Ampco-Pittsburgh Swings to Q2 Profit on Strong Backlog Growth and Operational Turnaround
AP has more than doubled off its 52-week low of $1.75.
Summary
Ampco-Pittsburgh reported Q2 net income of $1.5M, reversing a year-ago loss, as backlog jumped 17% to $385M. The Air and Liquid Processing segment led the charge with a 39% backlog increase, signaling strong demand in power generation and defense.
Key Events · Earnings and Guidance · AP
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Q2 Profit Reversal
Net income of $1.5M ($0.07/share) vs. a loss of $7.3M ($0.36/share) in Q2 2025, driven by higher margins and lower restructuring charges.
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Backlog Surge
Total backlog rose to $385.4M from $328.9M at year-end 2025, with ALP segment backlog up 39% to $167.1M on strong defense and power generation orders.
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Cash Flow Turnaround
Operating cash flow swung to positive $1.9M in H1 2026 from -$7.6M a year ago, aided by higher customer deposits and lower asbestos payments.
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UES-UK Recovery Write-down
A non-cash deconsolidation charge of $0.9M was recorded, reducing the estimated recovery from the U.K. insolvency to $5.4M.
Analysis · AP · Technology
Ampco-Pittsburgh reversed a year-ago loss, posting net income of $1.5 million in Q2 2026. The turnaround was driven by a 39% surge in Air and Liquid Processing backlog to $167 million, reflecting robust demand in power generation and defense markets. Operating cash flow turned positive, and the company maintained compliance with debt covenants. While the Forged and Cast Engineered Products segment saw lower sales due to the U.K. exit, improved pricing and cost controls lifted margins. The results confirm the recovery narrative hinted at in the July order update, but the sharp backlog increase and return to profitability are new, material positives.
At the time of this filing, AP was trading at $9.67 on NYSE in the Technology sector, with a market capitalization of approximately $176.2M. The 52-week trading range was $1.75 to $12.81. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.