Ampco-Pittsburgh Corporation (the “Company” or “Ampco”) (NYSE: AP) announced financial results for its second quarter ended June 30, 2026 (“Second Quarter 2026”).
“Our Second Quarter 2026 results reflect continued progress across the business as customer activity improved and the benefits of actions taken over the last year continued to build,” said Brett McBrayer, CEO of Ampco-Pittsburgh. “In Forged and Cast Engineered Products, order activity improved, particularly in North America, as steel market conditions continued to recover from the lower levels experienced in 2025. At the same time, we continue to improve manufacturing efficiency and productivity as we ramp our Sweden facility and further optimize our operations. Air and Liquid Processing remains a source of strength, supported by healthy demand in key end markets and strong execution across the business.
Customer order activity increased sequentially during the quarter, resulting in backlog growth and reinforcing our confidence in the direction of the business. We remain focused on execution, improving profitability and capitalizing on opportunities across our end markets as demand continues to recover and order activity remains constructive.”
Second Quarter 2026 Results
Net sales for the Second Quarter 2026 were $102.9 million, compared to $113.1 million in the prior-year period. Higher sales in the Air and Liquid Processing segment were more than offset by lower sales in Forged and Cast Engineered Products, primarily reflecting the closure of the U.K. cast roll facility included in prior-year results.
Net income attributable to Ampco-Pittsburgh improved to $1.5 million, or $0.07 per share, compared to a net loss of $7.3 million, or $0.36 per share, in the prior-year period. The prior year period included costs to exit the U.K. operations of $6.75 million, or $0.34 per share. The remaining improvement was driven by stronger operating performance across both segments, increasing benefits from actions taken during 2025, and continued progress in Forged and Cast Engineered Products as commercial activity and operating performance improved throughout the quarter.
Adjusted EBITDA increased 22% to $9.8 million from $8.0 million in the prior-year period, while Adjusted EBITDA Margin expanded 240 basis points to 9.5%. Results benefited from improving demand trends and continued execution of initiatives to enhance manufacturing efficiency and profitability.
Backlog
Backlog at June 30, 2026, increased $39.9 million sequentially from March 31, 2026 to $385.4 million, reflecting stronger customer order activity and improving demand conditions. Second Quarter 2026 bookings were approximately $144 million, building on the $124 million of orders generated in the first quarter. Air and Liquid Processing order activity was driven by commercial pumps supporting power generation, pumps supporting U.S. Navy programs, and continued strength in air handling, including Buffalo Air Handling’s largest equipment order in its history. In Forged and Cast Engineered Products, order activity improved for roll products, particularly in North America, as steel market conditions continued to recover from the lower levels experienced in 2025. Overall, backlog and order trends point to improving demand and a continued shift toward higher-value opportunities, supporting a favorable outlook through 2026 and into 2027.
Second Quarter 2026 Segment Results
Forged and Cast Engineered Products
Net Sales for the Forged and Cast Engineered Products segment were $67.3 million, a decrease of 13.6% compared to the prior-year period, primarily reflecting the closure of the U.K. plant that was included in 2025 results. Adjusted operating income was $7.8 million, an increase of 15.1% compared to the prior-year period.
Performance in the quarter reflected improving customer activity, particularly for roll products in North America, as steel market conditions continued to recover from the lower levels experienced in 2025. Results also benefited from improved operating leverage, manufacturing efficiencies and continued execution of actions implemented during 2025, including the ramp-up of the Company’s Sweden facility. Management believes current order activity and improving demand trends support continued progress through the balance of the year.
Air and Liquid Processing
Net Sales for the Air and Liquid Processing segment were $35.6 million, an increase of 1.2% compared to the prior-year period, reflecting continued growth across the segment. Adjusted operating income was $5.3 million, an increase of 34.2% compared to the prior-year period.
Performance in the quarter was driven by commercial pumps supporting power generation, increased demand for pumps supporting U.S. Navy programs and continued strength in air handling. Results also reflect the benefits of ongoing operational improvement initiatives, which continue to drive manufacturing efficiency, increase effective capacity and support improved operating leverage.
Balance Sheet and Liquidity
As of June 30, 2026, the Company had $7.0 million of cash and cash equivalents and total liquidity of $29.0 million.
Operating cash flow for the Second Quarter 2026 was $0.2 million, compared to a use of $2.3 million in the prior-year period. The improvement reflects stronger operating performance and the absence of costs associated with the Company’s U.K. facility. Capital expenditures were $5.7 million, resulting in free cash flow of $(5.5) million, compared to free cash flow of $(3.8) million in the prior-year period. Capital expenditures were higher than the prior-year period, which reflected lower spending levels as the Company executed strategic actions and operated in a softer demand environment during 2025. Current capital spending levels are more consistent with the Company’s full-year plan and a normalizing operating environment.
Net debt was $130.5 million as of June 30, 2026 (defined as total debt less cash and cash equivalents), compared to $124.7 million as of June 30, 2025.
Full Year 2026 Outlook
The Company exited the second quarter with higher backlog and stronger customer order activity. Air and Liquid Processing continues to benefit from healthy demand across its key markets, while improving order rates and customer activity in Forged and Cast Engineered Products reflect continued recovery in the steel market.
Teleconference Access
Ampco will hold a conference call on Tuesday, August 11, 2026, at 8:30 a.m. Eastern Time (ET) to discuss its financial results for the three and six months ended June 30, 2026. The Company encourages participants to pre-register for the conference call using the following link. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. To pre-register, please go to https://dpregister.com/sreg/10210240/104604d2a00
Those without internet access or unable to pre-register may dial in by calling:
- Participant Dial-in (Toll Free): 1-844-308-3408
- Participant International Dial-in: 1-412-317-5408
For those unable to listen to the live broadcast, a replay will become available on our website under the Investors menu at www.ampcopgh.com.
About Ampco-Pittsburgh Corporation
Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industries. It also manufactures open-die forged products that are sold principally to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems and centrifugal pumps. It operates manufacturing facilities in the United States, Sweden, and Slovenia and participates in two operating joint ventures located in China. It has sales offices in North America, Asia, Europe, and the Middle East. Corporate headquarters are located in Carnegie, Pennsylvania.
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