This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ampco-Pittsburgh Corporation Announces Results

Ampco-Pittsburgh Corporation (NYSE:AP) announces sales for the three months and year ended December 31, 2012 of $77,154,000 and $292,905,000, respectively, compared to sales of $86,514,000 and $344,816,000 for the same periods of 2011. Income from operations for the three months ended December 31, 2012 and 2011 was $5,500,000 and $6,994,000, respectively, and for the twelve months then ended was $16,293,000 and $36,474,000, respectively. For 2012, net income was $3,319,000 or $0.32 per common share for the fourth quarter and $8,355,000 or $0.81 per common share for the year. For 2011, net income was $1,754,000 or $0.17 per common share for the fourth quarter and $21,309,000 or $2.07 per common share for the year.

For the Forged and Cast Rolls segment, sales and operating income for the quarter and year were less than the same periods of the prior year and were adversely affected by weak global demand, competitive pricing pressures and lower production volumes. Sales for the Air and Liquid Processing segment for the quarter and year improved slightly against 2011; however, operating income was adversely affected by changes in product mix.

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. Some 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 December 31, Year Ended December 31,
2012   2011 2012   2011
 
 
Sales $ 77,154,000   $ 86,514,000   $ 292,905,000   $ 344,816,000  
 
 
Income from operations 5,500,000 6,994,000 16,293,000 36,474,000
Other expense – net   (362,000 )   (984,000 )   (1,125,000 )   (1,747,000 )
 
 
Income before income taxes 5,138,000 6,010,000 15,168,000 34,727,000
 
Income tax provision (1,575,000 ) (4,152,000 ) (5,218,000 ) (12,916,000 )
 
Equity losses in Chinese joint venture   (244,000 )   (104,000 )   (1,595,000 )   (502,000 )
 
Net income $ 3,319,000   $ 1,754,000   $ 8,355,000   $ 21,309,000  
 
Earnings per common share:
Basic $ 0.32   $ 0.17   $ 0.81   $ 2.07  
Diluted $ 0.32   $ 0.17   $ 0.80   $ 2.05  
 
Weighted-average number of common shares outstanding:
Basic   10,342,973     10,325,602     10,338,401     10,318,613  
Diluted   10,394,680     10,389,753     10,389,678     10,393,159  




1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,031.96 -48.18 -0.27%
S&P 500 2,108.83 -8.86 -0.42%
NASDAQ 5,054.2710 -37.8140 -0.74%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs