The following is a summary of the Ampco-Pittsburgh Corporation (AP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ampco-Pittsburgh reported a 5% increase in net sales in Q1 2024 compared to the same quarter in 2023, resulting in $110.2 million.

• Performance was negatively impacted by plant downtime and repair costs due to a fire in a cast roll facility, and an unfavorable product mix in the Air and Liquid processing segment.

• Income from operations for Q1 2024 was $0.1 million, a significant decrease from the $2 million recorded in Q1 2023.

• Meanwhile, Forged and Cast Engineered Products segment's net sales slightly increased, but operating income fell due to downtime and repair expenses at the Sweden plant.

Business Progress:

• The Forged and Cast Engineered Products segment anticipates improved business activities in North America and Europe in the second half of the year owing to improving market conditions and a strong aluminum flat rolled market.

• -An exit by a competitor in the large cast backup roll market is seen as a potential gain for Ampco-Pittsburgh.

• The Air and Liquid segment experienced a revenue increase due to an expanded sales force and the opening of a new manufacturing facility in 2023, with product demand remaining strong and manufacturing capacity expanding.

• Workforce expansion at the new Lynchburg, Virginia, manufacturing facility is expected to continue to cater to the demand across all product lines.

More details: Ampco-Pittsburgh IR

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