Ampco's Third-Quarter Sales Rise From Second Quarter

The Tip Desk · November 10, 2026 · 3 min read

Net sales were $111.7 million as Air and Liquid Processing more than offset a U.K. plant closure in Forged and Cast products.

Ampco-Pittsburgh Corporation (AP) reported third-quarter net sales of $111.7 million, a 3% increase from a year earlier, up from $102.9 million in the second quarter.

The specialty metal-products and equipment maker said higher sales in Air and Liquid Processing more than offset lower sales in Forged and Cast Engineered Products, primarily reflecting the closure of the U.K. cast roll facility included in prior-year results.

Net income attributable to Ampco was $0.5 million, or $0.02 a share, compared with a net loss of $2.2 million, or $0.11 a share, a year earlier. The prior-year period included $3.1 million, or $0.15 a share, of costs to exit U.K. operations.

Adjusted EBITDA rose 2% to $9.4 million from $9.2 million in the year-ago quarter, after a 22% year-over-year increase to $9.8 million in the second quarter. Adjusted EBITDA margin was 8.4%, compared with 8.5% a year earlier. The company said the increase was achieved in a quarter that included the normal annual maintenance outage in the U.S. and summer shutdowns in Europe.

Forged and Cast Engineered Products net sales were $68.9 million, down 4% from $71.5 million a year earlier, primarily because of the U.K. plant closure. Excluding prior-year U.K. sales, the company said segment net sales increased approximately 10%. Adjusted operating income was $7.7 million, up 9.0% on lower sales. Results reflected 2025 actions including the U.K. closure and the ramp-up of the Sweden facility, together with customer activity for roll products in North America. Ahead of an increasing order book for 2027, the company extended its seasonal outage at the U.S. Burgettstown facility for maintenance on an existing forge press.

Air and Liquid Processing net sales increased 17% to $42.8 million from $36.5 million a year earlier, reflecting demand from power generation, U.S. Navy programs and air handling markets. Adjusted operating income increased 9% to $4.8 million from $4.4 million.

Net cash flows provided by operating activities increased $15.5 million to $21.8 million from $6.3 million a year earlier. The company said the improvement reflected stronger operating performance and working capital management, including lower accounts receivable and higher customer deposits. Capital expenditures were $2.7 million, producing free cash flow of $19.7 million, compared with $4.6 million a year earlier. Spending moderated from the elevated first half of 2026.

The company used that cash generation to voluntarily pay down debt. Net debt was $111.0 million as of September 30, 2026, reduced by $19.5 million from $130.5 million as of June 30, 2026. Cash and cash equivalents were $9.3 million, with total liquidity of $31.5 million.

Backlog at September 30, 2026, was $379.5 million, up $50.6 million from December 31, 2025. The company said the increase reflected stronger customer order activity and improving demand conditions.

Chief Executive Brett McBrayer said both segments improved profitability versus the prior-year period and that the company generated strong cash flow through working capital management.

The company said it continues to see healthy demand across key markets, with Air and Liquid Processing supported by power generation and U.S. Navy programs and Forged and Cast Engineered Products benefiting from North American roll product demand. Timing of customer requirements and shipments can affect quarterly results, and certain Forged and Cast Engineered Products activity previously anticipated in 2026 now extends into 2027. Current demand and order trends, the company said, continue to support a favorable outlook into 2027.