Ampco-Pittsburgh Corporation announced preliminary estimates of net sales, income from operations and net income for the fiscal quarter ended June 30, 2024, and an update on its current liquidity position:
Net sales for the quarter ended June 30, 2024, is expected to be in the range of $107 million to $112 million. This compares to net sales of $107.2 million in the quarter ended June 30, 2023, and $110.0 million in the quarter ended March 31, 2024.
Income from operations for the quarter ended June 30, 2024, is expected to be in the range of $3.8 million to $4.8 million. This compares to income from operations of $3.3 million in the quarter ended June 30, 2023 (which included a $1.9 million foreign energy credit), and $0.1 million in the quarter ended March 31, 2024.
Net income for the quarter ended June 30, 2024, is expected in the range of $1.1 to $2.1 million, or $0.05 to $0.10 per diluted share. This compares to a net income of $0.4 million, or $0.02 per diluted share for the quarter ended June 30, 2023 (which included a benefit of $1.9 million, or $0.10 per diluted share, for the foreign energy credit), and a net loss of $(2.7) million, or $(0.14) per diluted share for the quarter ended March 31, 2024.
As of July 9, 2024, the Corporation’s liquidity position improved modestly compared to March 31, 2024, and included cash on hand of approximately $8.6 million and availability on its revolving credit facility of $27.2 million.
Remarking on this outlook, Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer, said, “As we expected, Q2 2024 earnings should improve sequentially versus Q1 2024 with the impact of the Q1 foundry fire in our Sweden plant largely behind us, along with sequential improvement in Air & Liquid Processing segment margins. We experienced a full-quarter benefit of the new machinery in our U.S. forged operation in Q2. Although we are still experiencing excess capacity in our European cast roll business relative to demand, this is consistent with our experience the last few quarters. We are committed to delivering returns on the recent investments we have made for improved results. At this point, outside of typical operating variations, we believe there are no new significant headwinds which would have a material adverse effect on our businesses.”
This is not a comprehensive statement of the Corporation’s financial results and is subject to change. The Corporation has provided ranges, rather than specific amounts, for the preliminary estimates of the unaudited financial data described below primarily because the Corporation’s financial closing procedures for the quarter ended June 30, 2024, are not yet complete and, as a result, the Corporation’s final results upon completion of its closing procedures may vary from the preliminary estimates. These estimates should not be viewed as a substitute for the Corporation’s quarterly and year-to-date financial statements prepared in accordance with generally accepted accounting principles in the United States. The Corporation expects to file its Quarterly Report on Form 10-Q for the second quarter (its “Quarterly Report”) on approximately August 12, 2024. Except as otherwise required by applicable law, the Corporation undertakes no responsibility to update this outlook prior to the release of its Quarterly Report.
