Ampco-Pittsburgh Announces an Increase of 27.4% in Quarterly Earnings.PITTSBURGH Pittsburgh (pĭts`bərg), city (1990 pop. 369,879), seat of Allegheny co., SW Pa., at the confluence of the Allegheny and the Monongahela rivers, which there form the Ohio River; inc. 1816. -- Ampco-Pittsburgh Corporation (NYSE NYSE See: New York Stock Exchange : AP) announces sales for the three and nine months ended September September: see month. 30, 2008 of $105,906,000 and $306,425,000, respectively, in comparison to $87,160,000 and $263,640,000 for the three and nine months ended September 30, 2007. Net income for the quarter ended September 30, 2008 increased 27.4% to $11,974,000 or $1.18 per share compared with $9,399,000 or $0.92 per share for the corresponding quarter in 2007. For the nine months ended September 30, 2008 net income increased 16.1% to $33,726,000 or $3.31 per share compared with $29,041,000 or $2.90 per share for the same period in 2007. Income from operations was $16,563,000 and $50,134,000 for the three and nine months ended September 30, 2008, respectively, against $14,206,000 and $43,475,000 for the same periods in 2007. The improvement in results for the three and nine months is attributable principally to the Forged forge 1 n. 1. A furnace or hearth where metals are heated or wrought; a smithy. 2. A workshop where pig iron is transformed into wrought iron. v. and Cast Rolls segment which benefited from higher volumes and improved margins driven by strong demand for rolling-mill rolls from the steel industry throughout the world. Considerable uncertainty surrounds the economy in light of sudden and unprecedented global financial dislocations. The outlook is unpredictable and changing almost daily. As a consequence, steel companies around the world have announced cutbacks in output, the result of which is expected to significantly reduce the demand for rolling-mill rolls late in the fourth quarter and in 2009. The Corporation will strive to minimize the impact on earnings. The matters discussed herein may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties that could cause actual results to differ materially from expectations. Certain of these risks are set forth in the Corporation's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December December: see month. 31, 2007, as well as the Corporation's other reports filed with the Securities and Exchange Commission. [TABLE OMITTED] |
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