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- Q1 2023 net income of $0.7 million, or $0.03/share
- Q1 2023 sales growth of 11% vs prior year and 12% vs prior quarter
- Backlog up 16% vs prior year and up 3% vs prior quarter
- Equipment modernization in U.S. forged business on track
Ampco-Pittsburgh Corporation AP reported net income of $0.7 million, or $0.03 per diluted share, for the three months ended March 31, 2023, which improved when compared to approximately breakeven results for the three months ended March 31, 2022.
The Corporation reported net sales of $104.8 million for the three months ended March 31, 2023, compared to $94.4 million for the three months ended March 31, 2022. The increase is primarily attributable to growth in the Air and Liquid Processing segment for heat exchange coils and custom air handlers. Higher roll pricing and shipment volumes in the Forged and Cast Engineered Products segments was largely offset by a decline in shipments of other forged engineered products and an unfavorable foreign exchange translation effect.
Operating income of $2.0 million for the three months ended March 31, 2023, improved compared to an operating loss of $0.5 million for the three months ended March 31, 2022, as both higher pricing and overall shipment volumes more than offset increases in operating costs, lower manufacturing overhead cost absorption due to higher current year plant downtime in the Forged and Cast Engineered Products segment, and the prior year benefit of a change in an employee benefit policy.
Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “This quarter was back on track with positive profitability, demonstrating the successful penetration of our pricing actions in Forged and Cast Engineered Products and our growth strategy in Air and Liquid. Backlog grew further this quarter in both segments and the equipment modernization program in our US forged operations remains on track for completion this year.”
Other expense of $0.7 million for the…
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