Ampco-Pittsburgh Q3 sales $65,409,000Staff writer ▼ | November 24, 2014
Ampco-Pittsburgh Corporation announced sales for the three and nine months ended September 30, 2014 of $65,409,000 and $198,270,000, respectively, against $64,433,000 and $203,995,000 for the comparable prior year periods.
Good period Forged and cast rolls and air and liquid processing
The Corporation incurred a net loss for the three months ended September 30, 2014 of $343,000 or $0.03 per share but remains profitable for the nine months ended September 30, 2014 earning $856,000 or $0.08 per share.
Net income for the three and nine months ended September 30, 2013 was $12,705,000 or $1.23 per share and $13,937,000 or $1.35 per share, respectively, including an after-tax credit of approximately $10,620,000 or $1.03 per share for the above-mentioned insurance settlements.
For the Forged and Cast Rolls segment, sales for the third quarter were slightly better when compared to the same period of the prior year while sales on a year-to-date basis fell short of the prior year.
With both the steel and aluminum industries operating below capacity, depressed pricing and weak demand, particularly for forged roll product, have resulted in lower current year operating results when compared to the same periods of the prior year.
Additionally, operating income of the prior year benefited from receipt of approximately $1,500,000 of insurance proceeds for lost margin on rolls damaged in 2012. ■