AMPCO PITTSBURGH CORP
For the period ended Dec 31, 2024. Filed Mar 17, 2025.
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FY2024 · Filed Mar 17, 2025
AP$6.80+13.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Financial Statements and Supplementary Data
| December 31, | ||
|---|---|---|
| (in thousands, except par value) | 2024 | 2023 |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $15,427 | $7,286 |
| Receivables, less allowance for credit losses of $906 in 2024 and $975 in 2023 | 70,611 | 78,939 |
| Receivables from related parties | 1,839 | 912 |
| Inventories | 116,761 | 124,694 |
| Insurance receivable – asbestos | 15,000 | 15,000 |
| Contract assets | 8,486 | 4,452 |
| Other current assets | 8,663 | 5,370 |
| Total current assets | 236,787 | 236,653 |
| Property, plant and equipment, net | 148,056 | 158,732 |
| Operating lease right-of-use assets, net | 4,592 | 4,767 |
| Insurance receivable – asbestos, less allowance for credit losses of $656 in 2024 and $708 in 2023 | 124,295 | 145,245 |
| Deferred income tax assets | 2,851 | 3,160 |
| Intangible assets, net | 4,255 | 4,947 |
| Investments in joint ventures | 2,175 | 2,175 |
| Prepaid pensions | 3,652 | 4,951 |
| Other noncurrent assets | 4,233 | 5,024 |
| Total assets | $530,896 | $565,654 |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $36,310 | $36,830 |
| Accounts payable to related parties | 411 | 401 |
| Accrued payrolls and employee benefits | 17,104 | 14,703 |
| Debt – current portion | 12,186 | 12,271 |
| Operating lease liabilities – current portion | 878 | 946 |
| Asbestos liability – current portion | 24,000 | 24,000 |
| Customer-related liabilities | 25,608 | 19,915 |
| Other current liabilities | 8,719 | 7,819 |
| Total current liabilities | 125,216 | 116,885 |
| Employee benefit obligations | 28,204 | 41,684 |
| Asbestos liability | 183,092 | 214,679 |
| Long-term debt | 116,394 | 116,382 |
| Noncurrent operating lease liabilities | 3,714 | 3,822 |
| Deferred income tax liabilities | 450 | 543 |
| Other noncurrent liabilities | 2,735 | 88 |
| Total liabilities | 459,805 | 494,083 |
| Commitments and contingent liabilities (Note 12) | ||
| Shareholders’ equity: | ||
| Common stock – par value $1; authorized 40,000 shares; issued and outstanding 19,980 shares at December 31, 2024 and 19,729 shares at December 31, 2023 | 19,980 | 19,729 |
| Additional paid-in capital | 178,298 | 177,196 |
| Retained deficit | (72,559) | (72,997) |
| Accumulated other comprehensive loss | (66,836) | (62,989) |
| Total Ampco-Pittsburgh shareholders’ equity | 58,883 | 60,939 |
| Noncontrolling interest | 12,208 | 10,632 |
| Total shareholders’ equity | 71,091 | 71,571 |
| Total liabilities and shareholders’ equity | $530,896 | $565,654 |
| For The Years Ended December 31, | ||
|---|---|---|
| (in thousands, except per share amounts) | 2024 | 2023 |
| Net sales: | ||
| Net sales | $402,799 | $415,319 |
| Net sales to related parties | 15,506 | 7,021 |
| Total net sales | 418,305 | 422,340 |
| Operating costs and expenses: | ||
| Costs of products sold (excluding depreciation and amortization) | 336,809 | 347,781 |
| Selling and administrative | 54,878 | 50,884 |
| Depreciation and amortization | 18,611 | 17,674 |
| (Credit) charge for asbestos-related costs, net | (4,184) | 40,696 |
| Loss (gain) on disposal of assets | 22 | (121) |
| Total operating costs and expenses | 406,136 | 456,914 |
| Income (loss) from operations | 12,169 | (34,574) |
| Other expense: | ||
| Investment-related income | 121 | 128 |
| Interest expense | (11,620) | (9,347) |
| Other – net | 4,376 | 4,516 |
| (7,123) | (4,703) | |
| Income (loss) before income taxes | 5,046 | (39,277) |
| Income tax (provision) benefit | (2,695) | 1,158 |
| Net income (loss) | 2,351 | (38,119) |
| Less: Net income attributable to noncontrolling interest | 1,913 | 1,809 |
| Net income (loss) attributable to Ampco-Pittsburgh | $438 | $(39,928) |
| Net income (loss) per share attributable to Ampco-Pittsburgh common shareholders: | ||
| Basic | $0.02 | $(2.04) |
| Diluted | $0.02 | $(2.04) |
| Weighted-average number of common shares outstanding: | ||
| Basic | 19,887 | 19,617 |
| Diluted | 19,887 | 19,617 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
| For The Years Ended December 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Net income (loss) | $2,351 | $(38,119) |
| Other comprehensive loss, net of income tax where applicable: | ||
| Adjustments for changes in: | ||
| Foreign currency translation | (4,530) | 3,009 |
| Unrecognized employee benefit costs (including effects of foreign currency translation) | 1,359 | (6,976) |
| Fair value of cash flow hedges | (40) | 4 |
| Reclassification adjustments for items included in net income (loss): | ||
| Amortization of unrecognized employee benefit costs | (725) | (891) |
| Settlement of cash flow hedges | (248) | 30 |
| Other comprehensive loss | (4,184) | (4,824) |
| Comprehensive loss | (1,833) | (42,943) |
| Less: Comprehensive income attributable to noncontrolling interest | 1,576 | 1,562 |
