Key Highlights

  • Third-quarter net sales rose to USD 111.7 million from USD 108.0 million, while income from operations increased to USD 4.6 million from USD 1.1 million in the same quarter of 2025.
  • Net income attributable to the company was USD 0.5 million, or USD 0.02 per diluted share, compared with a loss of USD 2.2 million, or USD 0.11, a year earlier.
  • Backlog stood at USD 379.5 million on September 30, 2026, up from USD 328.9 million at year-end 2025, with Air and Liquid Backlog at USD 155.6 million.
  • Cash from operations for the nine months was USD 23.7 million versus USD 1.4 million used a year earlier, and management said Debt was paid down by about USD 13.3 million.

A Return to Profit Despite a Seasonally Slow Quarter

Ampco-Pittsburgh (NYSE:AP) filed its Quarterly Report on November 10, 2026, and held its call the same day. Net sales were USD 111.7 million against USD 108.0 million, even though the closure of the U.K. cast roll Facility in the fourth quarter of 2025 reduced Revenue in the Forged and Cast Engineered Products segment to USD 68.9 million from USD 71.5 million. The Air and Liquid Processing segment rose to USD 42.8 million from USD 36.5 million. Income from operations was USD 4.6 million, and Net Income attributable to the company was USD 0.5 million, versus a USD 2.2 million loss. Management said adjusted EBITDA, a non-GAAP measure, was USD 9.4 million, an 8.4% margin, and noted that the third quarter is seasonally the slowest for the forged and cast roll business.

Air and Liquid Demand From Data Centers and Naval Shipbuilding

The company makes specialty metal products, including forged and cast steel rolls used by steel and aluminum mills, plus air handling systems, coils and pumps. The filing says the Air and Liquid segment is benefiting from power generation demand tied to data centers and from higher U.S. Navy shipbuilder spending, and that new equipment is expected to be commissioned by the end of 2026. Management said Air and Liquid revenue rose 17% in the quarter and that backlog is 29% above year-end 2025, with a further USD 31 million of orders received in October, USD 21 million of them from power generation. In the roll segment, the filing credits Tariff protection on steel imports, raised to 50% on most flat-rolled steel from April 2026, for supporting U.S. mill utilization and roll demand.

Debt Paydown, Cash Flow and the Risks Still on the Books

Cash and cash equivalents were USD 9.3 million at quarter end, and nine-month Operating Cash Flow improved by USD 25.1 million, mainly because of customer deposit timing. Management said it paid down about USD 13.3 million of debt, ahead of a goal of USD 8 million to USD 10 million for the year, and cut net debt by USD 19.5 million in the quarter. Risks include asbestos-related claims, steel industry overcapacity, tariff changes and compliance with debt covenants and exchange listing rules. The U.K. Subsidiary Insolvency produced a USD 0.9 million deconsolidation charge in the nine months.

Where Things Stand

The company looks to be improving, but the evidence is early. Ampco-Pittsburgh (NYSE:AP) swung to a small profit as Air and Liquid growth offset lower roll sales, and backlog of USD 379.5 million gives some visibility into the coming quarters. Management also said it beat its debt reduction target. Net income of USD 0.5 million is thin, nine-month cash is only USD 9.3 million, and the filing flags asbestos, covenant and tariff risks. Watch the conversion of backlog to sales, the commissioning of new Air and Liquid equipment by the end of 2026 and further debt reduction.