Ampco Pittsburgh Corporation (AP) saw its loss widen to $4.78 million, or $0.39 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $2.89 million, or $0.26 a share. Revenue during the quarter surged 62.82 percent to $103.52 million from $63.58 million in the previous year period. Gross margin for the quarter contracted 141 basis points over the previous year period to 18.21 percent. Operating margin for the quarter stood at negative 2.29 percent as compared to a negative 7.81 percent for the previous year period.
Operating loss for the quarter was $2.37 million, compared with an operating loss of $4.96 million in the previous year period.
Commenting on the quarter’s results, John Stanik, Ampco-Pittsburgh’s chief executive officer said, "The first quarter of 2017 reflects what appears to mark the beginning of an improving trend at Ampco-Pittsburgh. Sales have picked up and order intake has risen significantly this quarter, particularly for cast rolls and forged products for the oil and gas industry. While we remain cautious of inventory re-stocking effects versus sustained recovery in our end markets, we expect improved operating performance in 2017 versus 2016."
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