Ampco-Pittsburgh reports Q1 EPS (14c) vs. 3c last year

Reports Q1 revenue $110.2M vs. $104.8M last year. Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “While there were no injuries from the foundry fire, safety remains our top priority and the affected equipment is back up and running in early second quarter. The sales mix issue that impacted Air and Liquid margins in the first quarter is also expected to be behind us as we move into the second quarter, and the expansionary costs in Air and Liquid will be better absorbed as more of the segment’s prior order book growth converts to sales. A low order book in Europe continues to impact our cast plant utilization negatively, but our customers indicate the destocking cycle appears complete and orders are improving. Our forged roll business performed well, and the Corporation has better overall momentum heading into the second quarter.”