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May 5, 2026 · businesswire.com
CARNEGIE, Pa.--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on Tuesday, May 12, 2026, at 8:30 a.m. Eastern Time (ET) to discuss its financial results for the first quarter ended March 31, 2026. If you would like to participate in the conference call, please register using the link below or by dialing 1-844-308-3408 at least five minutes before the 8:30 a.m. ET start time. We encourage participants to pre-register for the conference call using the followin.
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CARNEGIE, PA.--(BUSINESS WIRE)--AMPCO-PITTSBURGH CORPORATION (NYSE: AP) WILL HOLD A CONFERENCE CALL ON TUESDAY, MAY 12, 2026, AT 8:30 A.M. EASTERN TIME (ET) TO DISCUSS ITS FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2026. IF YOU WOULD LIKE TO PARTICIPATE IN THE CONFERENCE CALL, PLEASE REGISTER USING THE LINK BELOW OR BY DIALING 1-844-308-3408 AT LEAST FIVE MINUTES BEFORE THE 8:30 A.M. ET START TIME. WE ENCOURAGE PARTICIPANTS TO PRE-REGISTER FOR THE CONFERENCE CALL USING THE FOLLOWIN.
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Allied Properties Real Estate Investment Trust (AP.UN:CA) Q1 2026 Earnings Call Transcript
- Emcor, Ampco-Pittsburgh are among industrials hitting 52-week highs
Apr 22, 2026
[Engineer Teamwork Concept,Worker team join hands together in construction site.]
Saranyoo Chantawong/iStock via Getty Images
A group of industrial and adjacent cyclical stocks reached fresh 52-week highs on Wednesday, suggesting investors are rotating toward companies tied to infrastructure upgrades, power demand, specialized equipment and corporate turnarounds.
Among the names hitting new highs were Ampco-Pittsburgh (AP [https://seekingalpha.com/symbol/AP]), Emcor Group (EME [https://seekingalpha.com/symbol/EME]), Mistras Group (MG [https://seekingalpha.com/symbol/MG]), Argan (AGX [https://seekingalpha.com/symbol/AGX]), Vicor (VICR [https://seekingalpha.com/symbol/VICR]), Pitney Bowes (PBI [https://seekingalpha.com/symbol/PBI]) and Custom Truck One Source (CTOS [https://seekingalpha.com/symbol/CTOS]).
While the companies operate in very different niches, several common themes appear to be driving interest.
POWER GRID AND ENERGY BUILDOUT
One of the clearest market narratives is the need to modernize electric grids and expand power infrastructure, particularly as data centers, artificial intelligence computing and electrification place new strain on utilities.
Custom Truck One Source (CTOS [https://seekingalpha.com/symbol/CTOS]), which provides specialty trucks and utility equipment, continued its gain into a second day. On Tuesday, Cantor Fitzgerald initiated coverage with an Overweight rating, saying the company is positioned to benefit from grid upgrades, infrastructure spending and stronger cash generation.
Argan (AGX [https://seekingalpha.com/symbol/AGX]), a builder of power and industrial projects, has also been a beneficiary of expectations for new generation capacity and transmission investment. The company has gained attention as utilities and developers seek faster ways to add power resources.
Emcor Group (EME [https://seekingalpha.com/symbol/EME]), which provides mechanical and electrical construction services, may also be riding this theme. Investors have increasingly favored contractors seen as picks-and-shovels beneficiaries of commercial retrofits, manufacturing projects and mission-critical facilities.
MAINTENANCE, INSPECTION, INDUSTRIAL RELIABILITY
Mistras Group (MG [https://seekingalpha.com/symbol/MG]), which specializes in asset protection, testing and inspection services, points to another trend: keeping aging infrastructure running safely.
As refineries, pipelines, utilities and factories extend the life of existing assets, demand can rise for inspection, monitoring and maintenance rather than full replacement. That can create steady work for service providers with specialized technical capabilities.
Ampco-Pittsburgh (AP [https://seekingalpha.com/symbol/AP]) may fit a related industrial-cycle trade. The company supplies forged and cast engineered products used in heavy industry, where replacement demand and manufacturing activity can lift orders.
AI HARDWARE AND POWER EFFICIENCY
Vicor (VICR [https://seekingalpha.com/symbol/VICR]), known for power conversion technology, reflects a more technology-driven industrial theme.
As AI servers and advanced computing systems require denser and more efficient power architectures, investors have searched for suppliers whose components could benefit from rising data-center capital spending. Vicor has often traded as a niche exposure to that trend.
TURNAROUND AND SELF-HELP STORIES
Pitney Bowes (PBI [https://seekingalpha.com/symbol/PBI]) continued to hit a 52-week high for a second day. On Tuesday, it said preliminary first-quarter profit would top prior expectations and after lifting full-year guidance.
That move suggests investors remain willing to reward legacy industrial or business-service names that show evidence of margin improvement, stronger execution or credible restructuring progress.
Even in slower-growth sectors, companies that exceed expectations can attract outsized interest if sentiment had been low.
MORE ON EMCOR, AMPCO-PITTSBURGH, ETC.
