Ampco Pittsburgh Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Ampco Pittsburgh Corp. has filed its 2023 10-K report detailing its financial performance and operational status.</b>

AI Summary

AMPCO PITTSBURGH CORP (AP) filed a Annual Report (10-K) with the SEC on March 25, 2024. Ampco Pittsburgh Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes financial data and disclosures for the period. Key dates mentioned include December 31, 2023, as the fiscal year end. The company is listed under SIC code 3561 for Pumps & Pumping Equipment. The filing was submitted on March 25, 2024.

Why It Matters

For investors and stakeholders tracking AMPCO PITTSBURGH CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Ampco Pittsburgh Corp.'s financial health, operational performance, and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's stability and future prospects. The detailed disclosures within the 10-K allow stakeholders to understand the company's compliance with regulatory requirements and its adherence to accounting standards, offering transparency into its business practices.

Risk Assessment

Risk Level: medium — AMPCO PITTSBURGH CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative performance trends without further analysis of the specific figures and management's discussion.

Analyst Insight

Investors should review the detailed financial statements and management's discussion and analysis within the 10-K to understand Ampco Pittsburgh Corp.'s performance and outlook for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-03-25 — Filing Date (Date of submission)
• 142 — Public Document Count (Number of documents in the filing)
• 3561 — SIC Code (Pumps & Pumping Equipment)

Key Players & Entities

• AMPCO PITTSBURGH CORP (company) — Filer name
• AP (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-03-25 (date) — Filing date
• PA (location) — State of incorporation
• 3561 (industry) — Standard Industrial Classification

FAQ

Industry Context

Ampco Pittsburgh Corp. operates in the Pumps & Pumping Equipment industry, as indicated by its SIC code 3561. This sector is critical for various industrial applications.

Regulatory Implications

The filing adheres to the requirements of the Securities Exchange Act of 1934, ensuring compliance with SEC regulations for public companies.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the company's performance metrics and compare them to industry benchmarks.
3. Assess any disclosed risk factors and their potential impact on future operations.

Key Dates

• 2023-12-31: Fiscal Year End — Defines the reporting period for the 10-K.
• 2024-03-25: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted from the provided text, representing the 2023 10-K. Comparative data from a previous filing is not available in this extract.

Key Financial Figures

• $1 — nge on which registered Common Stock, $1 par value AP New York Stock Exchang
• $378.9 million — at December 31, 2023 was approximately $378.9 million compared to a backlog of $369.0 million
• $369.0 million — $378.9 million compared to a backlog of $369.0 million at year-end 2022. Backlog for the ALP s
• $14.5 million — ALP segment increased by approximately $14.5 million and benefited from improved order intak
• $4.6 million — FCEP segment decreased by approximately $4.6 million year over year due to lower FEP and cas
• $100 million — y provides for borrowings not to exceed $100 million and otherwise restricts us from incurri

Filing Documents

• ap-20231231.htm (10-K) — 4138KB
• ap-ex21.htm (EX-21) — 41KB
• ap-ex23_1.htm (EX-23.1) — 4KB
• ap-ex23_2.htm (EX-23.2) — 4KB
• ap-ex31_1.htm (EX-31.1) — 14KB
• ap-ex31_2.htm (EX-31.2) — 14KB
• ap-ex32_1.htm (EX-32.1) — 7KB
• ap-ex32_2.htm (EX-32.2) — 7KB
• ap-ex97.htm (EX-97) — 66KB
• img137273756_0.jpg (GRAPHIC) — 61KB
• 0000950170-24-036011.txt (&nbsp;) — 21951KB
• ap-20231231.xsd (EX-101.SCH) — 2843KB
• ap-20231231_htm.xml (XML) — 5180KB

Business

Item 1. Business 2

Risk Factors

Item 1A. Risk Factors 5

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 11

Cybersecurity

Item 1C. Cybersecurity 11

Properties

Item 2. Properties 13

Legal Proceedings

Item 3. Legal Proceedings 14

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 14 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 15

Reserved

Item 6. Reserved 15

Management's Discussion and Analysis of Financial Condition and Results of Operation s

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation s 15

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 25

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 26

Changes In and Disagreements With Accountants On Accounting and Financial Disclosure

Item 9. Changes In and Disagreements With Accountants On Accounting and Financial Disclosure 67

