Ampco-Pittsburgh Corporation (NYSE: AP) Gains on Strong Q4 and 2019 Full-Year Results

Ampco-Pittsburgh Corporation (NYSE: AP) was a big gainer in yesterday’s session. The stock rallied to close the day with gains of 35.59%. This followed the company’s strong Q4 and 2019 full-year results. The company reported that in Q4, sales from continuing operations increased to $97 million up from $95.8 million in a similar quarter in 2018.

However, sales from continuing operations decreased in the full year to $397.9 million from $419.4 million in 2018. The company noted that the increased sales in Q4 came from mill rolls and heat exchange coils. It attributed the full-year decline to reduced demand for forged engineered products in the oil and gas industry.

The company also reported that in Q4, income from continuing operations stood at $3 million compared to a loss of $40.1 million in a similar period in 2018. For the full year, the company reported an income loss of $10.9 million compared to a loss of $44.9 million for the year 2018.

The company also reported that non-GAAP net income from continuing operations stood at $1.9 million for Q4 and $5.7 million for the full year.  The company linked its improved performance to an increase in mill rolls, better manufacturing and operational efficiencies in its domestic forged engineering business.

Commenting on the results, CEO Brett McBrayer stated that the company’s performance was due to a series of restructuring actions to get the business in the right size, cut costs, and enhance manufacturing efficiency. He added that the company was able to achieve all this despite weakened demand for oil and gas products.  He further stated that the company expected to see increased profitability in 2020.

Looking at its price action, AP is in a reversal after several days of losses. The stock opened the day at $2.20 and traded between a low of $2.20 and a high of $3.20, before closing at $3.20. Volumes in the day stood at 92.35k.

About Ampco-Pittsburgh Corporation

Ampco-Pittsburgh Corporation is a manufacturer and distributor of engineering products. It is based in Carnegie, Pennsylvania.

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