Business Segments

9 Months Ended

Sep. 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, 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 (loss) 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 September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net Sales:
Forged and Cast Engineered Products
Forged and cast mill rolls	$	63,833		$	68,325		$	209,876		$	213,027
FEP		3,370			5,300			10,229			14,977
Forged and Cast Engineered Products		67,203			73,625			220,105			228,004
Air and Liquid Processing
Air handling systems		8,853			9,357			35,406			27,453
Heat exchange coils		10,824			10,068			33,626			31,808
Centrifugal pumps		9,286			9,168			28,232			26,967
Air and Liquid Processing		28,963			28,593			97,264			86,228
Total Reportable Segments	$	96,166		$	102,218		$	317,369		$	314,232
(Loss) income before income taxes:
Forged and Cast Engineered Products (1)	$	2,456		$	1,448		$	9,393		$	7,576
Air and Liquid Processing (2)		3,134			3,456			8,290			9,386
Total Reportable Segments		5,590			4,904			17,683			16,962
Other expense, including corporate costs		(6,408	)		(3,593	)		(16,838	)		(13,205	)
Total	$	(818	)	$	1,311		$	845		$	3,757

(1) Income before income taxes for Forged and Cast Engineered Products for the nine months ended September 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.

(2) Income before income taxes for Air and Liquid Processing for the three and nine months ended September 30, 2023 includes proceeds of approximately $191 from an insolvent insurance carrier.