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Ampco-Pittsburgh (AP) Q2 2026: adjusted EBITDA up 22%, orders surge 50% as backlog reaches $385.4 million

Adjusted EBITDA at Ampco-Pittsburgh Corporation (NYSE: AP) rose 22% year-over-year to $9.8 million in the second quarter ended June 30, 2026, as customer orders surged 50% to approximately $144 million and pushed…

NM
NewsMV Markets Desk
3 min read
11 August 2026Markets desk
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Key takeaways

  • Ampco-Pittsburgh's adjusted EBITDA rose 22% year-over-year to $9.8 million in Q2 2026 (quarter ended June 30, 2026).
  • Customer orders surged 50% to approximately $144 million, lifting backlog to $385.4 million, a sequential gain of $39.9 million.
  • Net income attributable to the company was $1.5 million, or $0.07 per share, reversing a $7.3 million loss in the prior-year period.
  • Net sales fell to $102.9 million from $113.1 million a year earlier, a decline attributed entirely to the closure of the U.K. cast roll facility.
  • Adjusted EBITDA margin expanded 240 basis points to 9.5%.

Adjusted EBITDA at Ampco-Pittsburgh Corporation (NYSE: AP) rose 22% year-over-year to $9.8 million in the second quarter ended June 30, 2026, as customer orders surged 50% to approximately $144 million and pushed backlog to $385.4 million, a sequential gain of $39.9 million from the prior quarter. Net income attributable to the company came in at $1.5 million, or $0.07 per share, reversing a loss of $7.3 million in the prior-year period. Carnegie, Pennsylvania-based Ampco holds a conference call at 8:30 a.m. Eastern Time on August 11, 2026, to discuss the results.

The print: revenue fell, but the comparison is clouded

Net sales were $102.9 million against $113.1 million in Q2 2025. The year-over-year decline traces entirely to the closure of the U.K. cast roll facility, which contributed to 2025 results and is now gone from the base. The prior-year period also carried $6.75 million, or $0.34 per share, in costs to exit those U.K. operations; strip those out and the operational swing is narrower than the headline numbers suggest. Adjusted EBITDA margin expanded 240 basis points to 9.5%.

Segment results

Forged and Cast Engineered Products posted $67.3 million in net sales, down 13.6%. The U.K. closure accounts for that drop. Adjusted operating income in the segment rose 15.1% to $7.8 million, supported by recovering roll product orders in North America as steel market conditions rebound from 2025 lows. The company's Sweden facility remains in ramp-up.

Air and Liquid Processing delivered $35.6 million in net sales, up 1.2%, and adjusted operating income jumped 34.2% to $5.3 million. Orders came from commercial pumps tied to power generation, U.S. Navy programs, and what the company called Buffalo Air Handling's largest equipment order in its history.

Balance sheet and what to watch

Cash at June 30, 2026, stood at $7.0 million, with total liquidity of $29.0 million. Operating cash flow was $0.2 million, a swing from a $2.3 million outflow a year earlier. Capital expenditures of $5.7 million produced free cash flow of negative $5.5 million, wider than the negative $3.8 million in Q2 2025. Net debt edged higher to $130.5 million from $124.7 million a year ago.

Watch the order rate. First-quarter 2026 bookings were $124 million; the second quarter came in at $144 million. Whether that trajectory holds, and whether the $385.4 million backlog converts to revenue at the margins management expects, are the questions for today's call.

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Categoryregulatory

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Frequently asked

Why did revenue decline year-over-year despite stronger earnings?

Net sales fell to $102.9 million from $113.1 million because the closed U.K. cast roll facility contributed to 2025 results and is now gone from the base; the prior year also carried $6.75 million in exit costs.

How did the two business segments perform?

Forged and Cast Engineered Products had $67.3 million in net sales (down 13.6%) with adjusted operating income up 15.1% to $7.8 million, while Air and Liquid Processing had $35.6 million in net sales (up 1.2%) with adjusted operating income up 34.2% to $5.3 million.

What was the company's cash and liquidity position at quarter-end?

Cash stood at $7.0 million with total liquidity of $29.0 million as of June 30, 2026, while net debt edged up to $130.5 million from $124.7 million a year ago.

When and at what time is the earnings conference call?

Carnegie, Pennsylvania-based Ampco holds its conference call at 8:30 a.m. Eastern Time on August 11, 2026.

What are the key things to watch going forward?

The main questions are whether the rising order rate holds (bookings grew from $124 million in Q1 2026 to $144 million in Q2) and whether the $385.4 million backlog converts to revenue at the margins management expects.