Ampco-Pittsburgh (AP) Reports Q4 Loss Per Share of $3.28, Plan to Sell Canadian Subsidiary

Ampco-Pittsburgh (NYSE: AP) reported Q4 EPS of ($3.28), $2.86 worse than the analyst estimate of ($0.42). Revenue for the quarter came in at $95.8 million versus the consensus estimate of $110 million.

CEO Commentary

Remarking on the quarter and full year results, Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer said, “The planned divestiture of ASW is another step in the Corporation’s overall restructuring plan which commenced at the beginning of the fourth quarter with the sale of our Vertical Seal division. We expect further asset consolidation in 2019 and have worked to mitigate equipment reliability issues which hurt second half 2018 performance. With the Q4 asbestos and impairment charges now behind us, the integration of new leadership, the progression to a lean-based production system, and further restructuring initiatives currently in process, we are forming the foundation for future sustainable profitability for Ampco-Pittsburgh.”

For earnings history and earnings-related data on Ampco-Pittsburgh (AP) click here.

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