Ampco-Pittsburgh Corp.
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About the company
Ampco-Pittsburgh Corporation, together with its subsidiaries, engages in manufacture and sale of specialty metal products and customized equipment to commercial and industrial users worldwide. The company operates through two segments: Forged and Cast Engineered Products (FCEP); and Air and Liquid Processing (ALP). The FCEP segment produces forged hardened steel rolls, cast rolls, and forged engineered products that are used in hot and cold rolling mills by producers of steel, aluminum, and other metals; cast rolls for hot strip mills, medium/heavy section mills, roughing mills, and plate mills; and forged engineered products for narrow and wide strip and aluminum mills, back-up rolls for narrow strip mills, and leveling rolls and shafts for steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries.
- CEO
- James Brett McBrayer
- IPO
- 1973
- Employees
- 1,432
- HQ
- Carnegie, PA, US
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- Market Cap
- $171.55M
- P/E
- -2.88
- Fwd P/E
- 281.33
- PEG
- 0.00
- P/S
- 0.40
- P/B
- 5.54
- EV/EBITDA
- -12.45
- Div Yield
- 0.00%
- Gross Margin
- 15.15%
- Op Margin
- 2.08%
- Net Margin
- -13.84%
- ROE
- -152.73%
- ROIC
- 2.41%
Latest fiscal year · YoY change
- Revenue
- $434.17M+3.8%
- Gross Profit
- $58.18M-28.6%
- Op Income
- $6.05M
- Net Income
- $-66,067,000-15183.8%
- EPS
- $-3.28-15009.1%
- OCF Growth
- -92.5%
- FCF Growth
- -238.2%
- 52W High
- $12.81
- 52W Low
- $1.75
- 50D MA
- $9.01
- 200D MA
- $7.45
- Beta
- 1.36
- RSI (14)
- 45
- Avg Volume
- 183.64K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Ampco-Pittsburgh said Q2 marked a turning point, with stronger profitability, record Air & Liquid results, and improving demand across both segments despite lower sales from the U.K. facility exit.· August 11, 2026
- Net income improved to $1.5 million, or $0.07 per share, from a $7.3 million loss, or $(0.36) per share, a year ago.
- Adjusted EBITDA rose 22% to $9.8 million on $102.9 million of net sales, with margin expanding to 9.5%.
- Customer orders were about $144 million, up 50% year over year, and backlog reached $385.4 million, up $39.9 million from Q1.
- Air & Liquid posted record results, while Forged and Cast Engineered Products benefited from the U.K. closure flowing through and improved operating performance.
- Management expects Q3 to be seasonally softer, but said the second half of 2026 should be significantly stronger than the first half.
Q2 net sales were $102.9 million versus $113.1 million in the prior year, and year-to-date revenue was $211.2 million versus $217.4 million. Q2 net income was $1.5 million, or $0.07 per share, compared with a net loss of $7.3 million, or $(0.36) per share, and adjusted EBITDA was $9.8 million, up 22% year over year with margin up 240 basis points to 9.5%. In Air & Liquid, Q2 revenue was comparable with the prior year and adjusted EBITDA increased 34%; in Forged and Cast Engineered Products, Q2 net sales were $67.3 million versus $77.9 million, while segment adjusted EBITDA was $7.8 million, up 15%. Management did not provide formal quarterly or full-year financial guidance, but said Q3 will reflect normal maintenance outages and the second half of 2026 is expected to be significantly stronger than the first half.
Brett McBrayer framed the quarter as a clear turning point, saying restructuring actions are now flowing through to the bottom line and demand is building across end markets. He highlighted accelerating orders, a $385.4 million backlog, and record Air & Liquid performance as evidence that the business is gaining traction. His tone was upbeat and confident, especially on the outlook for the second half of 2026.
David Anderson emphasized that higher profitability came from improved manufacturing efficiencies, favorable product mix, and lower depreciation and amortization after the U.K. facility closure. He noted Q2 adjusted EBITDA of $9.8 million, year-to-date adjusted EBITDA up 43% in Air & Liquid, and liquidity at June 30 of $7 million in cash plus $29 million of undrawn revolving credit availability. He also pointed to lower foreign exchange losses, partially offset by lower pension income after the U.S. defined benefit plan reached fully funded status and shifted to a more conservative investment strategy.
There was no analyst Q&A; the operator said there were no questions. Management’s main additional commentary was that Q3 will include the normal annual maintenance outage in the U.S. and summer shutdowns in Europe, but that the second half of the year should be materially stronger than the first. They also reiterated that demand remains strong in power generation, the U.S. Navy, and North American rolls.
The bullish case is that both segments are seeing stronger demand and better execution at the same time. Management highlighted record Air & Liquid performance, a 50% increase in customer orders, and a backlog of $385.4 million, while also saying restructuring benefits from the U.K. facility closure are now boosting results.
The main near-term risks are seasonality and execution through the remainder of the year, since Q3 will include maintenance outages and European summer shutdowns. Sales were still down year over year overall because of the U.K. closure, and liquidity remains relatively tight at $7 million of cash, though partially offset by $29 million of revolver availability.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 69.2%
- Shares Outstanding
- 20.33M
- Float Shares
- 14.06M
of shares held by institutions
44 13F filers
Buy/sell ratio 0.71. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 654.63K | ▼ 13.07K |
| Teton Advisors, Inc. | 112.00K | 0 |
Held by 161 ETFs
Biggest fund positions in AP by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jun 25, 26 | Lyon Samuel | sell | 9,500 |
| Jun 18, 26 | Lyon Samuel | sell | 547 |
| May 19, 26 | McBrayer Brett | buy | 3,300 |
| May 15, 26 | Anderson David George | other | 1,370 |
| May 15, 26 | Anderson David George | other | 11,117 |
| May 15, 26 | Anderson David George | other | 2,179 |
| May 15, 26 | Anderson David George | other | 2,489 |
| May 15, 26 | Anderson David George | other | 8,216 |
| May 15, 26 | Lyon Samuel | other | 3,029 |
| May 15, 26 | Lyon Samuel | other | 3,166 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our AP coverage
Recent articles, reports, and earnings notes.
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