Ampco-Pittsburgh Corp. 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Ampco-Pittsburgh reported Q2 2026 net income of $1.5 million, or $0.07 per share, compared to a net loss of $7.3 million, or a loss of $0.36 per share in Q2 2025.
- Adjusted EBITDA increased 22% year over year to $9.8 million, with margin expanding 240 basis points to 9.5% on net sales of $102.9 million.
- Customer orders were approximately $144 million, up 50% versus prior year, and backlog grew $39.9 million from Q1 to $385.4 million.
- Air and Liquid Systems segment delivered record results with Q2 revenue comparable to prior year and year-to-date revenue up 9%.
- Adjusted EBITDA in Air and Liquid Systems increased 34% in Q2 and 43% year to date versus prior year.
- Backlog in Air and Liquid Systems increased 16% in the quarter and is 39% higher than year-end 2025.
- Forge and Cast Engineered Products segment reported Q2 net sales of $67.3 million, down from $77.9 million in Q2 2025, primarily due to exit from UK facility and distribution business.
- Adjusted EBITDA in Forge and Cast segment increased 15% year over year and 36% sequentially.
- Q2 net sales were $102.9 million compared to $113.1 million prior year, reflecting UK facility closure.
- Year-to-date revenue was $211.2 million compared to $217.4 million prior year.
- Selling and administrative expenses were flat year over year.
- Depreciation and amortization expense decreased by approximately $0.5 million in Q2 and $0.9 million year to date due to UK facility closure.
- Other income and expense improved due to lower foreign exchange losses, partially offset by lower pension income.
- Liquidity at June 30, 2026 included $7 million cash on hand and $29 million undrawn on revolving credit facility.
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Transcript
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Welcome to the Ampco-Pittsburgh Corporation second quarter 2026 earnings results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, please press star, then one on your telephone keypad. To withdraw a question, please press star then two. Please note this event is being recorded. I'd now like to turn the conference over to Kim Knox, Corporate Secretary.
Please go ahead. Thank you, Megan, and good morning to everyone joining us on today's second quarter 2026 conference call.
Joining me today are J. Brett McBrayer, our Chief Executive Officer, and David G. Anderson, Vice President, Chief Financial Officer, and President of Air and Liquid Systems Corporation. Also joining us on the call today is Sam C. Lyon, President of Union Electric Steel Corporation. Before we begin, I would like to remind everyone that participants on this call may make statements or comments that are forward-looking and may include financial projections or other statements of the corporation's plans, objectives, expectations, or intentions. These matters involve certain risks and uncertainties, many of which are outside the corporation's control.
The corporation's actual results may differ significantly from those projected or suggested in any forward-looking statements due to various risk factors, including those discussed in the corporation's most recently filed Form 10-K and in subsequent filings with the Securities and Exchange Commission. We do not undertake any obligation to update or otherwise release publicly any revision to our forward-looking statements. A replay of this call will be posted on our website later today. To access the earnings release or the webcast replay, please consult the investor section of our website at ampcopgh.com. With that, I'd like to turn the call over to J. Brett McBrayer, Ampco-Pittsburgh CEO. Brett?
Thank you, Kim. Good morning, and thank you for joining us. The second quarter marked a clear turning point for Ampco-Pittsburgh. Net income was $1.5 million, or $0.07 per share, compared to a net loss of $7.3 million, or a loss of $0.36 per share in the prior year period. Adjusted EBITDA of $9.8 million improved 22% versus the prior year, with margin expanding 240 basis points to 9.5% on net sales of $102.9 million. Just as important, demand across both segments is accelerating. Customer orders of approximately $144 million were up 50% versus the prior year, and backlog grew to $39.9 million from the first quarter to $385.4 million. Air and Liquid delivered record results and the actions we took in Forged and Cast Engineered Products, including the closure of our U.K. facility, are now flowing through to the bottom line.
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