Controls and Procedures

Item 9A. Controls and Procedures 67

Other Information

Item 9B. Other Information 68

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 69

Executive Compensation

Item 11. Executive Compensation 69

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 69

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 69

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 69 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 70

Form 10-K Summary

Item 16. Form 10-K Summary 72

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 (the "Act") provides a safe harbor for forward-looking statements made by us or on our behalf. Management's Discussion and Analysis of Financial Condition and Results of Operations and other sections of this Annual Report on Form 10-K, as well as the consolidated financial statements and notes hereto, may include, but are not limited to, statements about operating performance, trends and events we expect or anticipate will occur in the future, statements about sales and production levels, restructurings, the impact from pandemics and geopolitical conflicts, profitability and anticipated expenses, inflation, the global supply chain, future proceeds from the exercise of outstanding warrants, and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed "forward-looking statements" within the meaning of the Act and words such as "may," "will," "intend," "believe," "expect," "anticipate," "estimate," "project," "target," "goal," "forecast" and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For us, these risks and uncertainties include, but are not limited to: economic downturns, cyclical demand for our products and insufficient demand for our products; excess global capacity in the steel industry; limitations in availability of capital to fund our strategic plan; inability to maintain adequate liquidity to meet our operating cash flow requirements, repay maturing debt and meet other financial obligations; fluctuations in the value of the U.S. dollar relative to other currencies; increases in commodity prices or insufficient hedging aga

B USINESS

ITEM 1. B USINESS GENERAL DEVELOPMENT OF BUSINESS Ampco-Pittsburgh Corporation (the "Corporation") was incorporated in Pennsylvania in 1929. The Corporation, individually or together with its consolidated subsidiaries, is also referred to herein as the "Registrant." The Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. It operates in two 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. While the Corporation currently is operating at more normal levels, when compared to the operating levels during the pandemic and immediately thereafter, it continues to be challenged by lingering global economic effects of a post-pandemic environment and repercussions from the Russia-Ukraine conflict, among other events, including: Periodic disruptions to the global supply chain for the Corporation, its vendors and its customers; Global inflationary pressures; Depressed business activity in Europe and Asia (specifically China); and Global economic uncertainty. The Corporation is actively monitoring, and will continue to actively monitor, the geopolitical and economic consequence of these events and the potential impact on its operations, financial condition, liquidity, suppliers, industry, and workforce. NARRATIVE DESCRIPTION OF BUSINESS Forged and Cast Engineered Products Segment The FCEP segment produces forged hardened steel rolls, cast rolls and forged engineered products ("FEP"). Forged hardened steel rolls are used primarily in hot and cold rolling mills by producers of steel, aluminum and other metals. Cast rolls, which are produced in a variety of iron and steel qu

RIS K FACTORS

ITEM 1A. RIS K FACTORS Our business, financial condition, results of operations, liquidity, and the value of any investment in our securities are subject to a number of inherent risks and uncertainties. The risks and uncertainties described below are those we have identified as material as of the date of this Annual Report on Form 10-K, but they are not the only risks and uncertainties we face. Additional risks and uncertainties not currently known to us or we currently believe are not material also may impair our business, financial condition, results of operations, liquidity, and the value of any investment in our securities. RISKS RELATED TO OUR BUSINESS AND INDUSTRY Cyclical demand for products and economic downturns could reduce the demand for, and sales of, our products, which could adversely affect our margins and profitability. A significant portion of the FCEP segment's sales consists of mill rolls to customers in the global steel and aluminum industry that may be periodically impacted by economic or cyclical downturns and other disruptions. Such downturns and disruptions, the timing and length of which are difficult to predict, may cause demand for steel and aluminum to be lower than forecasted which may reduce the demand for, and sales of, our forged and cast rolls both in the United States and the rest of the world. Lower demand for rolls may also adversely impact profitability as other competing roll producers lower selling prices in the marketplace to fill their manufacturing capacity. Cancellation of orders or deferral of delivery of rolls may occur and produce an adverse impact on our financial results. In addition, sales of FEP, specifically open-die forged products for the oil and gas industry and steel distribution markets, are impacted by fluctuations in global energy demand, which also could adversely affect our margins and profitability. Excess global capacity in the steel industry could lower prices for our products, which could adve

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View this 10-K filing on SEC EDGAR