Business Segments

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Business Segments

Note 18 – Business Segments

The FCEP segment produces forged hardened steel rolls, cast rolls and forged engineered products (“FEP”). Forged hardened steel rolls are used primarily in cold rolling mills by producers of steel, aluminum and other metals. Cast rolls, which are produced in a variety of iron and steel qualities, are used mainly in hot and cold strip mills, medium/heavy section mills and plate mills. FEP principally are sold to customers in the steel distribution market, oil and gas industry and the aluminum and plastic extrusion industries. The segment has operations in the United States, England, Sweden, and Slovenia and equity interests in three joint venture companies in China. Collectively, the segment primarily competes with European, Asian and North American and South American companies in both domestic and foreign markets and distributes a significant portion of its products through sales offices located throughout the world.

The ALP segment includes Aerofin, Buffalo Air Handling and Buffalo Pumps, all divisions of Air & Liquid. Aerofin produces custom-engineered finned tube heat exchange coils and related heat transfer products for a variety of industries including original equipment manufacturers and commercial, nuclear power generation and industrial manufacturing. Buffalo Air Handling produces large custom-designed air handling systems for institutional (e.g., hospital, university), pharmaceutical and general industrial building markets. Buffalo Pumps manufactures centrifugal pumps for the fossil-fueled power generation, marine defense and industrial refrigeration industries. The segment has operations in Virginia and New York with headquarters in Carnegie, Pennsylvania. The segment utilizes an independent group of sales offices located throughout the United States and Canada.

Presented below are the net sales and income before income taxes for the Corporation’s two business segments and sales by product line. When disaggregating revenue, consideration is given to information regularly reviewed by the chief operating decision-maker to evaluate the financial performance of the operating segments and make resource allocation decisions.

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Net Sales:
Forged and Cast Engineered Products
Forged and cast mill rolls	$	72,647		$	73,003		$	146,043		$	144,702
FEP		3,066			4,578			6,859			9,677
Forged and Cast Engineered Products		75,713			77,581			152,902			154,379
Air and Liquid Processing
Air handling systems		14,043			8,892			26,553			18,096
Heat exchange coils		11,979			11,105			22,802			21,740
Centrifugal pumps		9,253			9,633			18,946			17,799
Air and Liquid Processing		35,275			29,630			68,301			57,635
Total Reportable Segments	$	110,988		$	107,211		$	221,203		$	212,014
Income before income taxes:
Forged and Cast Engineered Products (1)	$	5,361		$	3,904		$	6,937		$	6,128
Air and Liquid Processing		3,174			2,977			5,156			5,930
Total Reportable Segments		8,535			6,881			12,093			12,058
Other expense, including corporate costs		(5,120	)		(5,733	)		(10,430	)		(9,612	)
Total	$	3,415		$	1,148		$	1,663		$	2,446

(1) Income before income taxes for Forged and Cast Engineered Products for the three and six months ended June 30, 2023 includes proceeds of approximately $1,874 for the reimbursement of past energy costs at one of the Corporation’s foreign operations by its local government. No future performance or conditions exist related to the reimbursement and, currently, no further reimbursements are expected.