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AmpcoPittsburgh Corporation (AP - Free Report) reported fourth-quarter 2020 earnings per share of 12 cents, beating the Zacks Consensus Estimate of 5 cents. The bottom-line figure, however, declined 20% year over year. Despite the decline in sales volume due to the pandemic, a reduced cost structure owing to restructuring initiatives and efficiency improvements contributed to the company’s profitability.
Revenues declined 10.3% year over year to $87 million in the reported quarter due to lower shipment volumes for the Forged and Cast Engineered Products segment on account of pandemic-related customer deferrals in the flat-rolled steel and aluminum markets. Lower demand for other forged engineered products, particularly in the oil and gas market, was also a headwind. The top-line figure, however, beat the Zacks Consensus Estimate of $86 million.
Cost and Margins
Cost of sales was down 10.5% year over year to $68 million in the fourth quarter. Gross profit declined 9.5% year over year to $19 million. Gross margin was 21.8% in the December-end quarter, flat year over year.
Selling and administrative expenses came in at $12 million compared with $13 million in the year-ago quarter. Adjusted operating income was $2,286 million in the reported quarter compared with $1,938 million in the prior-year quarter.
AmpcoPittsburgh Corporation Price, Consensus and EPS Surprise
Forged and Cast Engineered Products: Net sales fell 13.5% year over year to $64 million. Operating profit was $3.2 million in the quarter under review compared with $4.5 million in the prior-year quarter.
Air and Liquid Processing: Net sales were $23 million in the reported quarter, flat year over year. The segment’s operating profit came in at $2.4 million compared with $2.6 million in the year-ago quarter.
The company expects order activity levels to improve in the second half of the current year, as persistent impacts of the pandemic subside.
2020 Results
AmpcoPittsburgh reported earnings per share of 54 cents in 2020 against a loss of $1.67 reported in 2019. Sales were down 17.3% year over year to $329 million.
Price Performance
AmpcoPittsburgh’s shares have appreciated 278.9% in the past year compared with the industry’s growth of 162.8%.
Zacks Rank & Stocks to Consider
AmpcoPittsburgh currently carries a Zacks Rank #3 (Hold).
Deere has a projected earnings growth rate of 82.5% for fiscal 2021. Over the past year, the company’s shares have appreciated 133.2%.
AGCO has an estimated earnings growth rate of 29.9% for the ongoing year. The company’s shares have surged 134.1% in the past year.
Dover has an expected earnings growth rate of 13.7% for 2021. The stock has gained 38.7% in a year’s time.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
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AmpcoPittsburgh (AP) Q4 Earnings & Sales Beat Estimates
AmpcoPittsburgh Corporation (AP - Free Report) reported fourth-quarter 2020 earnings per share of 12 cents, beating the Zacks Consensus Estimate of 5 cents. The bottom-line figure, however, declined 20% year over year. Despite the decline in sales volume due to the pandemic, a reduced cost structure owing to restructuring initiatives and efficiency improvements contributed to the company’s profitability.
Revenues declined 10.3% year over year to $87 million in the reported quarter due to lower shipment volumes for the Forged and Cast Engineered Products segment on account of pandemic-related customer deferrals in the flat-rolled steel and aluminum markets. Lower demand for other forged engineered products, particularly in the oil and gas market, was also a headwind. The top-line figure, however, beat the Zacks Consensus Estimate of $86 million.
Cost and Margins
Cost of sales was down 10.5% year over year to $68 million in the fourth quarter. Gross profit declined 9.5% year over year to $19 million. Gross margin was 21.8% in the December-end quarter, flat year over year.
Selling and administrative expenses came in at $12 million compared with $13 million in the year-ago quarter. Adjusted operating income was $2,286 million in the reported quarter compared with $1,938 million in the prior-year quarter.
AmpcoPittsburgh Corporation Price, Consensus and EPS Surprise
AmpcoPittsburgh Corporation price-consensus-eps-surprise-chart | AmpcoPittsburgh Corporation Quote
Segment Performance
Forged and Cast Engineered Products: Net sales fell 13.5% year over year to $64 million. Operating profit was $3.2 million in the quarter under review compared with $4.5 million in the prior-year quarter.
Air and Liquid Processing: Net sales were $23 million in the reported quarter, flat year over year. The segment’s operating profit came in at $2.4 million compared with $2.6 million in the year-ago quarter.
The company expects order activity levels to improve in the second half of the current year, as persistent impacts of the pandemic subside.
2020 Results
AmpcoPittsburgh reported earnings per share of 54 cents in 2020 against a loss of $1.67 reported in 2019. Sales were down 17.3% year over year to $329 million.
Price Performance
AmpcoPittsburgh’s shares have appreciated 278.9% in the past year compared with the industry’s growth of 162.8%.
Zacks Rank & Stocks to Consider
AmpcoPittsburgh currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the Industrial Products sector are Deere & Co. (DE - Free Report) , AGCO Corporation (AGCO - Free Report) and Dover Corporation (DOV - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Deere has a projected earnings growth rate of 82.5% for fiscal 2021. Over the past year, the company’s shares have appreciated 133.2%.
AGCO has an estimated earnings growth rate of 29.9% for the ongoing year. The company’s shares have surged 134.1% in the past year.
Dover has an expected earnings growth rate of 13.7% for 2021. The stock has gained 38.7% in a year’s time.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2021 today >>