Ampco-pittsburgh Stock Earnings Reports

Ampco-Pittsburgh reported Q1 2026 consolidated adjusted EBITDA of $8.0 million (down from $8.8 million YoY) and net sales of $108.3 million (up 3.9% YoY). The Air & Liquid Processing (ALP) segment delivered a standout quarter with record customer orders, record adjusted EBITDA, 17% revenue growth, and a backlog increase of $23.5 million (19% quarter-over-quarter). ALP demand is broad-based (data centers, power generation, nuclear, U.S. Navy, pharmaceuticals), and capacity investments and Navy-funded equipment are coming online in Q2 and later in 2026. The Forged & Cast Engineered Products (FCEP) segment was roughly flat in sales ($70.8M) and had adjusted EBITDA of $5.7M; results were negatively affected in Q1 by three timing/mix issues (uneven blended shipments from Sweden/China, lower shipments of higher-margin large rolls due to tariff-related order deferrals, and higher cost inventory from Q4 production downtime). Management estimates the timing/mix impact was roughly $3 million of EBITDA and expects these issues to reverse with order recovery in Q2–Q3. Market consolidation (competitors exiting) and tariff dynamics are creating share-gain and margin tailwinds for FCEP. Liquidity at March 31: $9.2M cash and $30.8M undrawn revolver. The company expects to focus on debt reduction (management cited a reasonable near-term target of $8–10M of reduction during the year) and anticipates realizing $7–8M of annual adjusted EBITDA improvement from actions taken in H2 2025 and through normalization. Pension plan reached fully funded status, changing investment strategy and reducing related income. Overall tone: ALP driving strong growth and margins, FCEP facing transitory mix/timing headwinds but outlook improves into the back half of 2026 and 2027.