| Comprehensive loss attributable to Ampco-Pittsburgh | $(3,409) | $(44,505) |
CONSOLIDATED STATEMENTSOF SHAREHOLDERS’ EQUITY
| (in thousands) · CommonStock · AdditionalPaid-inCapital · RetainedDeficit · AccumulatedOtherComprehensiveLoss · NoncontrollingInterest · Total | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance January 1, 2023 | $19,404 | $175,656 | $(33,069) | $(58,412) | $9,070 | $112,649 | |||||
| Stock-based compensation | 2,146 | 2,146 | |||||||||
| Comprehensive income (loss): | |||||||||||
| Net (loss) income | (39,928) | 1,809 | (38,119) | ||||||||
| Other comprehensive loss | (4,577) | (247) | (4,824) | ||||||||
| Comprehensive income (loss) | 1,562 | (42,943) | |||||||||
| Issuance of common stock including excess tax benefits of $0 | 325 | (606) | (281) | ||||||||
| Balance December 31, 2023 | 19,729 | 177,196 | (72,997) | (62,989) | 10,632 | 71,571 | |||||
| Stock-based compensation | 1,478 | 1,478 | |||||||||
| Comprehensive income (loss): | |||||||||||
| Net income | 438 | 1,913 | 2,351 | ||||||||
| Other comprehensive loss | (3,847) | (337) | (4,184) | ||||||||
| Comprehensive income (loss) | 1,576 | (1,833) | |||||||||
| Issuance of common stock including excess tax benefits of $0 | 251 | (376) | (125) | ||||||||
| Balance December 31, 2024 | $19,980 | $178,298 | $(72,559) | $(66,836) | $12,208 | $71,091 | |||||
| For The Years Ended December 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net income (loss) | $2,351 | $(38,119) |
| Adjustments to reconcile net income (loss) from operations to net cash flows from operating activities: | ||
| Depreciation and amortization | 18,611 | 17,674 |
| (Credit) charge for asbestos-related costs, net | (4,101) | 40,887 |
| Deferred income tax provision (benefit) | 259 | (2,964) |
| Difference between net periodic pension and other postretirement costs and contributions | (11,434) | (6,541) |
| Stock-based compensation | 1,478 | 2,146 |
| Non-cash provisions – net | 253 | (64) |
| Sale-leaseback accretion | 1,254 | 1,163 |
| Other – net | 443 | (359) |
| Changes in assets/liabilities: | ||
| Receivables | 6,148 | (5,473) |
| Inventories | 4,762 | (1,401) |
| Contract assets | (4,150) | 479 |
| Other assets | (3,248) | 283 |
| Insurance receivable – asbestos | 18,037 | 12,780 |
| Asbestos liability | (24,574) | (23,374) |
| Accounts payable | (104) | (6,358) |
| Accrued payrolls and employee benefits | 2,859 | 2,740 |
| Customer-related liabilities | 6,169 | 2,828 |
| Other liabilities | 3,015 | (13) |
| Net cash flows provided by (used in) operating activities | 18,028 | (3,686) |
| Cash flows from investing activities: | ||
| Purchases of property, plant and equipment | (12,194) | (20,448) |
| Proceeds from government grant, for purchase of equipment | 3,301 | — |
| Proceeds from sale of property, plant and equipment | 10 | 128 |
| Purchases of long-term marketable securities | (372) | (99) |
| Proceeds from sale of long-term marketable securities | 1,010 | 734 |
| Net cash flows used in investing activities | (8,245) | (19,685) |
| Cash flows from financing activities: | ||
| Proceeds from revolving credit facility | 23,964 | 32,595 |
| Payments on revolving credit facility | (23,964) | (23,673) |
| Proceeds from sale-leaseback financing arrangements | — | 2,500 |
| Payments on sale-leaseback financing arrangements | (372) | (268) |
| Proceeds from equipment financing facility | 1,692 | 10,331 |
| Payments on equipment financing facility | (1,629) | — |
| Proceeds from related-party debt | — | 1,768 |
| Repayment of related-party debt | (664) | (1,096) |
| Repayment of debt | (380) | (469) |
| Net cash flows (used in) provided by financing activities | (1,353) | 21,688 |
| Effect of exchange rate changes on cash and cash equivalents | (289) | 234 |
| Net increase (decrease) in cash and cash equivalents | 8,141 | (1,449) |
| Cash and cash equivalents at beginning of year | 7,286 | 8,735 |
| Cash and cash equivalents at end of year | $15,427 | $7,286 |
| Supplemental disclosures of cash flow information: | ||
| Income tax payments (net of refunds) | $2,511 | $2,335 |
| Interest payments (net of amounts capitalized) | $10,167 | $7,921 |
| Non-cash investing and financing activities: | ||
| Purchases of property, plant and equipment in accounts payable | $1,083 | $461 |
| Finance lease right-of-use assets exchanged for lease liabilities | $148 | $199 |
| Operating lease right-of-use assets exchanged for lease liabilities | $694 | $1,956 |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
Description of Business
Ampco-Pittsburgh Corporation and its subsidiaries (collectively, the “Corporation”) manufacture and sell highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. It operates intwo business segments, the Forged and Cast Engineered Products (“FCEP”) segment and the Air and Liquid Processing (“ALP”) segment. This segment presentation is consistent with how the Corporation’s chief operating decision maker evaluates financial performance and makes resource allocation and strategic decisions about the business (see Note 23).
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