The revenue decline is a structural artifact of the UK exit, but the profit swing, 50% order growth, and record backlog signal a cyclical recovery. Watch for continued order conversion in H2 2026 and any margin expansion from the Sweden facility ramp. The strong order book supports a favorable outlook into 2027, but the negative free cash flow and rising net debt warrant monitoring.
Price Chart
Executive Summary
Ampco-Pittsburgh reported Q2 2026 net sales of $102.9M, down 9% YoY from $113.1M due to the closure of its UK cast roll facility, but swung to a net profit of $1.5M ($0.07/share) from a $7.3M loss in the prior year. Adjusted EBITDA rose 22% to $9.8M with margin expanding 240bps to 9.5%, and customer orders surged 50% to ~$144M, driving backlog up $39.9M sequentially to $385.4M. The revenue decline is structural (UK exit), while the profit swing and order momentum signal a cyclical recovery in steel markets and strong execution in Air & Liquid Processing, making this a mixed read with a positive operational trajectory.
Key Financial Metrics
Key Facts
- Net sales of $102.9M, down 9% YoY from $113.1M, reflecting the closure of the UK cast roll facility.
- Net income attributable to Ampco improved to $1.5M ($0.07/share) vs a net loss of $7.3M ($0.36/share) in Q2 2025.
- Adjusted EBITDA increased 22% to $9.8M from $8.0M; Adjusted EBITDA margin expanded 240bps to 9.5%.
- Customer orders increased 50% YoY to approximately $144M; backlog grew $39.9M sequentially to $385.4M.
- Forged & Cast Engineered Products segment sales fell 13.6% to $67.3M, but adjusted operating income rose 15.1% to $7.8M.
- Air & Liquid Processing segment sales rose 1.2% to $35.6M; adjusted operating income surged 34.2% to $5.3M.
- Operating cash flow was $0.2M vs a use of $2.3M in the prior year; free cash flow was negative $(5.5)M due to higher capex.
- Net debt increased to $130.5M from $124.7M a year ago.
Financial Impact
Revenue declined $10.2M YoY due to UK plant closure, but net income swung +$8.8M and adjusted EBITDA grew $1.8M. Backlog increased $39.9M sequentially to $385.4M.
Risk Factors
- Revenue decline from UK plant closure may mask underlying recovery if not well understood by the market.
- Negative free cash flow of $(5.5)M and net debt increase to $130.5M could pressure liquidity if demand softens.
- Cyclical steel market recovery may be uneven; any reversal in steel demand would impact the Forged & Cast segment.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-343343 |
| Document: ap-20260811.htm | 0001193125-26-343343 |
| Document: 0001193125-26-343343-index-headers.html | 0001193125-26-343343 |
| Document: 0001193125-26-343343-index.html | 0001193125-26-343343 |
| Document: 0001193125-26-343343.txt | 0001193125-26-343343 |
| 8-K Data (Synthetic) | 0001193125-26-343343 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 23, 2026 4w ago | 8-K | $8.42 | awaiting T+60 | — | $8.28 (−1.60%) |
Aug 11, 2026 11w ago | 8-K | $9.80 | awaiting T+60 | — | $8.28 (−15.46%) |
Jul 9, 2026 15w ago | 8-K | $7.64 $9.70 | ▲ +26.96% | ▲ +25.33% | $8.28 (+8.44%) |
May 12, 2026 24w ago | 8-K | $10.62 $9.49 | ▲ +10.64% | ▲ +15.02% | $8.28 (+21.99%) |
Mar 27, 2026 30w ago | DEFA14A | $6.86 $9.82 | ▲ +43.15% | ▲ +27.08% | $8.28 (+20.77%) |
Mar 12, 2026 32w ago | EFFECT | $8.79 $9.76 | ▲ +11.04% | ▲ +0.34% | $8.28 (−5.75%) |
US Market Status
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