Ampco-Pittsburgh Corporation Q3 2026 Earnings Call Summary Moby Intelligence Tue, November 10, 2026 at 12:49 PM EST 3 min read NVDA -5.99% AP +7.35% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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Net sales growth of 3% was primarily driven by the Air & Liquid Systems segment, which successfully offset revenue losses following the strategic closure of the U.K. cast roll facility.
The Forged and Cast Engineered Products segment achieved 11% growth when excluding discontinued operations, supported by the planned transfer of work roll production to the Sweden facility.
Operational improvements in Sweden, characterized by higher utilization and productivity, contributed to segment adjusted EBITDA growth despite seasonal outages.
Air & Liquid Systems reached record year-to-date adjusted EBITDA, benefiting from strong demand for commercial pumps in gas turbines and heat exchangers in the nuclear market.
The U.S. Navy funding program has enabled the acquisition of new manufacturing equipment, increasing capacity to meet projected demand from fleet expansion plans.
North American tariff protections are maintaining high steel mill utilization, which serves as a primary driver for roll consumption and FEP demand.
Management anticipates 2027 will be busier than 2026, supported by a backlog that has grown by over $50 million since the start of the year.
The company expects continued demand from the U.S. Navy as it moves forward with long-term fleet expansion initiatives.
Working capital improvements are viewed as sustainable, with management continuing to focus on improving customer terms and increasing upfront deposits.
The $31 million in customer orders received in October, particularly in power generation, provides a strong trajectory for the Air & Liquid segment heading into the fourth quarter.
The company has fully exited the U.K. facility and the AUP distribution business, effectively removing those legacy losses from the consolidated results.
A seasonal maintenance outage on the 5,000-ton forging press was extended to complete repairs intended to extend its useful life ahead of an increasing order book.
Debt was reduced by $19.5 million in the quarter alone, significantly exceeding the company's original full-year reduction target of $8 million to $10 million.
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Management specified that $21 million of the orders were for Aerofin heat exchangers and related products within the power generation market.
The orders reflect strong activity in both commercial pump and heat exchanger product lines.
The CFO confirmed that the $13.3 million year-to-date debt reduction is ahead of the $8 million to $10 million goal.
Improvements in working capital are considered sustainable and were driven by renegotiated customer terms and a focus on securing more cash upfront via deposits.
The press is back in operation after a proactive repair during the summer outage to address small issues found on the base.
The repairs were completed specifically to ensure readiness for a busier production schedule expected in 2027.
