Ampco-Pittsburgh Swings to Q2 Profit as Orders Surge 32%
AP has more than doubled off its 52-week low of $1.75.
Summary
Ampco-Pittsburgh posted Q2 net income of $1.5 million, or $0.07 per share, reversing a year-ago loss. Sales dipped to $102.9 million due to a UK facility closure, but adjusted EBITDA jumped 22% on stronger demand and efficiency gains. This follows a July 9 announcement of $268 million in first-half orders, up 32% year-over-year, confirming the demand recovery. The company enters H2 with a higher backlog and improving order rates in its forged and cast engineered products segment, signaling the steel market recovery is gaining traction.
At the time of this announcement, AP was trading at $9.67 on NYSE in the Manufacturing sector, with a market capitalization of approximately $176.2M. The 52-week trading range was $1.75 to $12.81. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.