Ampco-Pittsburgh Corporation

Welcome to the Amco Pittsburgh Corporation Fourth Quarter 2023 Earnings Results Conference 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. To ask a question, press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note that this is being recorded. I'd now like to turn the conference over to Kim Knox, Corporate Secretary. Please go ahead.

Thank you, Rocco, and good morning to everyone joining us on today's fourth quarter 2023 conference call. Joining me today are Brett McBrayer, our Chief Executive Officer, and Mike McCauley, Senior Vice President, Chief Financial Officer, and Treasurer. 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 in 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. To access the earnings release or the webcast replay, please consult the investor section of our website at amcopgh.com. With that, I'd like to now turn the call over to Brett McBrayer, AMCO Pittsburgh CEO. Brett?

Thank you, Kim. Good morning, and thank you for joining our call. As reported in our press release and 10-K filings, AMCO Pittsburgh saw top-line growth versus the prior year quarter and prior year, with air and liquid processing segment sales improving 35 percent and 31 percent, respectively. Our underlying business has improved on a non-GAAP-adjusted basis compared to prior year. Although our U.S. Forge roll business performed well and our air and liquid processing segment saw record backlog, record sales, and record-adjusted operating income during the year, Excess plant capacity coupled with high energy costs in our European cast roll businesses weighed heavily on our 2023 results. With the conclusion of our equipment modernization in our U.S. forage roll business and the expansion of capacity in our air and liquid processing segment, we are better positioned to selectively capture market opportunities. A 2023 full-year loss of $34.6 million included a $40.9 million non-cash and undiscounted asbestos-related revaluation charge recorded in Q4 of 2023. I'm now going to turn the call over to Sam Lyon, president of our Forged and Cast Engineer product segment, for further comments on his segment's performance. Sam.