The sequential backlog growth and record Air & Liquid orders are positive signals, but the YoY earnings deterioration, declining FCEP segment performance, and lack of quantitative guidance cap upside. Monitor Q2 2026 for evidence that FCEP timing/mix headwinds are moderating and that the U.K. facility closure benefits materialize as expected.
Price Chart
Executive Summary
Ampco-Pittsburgh reported Q1 2026 net sales of $108.3M (+3.9% YoY) but swung to a net loss of $0.9M ($0.04/share) from net income of $1.1M in the prior-year period, driven by FCEP segment headwinds, absence of prior-year tax benefits, and a U.K. facility receivable write-down. Adjusted EBITDA fell to $8.0M (7.4% margin) from $8.8M (8.4% margin) a year ago, though backlog grew $16.6M sequentially to $345.5M on record Air & Liquid Processing orders. The company provided no quantitative guidance, only qualitative commentary on improving trends.
Key Financial Metrics
Key Facts
- Net sales increased 3.9% YoY to $108.3M from $104.3M
- Net loss attributable to Ampco of $0.9M ($0.04/share) vs net income of $1.1M ($0.06/share) in Q1 2025
- Adjusted EBITDA declined to $8.0M (7.4% margin) from $8.8M (8.4% margin) YoY
- Forged & Cast Engineered Products net sales fell 2% to $70.8M; adjusted operating income dropped to $5.7M from $8.3M
- Air & Liquid Processing net sales rose 17.3% to $37.5M; record adjusted operating income of $5.7M
- Backlog increased $16.6M sequentially to $345.5M; Q1 bookings ~$124M
- Operating cash flow improved to $1.7M from -$5.3M; free cash flow was -$1.7M vs -$7.2M
- Net debt rose to $124.9M from $120.1M a year ago
- No quantitative full-year 2026 guidance provided; only qualitative commentary on improving trends
Financial Impact
Net loss of $0.9M vs prior-year net income of $1.1M; Adjusted EBITDA down $0.8M YoY
Risk Factors
- Continued FCEP segment headwinds from unfavorable mix and higher-cost inventory
- U.K. facility closure receivable write-down could recur
- Elevated net debt of $124.9M limits financial flexibility
- No quantitative guidance increases uncertainty around full-year trajectory
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-218172 |
| Document: ap-20260512.htm | 0001193125-26-218172 |
| Document: 0001193125-26-218172-index-headers.html | 0001193125-26-218172 |
| Document: 0001193125-26-218172-index.html | 0001193125-26-218172 |
| Document: 0001193125-26-218172.txt | 0001193125-26-218172 |
| 8-K Data (Synthetic) | 0001193125-26-218172 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 23, 2026 4w ago | 8-K | $8.42 | awaiting T+60 | — | $7.66 (−9.03%) |
Aug 11, 2026 10w ago | 8-K | $9.80 | awaiting T+60 | — | $7.66 (−21.84%) |
Jul 9, 2026 15w ago | 8-K | $7.64 $9.70 | ▲ +26.96% | ▲ +25.33% | $7.66 (+0.26%) |
May 12, 2026 23w ago | 8-K | $10.62 $9.49 | ▲ +10.64% | ▲ +15.02% | $7.66 (+27.87%) |
Mar 27, 2026 30w ago | DEFA14A | $6.86 $9.82 | ▲ +43.15% | ▲ +27.08% | $7.66 (+11.66%) |
Mar 12, 2026 32w ago | EFFECT | $8.79 $9.76 | ▲ +11.04% | ▲ +0.34% | $7.66 (−12.86%) |
US Market Status
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