AMPCO PITTSBURGH CORP (AP): Results of Operations and Financial Condition
AMPCO PITTSBURGH CORP (AP) filed an SEC Form 8-K — Results of Operations and Financial Condition. EXHIBIT 99.1 Contact: David Anderson Vice President, Chief Financial Officer and Air & Liquid Processing President (412) 246-4010 danderson@ampcopgh.com FOR IMMEDIATE RELEASE CARNEGIE, PA August 11, 2026 Ampco-Pittsburgh Corporation Announces Second Quarter 2026 Results Second Qu
How this was made
The 30-second read
Why it matters
Traders can update expectations for 2026 demand recovery and profitability trajectory using the reported adjusted EBITDA, margin expansion, bookings, and backlog build, while also weighing cash flow and leverage.
Market read
Fresh quarterly results and backlog/booking momentum can move the stock as investors reprice the recovery path and margin sustainability.
What to watch
Net sales were down due to the prior-year UK cast roll facility closure, and liquidity shows modest cash ($7.0M) with net debt of $130.5M, so investors may scrutinize cash conversion and leverage.
Ampco-Pittsburgh reported improved profitability, a 22% increase in Adjusted EBITDA, and sequential backlog growth, while net sales declined versus the prior-year period.
Net income attributable to Ampco-Pittsburgh improved to $1.5 million from a net loss of $7.3 million, Adjusted EBITDA increased to $9.8 million, and backlog reached $385.4 million. Sales declined to $102.9 million as higher Air and Liquid Processing sales were more than offset by lower Forged and Cast Engineered Products sales related primarily to the U.K. facility closure.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net salesGAAP | $102.9 million | – | – |
| Net income attributable to Ampco-PittsburghGAAP | $1.5 million | – | – |
| Net income attributable to Ampco-Pittsburgh per shareGAAP | $0.07 per share | – | – |
| Adjusted EBITDAnon-GAAP | $9.8 million | – | increased 22% |
| Adjusted EBITDA Marginnon-GAAP | 9.5% | – | expanded 240 basis points |
| Forged and Cast Engineered Products adjusted operating incomenon-GAAP | $7.8 million | – | an increase of 15.1% |
| Air and Liquid Processing adjusted operating incomenon-GAAP | $5.3 million | – | an increase of 34.2% |
| Second Quarter 2026 bookingsother | approximately $144 million | increased sequentially | increased 50% versus prior year |
| Backlog at June 30, 2026other | $385.4 million | increased $39.9 million sequentially from March 31, 2026 | – |
| Operating cash flowGAAP | $0.2 million | – | – |
| Capital expendituresother | $5.7 million | – | – |
| Free cash flownon-GAAP | $(5.5) million | – | – |
| Cash and cash equivalentsGAAP | $7.0 million | – | – |
| Total liquidityother | $29.0 million | – | – |
| Net debtother | $130.5 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Forged and Cast Engineered ProductsLower sales primarily reflected the closure of the U.K. plant that was included in 2025 results. Adjusted operating income benefited from improving customer activity for roll products in North America, improved operating leverage, manufacturing efficiencies, actions implemented during 2025, and the ramp-up of the Sweden facility. | $67.3 million | – | a decrease of 13.6% |
| Air and Liquid ProcessingGrowth was driven by commercial pumps supporting power generation, increased demand for pumps supporting U.S. Navy programs, and continued strength in air handling. Ongoing operational improvement initiatives drove manufacturing efficiency, effective capacity, and operating leverage. | $35.6 million | – | an increase of 1.2% |
Full Year 2026 outlook
- NoteThe Company exited the second quarter with higher backlog and stronger customer order activity.
- NoteAir and Liquid Processing continues to benefit from healthy demand across its key markets.
- NoteImproving order rates and customer activity in Forged and Cast Engineered Products reflect continued recovery in the steel market.
What drove it
- Customer order activity improved, particularly for roll products in North America, as steel market conditions recovered from lower levels experienced in 2025.
- Air and Liquid Processing demand was supported by commercial pumps for power generation, pumps for U.S. Navy programs, and air-handling strength.
- Manufacturing efficiency, productivity actions, improved operating leverage, and the Sweden facility ramp-up supported profitability.
- The prior-year period included costs to exit U.K. operations of $6.75 million, or $0.34 per share.
Concerns
- Net sales were lower than the prior-year period because higher Air and Liquid Processing sales were more than offset by lower Forged and Cast Engineered Products sales, primarily reflecting the U.K. cast roll facility closure.
- Free cash flow was $(5.5) million, compared to free cash flow of $(3.8) million in the prior-year period, as capital expenditures were higher.
- Net debt was $130.5 million as of June 30, 2026, compared to $124.7 million as of June 30, 2025.
- The filing identifies risks including liquidity requirements, debt service costs, cyclical demand, steel-industry excess capacity, and the ability to convert backlog to revenues in a timely manner.
What to watch
- Conversion of the $385.4 million backlog into revenue.
- Whether improving North American roll-product activity continues as steel market conditions recover.
- Sustainability of Air and Liquid Processing demand across power generation, U.S. Navy pump programs, and air handling.
- Profitability benefits from manufacturing efficiency initiatives and the Sweden facility ramp-up.
