- Full-year EPS of $0.18 per diluted share
- Q4 2022 sales up 11% over Q4 2021; full year 2022 sales up 13% over full year 2021
- Non-cash asbestos-related benefit of $2.2 million pre-tax
- Backlog at 12/31/22 up 26% vs prior year and up 11% vs prior quarter
Ampco-Pittsburgh Corporation AP reported net sales of $93.5 million and $390.2 million for the three and twelve months ended December 31, 2022, compared to $84.5 million and $344.9 million for the three and twelve months ended December 31, 2021, respectively. The increase for both the three and twelve months ended December 31, 2022, over the prior year periods is principally due to improved pricing, including higher variable-index surcharges, and increased demand for mill rolls, as well as higher shipment volumes of custom air handlers and heat exchange coils.
CEO Brett McBrayer commented, “Our pricing actions in the Forged and Cast Engineered products segment during the year largely kept pace with the inflationary pressures experienced, though with a lagged effect. We announced new price increases in February 2023 for all new roll orders, with material and energy surcharges remaining in effect. Backlog in the Forged and Cast Engineered Products segment rebounded in Q4 from Q3. We have installed our first new lathe and the remainder of our strategic capital equipment is scheduled for delivery and installation over the next few quarters of this year. In addition, our growth agenda in Air & Liquid Processing is proceeding with another record quarter in its backlog, which grew 69% versus prior year.”
The Corporation reported income from operations for the three and twelve months ended December 31, 2022, of $0.9 million and $2.8 million, respectively, compared to loss from operations for the three and twelve months ended December 31, 2021, of $(7.7) million and $(4.8) million, respectively. The three- and twelve-month periods ended December 31, 2022, include an asbestos-related benefit of $2.2 million resulting…