Ampco-Pittsburgh Corporation

Good morning, everyone, and welcome to the AMCO Pittsburgh Corporation fourth quarter 2024 earnings results conference call. All participants will be in a 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, please press star and then one on your telephone keypad. To withdraw your questions, you may press star and two. Please also note today's event is being recorded. At this time, I'd like to turn the floor over to Kim Knopf, Corporate Secretary. Please go ahead.

Thank you, Jamie, and good morning to everyone joining us on today's fourth quarter 2024 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 Q4 2024 earnings press release, the 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 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 would like to turn the call over to Brett McBrayer, Amco Pittsburgh CEO. Brett?

Thank you. Thank you, Kim. Good morning, and thank you for joining our call. As reported in our most recent press release, AMCO Pittsburgh Corporation reported earnings per common share of 16 cents for the fourth quarter of 2024 and two cents for the full year. Our net cash flow from operating activities was 7.5 million for the fourth quarter and 18 million for 2024. Income from operations for 2024 was $12.2 million, which includes a $4.1 million non-cash asbestos-related benefit. On a non-GAAP basis, we achieved adjusted income from operations of $8 million for the full year. These results reflect a $3.7 million improvement from the prior year with lower revenues in 2024. For the air and liquid processing segment, we achieved record sales for 2024, improving 11 percent from the prior year, and we also had a great fourth quarter. Our Forged and Cast Engineer product segment achieved income from operations of $1.1 million in the fourth quarter of 2024 and $10.5 million for the full year. These results reflect a 38 percent improvement from 2023 despite lower sales. It is important to note that 2024 only reflects a partial year benefit from our newly installed equipment in our U.S. Forged operations. Additionally, we've entered into a formal collective consultation process with our workforce in the UK. This location has weighed negatively on our results for several years. Addressing this deficiency would positively impact annual operating income by at least $5 million annually. For further details regarding our segment performance, I'll now turn the call over to David Anderson, President of Air & Liquid Systems.