Ampco Pittsburgh Corporation (AP) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $43.06 million, or $ 3.51 a share in the quarter, against a net profit of $3.33 million, or $0.32 a share in the last year period.
Revenue during the quarter surged 66.51 percent to $92.13 million from $55.33 million in the previous year period. Gross margin for the quarter contracted 226 basis points over the previous year period to 12.43 percent. Operating margin for the quarter stood at negative 43.17 percent as compared to a positive 13.93 percent for the previous year period.
Operating loss for the quarter was $39.77 million, compared with an operating income of $7.71 million in the previous year period.
Remarking on the quarter and full year results, John Stanik, Ampco-Pittsburgh's chief executive officer said, "2016 was a year of restructuring and remaking Ampco-Pittsburgh's future. We acquired ASW in the fourth quarter, adding a key building block to our open-die forging diversification strategy. The Åkers acquisition made us a strong leader in the roll industry and expanded our global reach and presence. These changes brought challenges and costs. Executing them in the midst of a still very weak global steel market and soft energy market, with prospects for only slow expected recovery in the near term, has contributed directly to charges we’ve recorded this year. But with these impacts behind us, we are poised to capitalize as markets recover and as we execute our strategic plan."
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