Ampco-Pittsburgh Reports Decline in Sales but Improvement in Net Income for Q2 2026

Ampco-Pittsburgh Corporation reported a decline in financial performance for the second quarter of 2026, with net sales totaling $102.9 million, down from $113.1 million in the same period of 2025. For the first half of 2026, net sales were $211.2 million, compared to $217.4 million in the prior year. The decrease in revenue was attributed primarily to lower shipments of forged and cast mill rolls, which fell by approximately $10.6 million in the second quarter and $12.1 million in the first half. Despite these challenges, the company achieved a net income of $1.5 million, or $0.07 per share, for the second quarter, a significant recovery from a net loss of $7.3 million, or $(0.36) per share, in the same quarter of 2025.

The company’s operating income improved markedly, reaching $5.1 million for the second quarter of 2026, compared to a loss of $3.1 million in the previous year. This turnaround was driven by a reduction in costs of products sold, which decreased as a percentage of net sales, and lower selling and administrative expenses. The FCEP segment, which produces forged and cast engineered products, reported an operating income of $3.9 million, a significant improvement from a loss of $4.0 million in the prior year. The ALP segment also saw an increase in operating income, rising to $4.9 million from $3.9 million.

Operationally, the company has focused on optimizing its production capabilities following the closure of its U.K. facility. The FCEP segment is working to enhance its facility in Sweden, aiming to increase production levels and improve product mix. Meanwhile, the ALP segment is benefiting from rising demand in the power generation and defense sectors, leading to an increase in backlog, which rose to $385.4 million as of June 30, 2026, compared to $328.9 million at the end of 2025. This backlog growth reflects strong order activity, particularly in the centrifugal pumps and air handling systems markets.

In terms of financial health, Ampco-Pittsburgh's total assets decreased to $490.9 million as of June 30, 2026, down from $495.4 million at the end of 2025. The company reported a total debt of $137.6 million, with a current portion of $17.3 million. Cash and cash equivalents at the end of the second quarter stood at $7.0 million, a decrease from $10.7 million at the end of 2025. The company continues to monitor its liquidity and has indicated that it expects to meet its operational requirements and debt service costs through available cash and future operational cash flows.

Looking ahead, Ampco-Pittsburgh remains cautious about market conditions, particularly in light of ongoing geopolitical tensions and inflationary pressures. The company is focused on enhancing operational efficiencies and maintaining a strong market position in both its segments. Management anticipates that strategic investments in capacity and product development will support future growth, although they acknowledge the potential for fluctuations in demand and pricing pressures in the steel industry.