The following is a summary of the Ampco-Pittsburgh Corporation (AP) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Ampco-Pittsburgh reported Q2 2024 income from operations at $5 million, a 3.5-fold increase from the previous year. Net income for the quarter was $2 million, or $0.10 per diluted share.

• Q2 2024 net sales were $111 million, a 3.5% increase year-over-year. The Air & Liquid Processing segment drove this growth.

• The corporation's total income from operations improved significantly due to higher net roll pricing and cost efficiencies.

Business Progress:

• The Forged & Cast Engineered Products segment saw a record order intake, despite market pressures and a decreased backlog, highlighting robust demand for 2025 delivery.

• Investments in new equipment boosted the manufacturing capacity and operational efficiencies in both the Forged & Cast Engineered Products and Air & Liquid Processing segments.

• The Air & Liquid Processing segment experienced record revenue and bookings, largely driven by a new facility in Virginia and strong demand in pharmaceutical and U.S. Navy markets.

Opportunities:

• Continuous enhancements in operational efficiencies and strategic pricing actions are expected to sustain market leadership and stakeholder value.

• Increased manufacturing capacity, particularly from new facilities and equipment, is set to meet growing demands in strategic segments like U.S. Navy and pharmaceutical markets.

More details: Ampco-Pittsburgh IR

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