The 10-second takeaway
For the quarter ended June 30 (Q2), Ampco-Pittsburgh beat expectations on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue was unchanged. GAAP earnings per share dropped significantly.
Margins shrank across the board.
Ampco-Pittsburgh reported revenue of $69.9 million. The one analyst polled by S&P Capital IQ expected to see a top line of $67.5 million on the same basis. GAAP reported sales were the same as the prior-year quarter's.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.11. The one earnings estimate compiled by S&P Capital IQ anticipated $0.08 per share. GAAP EPS of $0.11 for Q2 were 27% lower than the prior-year quarter's $0.15 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 3.4%, much worse than the prior-year quarter. Operating margin was 3.4%, 80 basis points worse than the prior-year quarter. Net margin was 1.6%, 60 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $69.9 million. On the bottom line, the average EPS estimate is $0.12.
Next year's average estimate for revenue is $281.4 million. The average EPS estimate is $0.38.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 298 members out of 306 rating the stock outperform, and eight members rating it underperform. Among 105 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 103 give Ampco-Pittsburgh a green thumbs-up, and two give it a red thumbs-down.
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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool owns shares of Ampco-Pittsburgh. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.