.73 per share and $25,109,000 or $2.45 per share. Income from operations equaled $3,835,000 and $29,479,000 for the three and nine months ended September 30, 2011, respectively, compared to $10,697,000 and $37,126,000 for the same periods in 2010.

Third quarter sales for the Corporation declined from a year ago driven by lower sales for the forged roll operations of the Forged and Cast Rolls segment. Reduced production in the global steel and aluminum industries has resulted in lower demand and customer deferral of roll order shipments. On a year-to-date basis, consolidated sales exceeded the same period of the prior year attributable to higher volumes for the cast roll operations and the Air and Liquid Processing segment. Income from operations decreased for each of the periods when compared to the prior year primarily due to product mix and higher direct material and fixed costs. Net income for the quarter and year to date was also affected by lower dividend income and higher foreign exchange losses.

The matters discussed herein may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from expectations. Certain of these risks are set forth in the Corporation's Annual Report on Form 10-K as well as the Corporation's other reports filed with the Securities and Exchange Commission.

           
 

AMPCO-PITTSBURGH CORPORATION

FINANCIAL SUMMARY

 
Three Months Ended Sept 30, Nine Months Ended Sept 30,

 

2011

 

2010

2011

 

2010

 
Sales $ 74,263,000   $ 79,537,000   $ 258,303,000   $ 244,721,000  
 
Income from operations 3,835,000 10,697,000 29,479,000 37,126,000
Other (expense) income – net   (394,000 )   950,000     (763,000 )   873,000  
 
Income before income taxes 3,441,000 11,647,000 28,716,000 37,999,000
Income tax expense (525,000 ) (3,946,000 ) (8,764,000 ) (12,594,000 )

Equity loss in Chinese joint venture

 

(160,000

)

 

(177,000

)

 

(397,000

)

 

(296,000

)

 
Net income $ 2,756,000   $ 7,524,000   $ 19,555,000   $ 25,109,000  
 
Earnings per common share:
Basic $ 0.27   $ 0.73   $ 1.90   $ 2.45  
Diluted $ 0.26   $ 0.73   $ 1.88   $ 2.44  
 
Weighted-average number of
common shares outstanding:
Basic   10,325,602     10,246,827     10,316,258     10,246,621  
Diluted   10,403,181     10,290,669     10,392,592     10,281,510  
 




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