Ampco-Pittsburgh (AP) Q4 2024 earnings summary

Executive summary

• Reported Q4 2024 EPS of $0.16 and full-year EPS of $0.02, with net cash flow from operations at $18.0M for the year and $7.5M for Q4.

• Net income attributable to shareholders was $3.1M for Q4 and $0.4M for the full year, a turnaround from prior year losses.

• Adjusted income from operations for 2024 was $8.0M, a $3.7M improvement year-over-year despite lower revenues.

• Air and Liquid Processing segment achieved record sales, up 11% year-over-year, and had its best quarter historically in Q4.

• Forged and Cast Engineered Product segment improved operating income by 38% year-over-year, despite lower sales.

Financial highlights

• Q4 2024 consolidated net sales were $100.9M, down 6.6% year-over-year, mainly due to lower mill roll shipments; full-year sales were $418.3M, slightly below $422.3M in 2023.

• Q4 2024 income from operations was $5.2M vs. a loss of $41.6M in Q4 2023; full-year income from operations was $12.2M vs. a loss of $34.6M in 2023.

• Non-GAAP adjusted income from operations was $1.0M for Q4 and $8.0M for the year, both improved from prior year.

• Net income for Q4 was $3.1M ($0.16/share); full-year net income was $4.04M ($0.02/share).

• Total backlog at year-end was $378.9M, flat year-over-year.

Outlook and guidance

• Air and Liquid Processing expects continued strong demand, especially from Navy and nuclear markets, with opportunities for further growth.

• Forged and Cast Engineered Product segment anticipates increased U.S. demand if tariffs are implemented, with bullish North American market sentiment for 2025.

• CapEx for 2025 expected to be similar to 2024, with continued grant funding to offset expenditures.

• Exploring options to mitigate losses in underutilized cast roll operations, including a formal consultation at the U.K. facility.

• Management highlights ongoing focus on operational efficiency and cost absorption, with partial-year benefits from new U.S. forged business equipment.