- Capital spending, free cash flow, liquidity, and net debt.
Balance sheet and cash flow
- 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.
- 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.
- Net debt was $130.5 million as of June 30, 2026, compared to $124.7 million as of June 30, 2025.
Analysis
Ampco-Pittsburgh delivered a substantial improvement in earnings despite lower sales. Net sales were $102.9 million versus $113.1 million in the prior-year period, with the decline primarily tied to the U.K. cast roll facility closure. Net income attributable to Ampco-Pittsburgh improved to $1.5 million, or $0.07 per share, from a net loss of $7.3 million, or $0.36 per share. The prior-year period included $6.75 million of costs to exit the U.K. operations, while the remaining improvement reflected stronger operating performance in both segments and benefits from 2025 actions.
Profitability indicators improved across the business. Adjusted EBITDA increased 22% to $9.8 million from $8.0 million, and Adjusted EBITDA Margin expanded 240 basis points to 9.5%. Forged and Cast Engineered Products generated $7.8 million of adjusted operating income, an increase of 15.1%, despite segment sales declining 13.6% to $67.3 million. This performance points to improved operating leverage, manufacturing efficiency, and contributions from the Sweden facility ramp-up as commercial conditions improved.
Air and Liquid Processing remained the growth and execution anchor. Segment sales increased 1.2% to $35.6 million and adjusted operating income increased 34.2% to $5.3 million. Management attributed demand to commercial power-generation pumps, pumps supporting U.S. Navy programs, and continued air-handling strength. Operational improvement initiatives also supported manufacturing efficiency, effective capacity, and operating leverage.
Demand visibility improved materially through orders and backlog. Second Quarter 2026 bookings were approximately $144 million, following $124 million of orders generated in the first quarter, and customer orders increased 50% versus the prior year. Backlog increased $39.9 million sequentially from March 31, 2026 to $385.4 million. Management characterized the backlog and order trends as supportive of a favorable outlook through 2026 and into 2027, with activity shifting toward higher-value opportunities.
Cash generation remains the principal offset to the improved operating results. Operating cash flow improved to $0.2 million from a use of $2.3 million, but capital expenditures of $5.7 million resulted in free cash flow of $(5.5) million versus $(3.8) million in the prior-year period. The company ended the quarter with $7.0 million of cash and cash equivalents, total liquidity of $29.0 million, and net debt of $130.5 million. The full-year outlook provided no quantified financial targets, but management highlighted higher backlog, healthy Air and Liquid Processing demand, and recovering Forged and Cast Engineered Products activity.
Management, verbatim
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,
Brett McBrayer, CEO of Ampco-Pittsburgh
Customer order activity increased sequentially during the quarter, resulting in backlog growth and reinforcing our confidence in the direction of the business.
Brett McBrayer, CEO of Ampco-Pittsburgh
Not in the filing
stated, not guessed- GAAP gross profit and gross margin
- GAAP operating income
- GAAP operating margin
- GAAP net income attributable to Ampco-Pittsburgh margin
- Weighted-average diluted shares
- Non-GAAP adjusted net income and adjusted earnings per share
- Prior-quarter net sales
- Prior-quarter net income attributable to Ampco-Pittsburgh
- Prior-quarter earnings per share
- Prior-quarter Adjusted EBITDA and Adjusted EBITDA Margin
- Prior-year Forged and Cast Engineered Products adjusted operating income
- Prior-year Air and Liquid Processing adjusted operating income
- Prior-year capital expenditures
- Gross total debt
- Share repurchases
- Dividends
- Quantified full-year revenue guidance
- Quantified full-year gross margin guidance
- Quantified full-year operating expense guidance
- Quantified full-year tax-rate guidance
- Previous-quarter outlook for comparison
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC 8-K (Item 2.02) with Exhibit 99.1 announcing Ampco-Pittsburgh’s second quarter 2026 financial results and operating commentary.
Ticker impact
Ampco-Pittsburgh reported Q2 2026 results, including net income of $1.5M, adjusted EBITDA of $9.8M, and backlog rising to $385.4M.
Likely positive bias if investors focus on backlog growth, margin expansion, and improved profitability versus the prior-year loss.
Key metrics improved year over year (net income vs net loss, adjusted EBITDA +22%, margin +240 bps) and backlog increased sequentially, but the article does not provide full-year numeric guidance beyond qualitative outlook.
Market effects
Signals improving demand conditions in industrial end markets tied to pumps/air handling and engineered products, potentially supportive for small-cap industrial suppliers.
Limited to company-specific sentiment; no broader regional macro signal beyond industrial recovery commentary.
No direct global supply-chain or geopolitical linkage beyond Sweden ramp-up and prior UK facility closure.
Counterpoint
Despite margin and backlog improvement, net sales declined year over year and free cash flow remained negative, which could temper enthusiasm.
Key entities
- issuerAmpco-Pittsburgh Corporation
Reported Q2 2026 net sales, net income, adjusted EBITDA, backlog, and segment performance in an 8-K.
- executiveBrett McBrayer
CEO quoted on improving customer activity, steel market recovery, and operational ramp-up.
- executiveDavid Anderson
CFO contact listed for the press release exhibit.
