Ampco-Pittsburgh Corporation

Good day, and welcome to the AMCO Pittsburgh Corporation Third Quarter 2022 Earnings Results Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Michael McCauley, CFO. Please go ahead.

Thank you, Jason, and good morning to everyone joining us on today's third quarter 2022 conference call. Joining me today are Brett McBrayer, our Chief Executive Officer. Also joining us on the call today are Sam Lyon, President of Union Electric Steel Corporation, and Dave Anderson, President of Air and Liquid Systems Corporation. Before we begin, I would like to remind everyone that participants on this call may make statements or comments that are forward-looking and may include financial projections or other statements of the corporation's plans, objectives, expectations, or intentions. These matters involve certain risks and uncertainties, many of which are outside the corporation's control. The corporation's actual results may differ significantly from those projected or suggested in any forward-looking statements due to various risk factors, including those discussed in the corporation's most recently filed Form 10-K and subsequent filings with the Securities and Exchange Commission. We do not undertake any obligation to update or otherwise release publicly any revision to our forward-looking statements. A replay of this call will be posted on our website later today. To access the earnings release or the webcast replay, please consult the investor section of our website at amcopgh.com. With that, I will turn the call over to Brett McBrayer, Amco Pittsburgh's CEO. Thank you, Mike.

Good morning, and thank you for joining our call. As shared in our recent press release, Amco Pittsburgh recorded a net income of $0.8 million in our third quarter of 2022, delivering an earnings per share of $0.04. We experienced a sales growth of 23% for the quarter, and we're up 14% year-to-date versus prior year. The backlog for air and liquid systems broke another record this quarter with no weakness in sight. In December, we will receive our first piece of new equipment for our U.S. asset modernization. Our positive performance for the quarter was achieved despite significant negative headwinds from European energy prices that impacted volume in our facilities in Sweden, the U.K., and Slovenia. We continue to see softening in the European market, which will continue as long as energy prices remain at historically high levels. The North American market, however, remains strong for both forged and cast engineered products and air and liquid systems. From a safety perspective, I'm pleased to report that our performance for the quarter continues on a positive trajectory. Now, at this time, I will turn the call over to David Anderson, President of Air and Liquid Systems, for comments on this segment's performance.