* Pitney Bowes: Reviewing The Validity Of The Bounce [https://seekingalpha.com/article/4892789-pitney-bowes-reviewing-the-validity-of-the-bounce]
* Vicor: The Soaring Backlog Speaks Volumes [https://seekingalpha.com/article/4892625-vicor-stock-soaring-q1-backlog-speaks-volumes]
* Vicor Corporation (VICR) Q1 2026 Earnings Call Transcript [https://seekingalpha.com/article/4892355-vicor-corporation-vicr-q1-2026-earnings-call-transcript]
* Vicor forecasts nearly $570M 2026 revenue as 1-year backlog reaches $300.6M [https://seekingalpha.com/news/4577424-vicor-forecasts-nearly-570m-2026-revenue-as-1-year-backlog-reaches-300_6m]
* Select industrials hit 52-wk highs as investors chase power, pricing, turnaround stories [https://seekingalpha.com/news/4577252-select-industrials-hit-52-wk-highs-as-investors-chase-power-pricing-turnaround-stories]
- AP vs. TPCS: Which Industrial Stock Is the Better Buy Today?
Apr 17, 2026 · zacks.com
Ampco-Pittsburgh and TechPrecision face different industrial cycles and defense demand, but which setup looks more compelling now? Let's dive in.
- Ampco-Pittsburgh (NYSE:AP) Share Price Crosses Above 200-Day Moving Average – Time to Sell?
Mar 27, 2026 · defenseworld.net
Ampco-Pittsburgh Corporation (NYSE: AP - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $4.61 and traded as high as $7.55. Ampco-Pittsburgh shares last traded at $7.12, with a volume of 147,639 shares changing hands. Wall Street
- Ampco-Pittsburgh Stock Plunges Post Q4 Earnings and U.K. Exit Charges
Mar 19, 2026 · zacks.com
AP reports mixed fourth-quarter 2025 results as heavy U.K. exit and asbestos charges drive a sharp loss despite revenue growth and uneven segment performance.
- Equity Indexes Rise After Climbing Oil Prices Support Outlook for US Shale
Mar 17, 2026
US equity indexes rose on Tuesday after rising oil prices supported the outlook for US shale produce
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- Ampco-Pittsburgh Q4 Earnings Call Highlights
Mar 17, 2026
Ampco-Pittsburgh logo
Key Points
Management completed removal of underperforming assets in Q4 and expects those actions to boost adjusted EBITDA by about $7–8 million annually; consolidated Q4 adjusted EBITDA was $3.2 million (down from $6.0M) while full-year consolidated adjusted EBITDA improved to $29.2 million. The Air & Liquid Processing segment delivered a record year with full-year adjusted EBITDA of $15.4 million and strong early-2026 momentum — order activity was up 73% in Jan–Feb 2026 and U.S. Navy bookings topped $9 million, replacing backlog removed from a canceled frigate program. FCEP posted a GAAP operating loss of $44.7 million primarily from a $41.4 million deconsolidation charge tied to the U.K. exit, though it generated $24.4 million of adjusted EBITDA for the year; management expects Sweden ramp-up and tariff digestion to normalize orders and improve margins by Q3 2026. Interested in Ampco-Pittsburgh Corporation? Here are five stocks we like better.
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Ampco-Pittsburgh (NYSE:AP) executives said the company took major portfolio actions during the fourth quarter of 2025 to remove underperforming assets, while noting early 2026 booking trends have improved across both operating segments.
Chief Executive Officer Brett McBrayer said the company “initiated and completed the removal of significant underperforming assets” and expects those actions to improve adjusted EBITDA by approximately $7 million to $8 million annually as the company emerges from what management described as a steel market slowdown.
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On a consolidated basis, Ampco-Pittsburgh reported adjusted EBITDA of $3.2 million for the fourth quarter, down from $6.0 million in the prior-year quarter. McBrayer attributed the expected decline to a pause in customer orders in the Forged and Cast Engineered Products segment following the announcement of new global tariffs. For the full year, consolidated adjusted EBITDA was $29.2 million, which management said was an improvement from the prior year despite revenue headwinds at FCEP during the second half of 2025. McBrayer also said demand in the Air and Liquid Processing segment remained strong, helping that unit deliver record revenue and income for 2025.
Air and Liquid Processing posts record year, sees strong early 2026 bookings
David Anderson, vice president, chief financial officer, and president of Air and Liquid Systems Corporation, said 2025 was a “record-breaking year” for the Air and Liquid segment, with new highs in revenue and adjusted EBITDA.
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In the fourth quarter, segment revenue increased 10% year over year, driven by higher revenue in air handlers and heat exchangers, while full-year revenue rose 7% with growth across all product lines. Fourth-quarter adjusted EBITDA was $3.3 million versus $3.7 million in the prior year, which Anderson said was due to unfavorable product mix. Full-year adjusted EBITDA totaled $15.4 million, the highest in the segment’s history and a 21% increase over the prior year.
Air and Liquid backlog declined $8 million year over year, primarily due to the U.S. Navy’s decision to terminate production of the Constellation-class frigate program. Anderson said $7.1 million of orders were removed from backlog in late 2025, and that costs related to the terminated orders are expected to be paid by the Navy “along with normal profit margins.”
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While backlog ended lower, management highlighted strong order momentum entering 2026. Anderson said order activity was up 73% in the first two months of 2026 compared to the prior year period. He added that bookings for the U.S. Navy market were more than $9 million in the first two months of 2026, which he said more than replaced the $7.1 million removed from backlog due to the frigate program termination.
Anderson also described several end markets supporting demand:
Nuclear heat exchangers: 2025 orders and shipments were the highest in the company’s history, and management said the market has long-term growth potential. U.S. Navy demand: Anderson said demand remains strong and is expected to continue as the Navy moves forward with fleet expansion plans. Pumps and capacity expansion: Manufacturing equipment installed in 2024 increased pump manufacturing capacity, with additional capacity expansion in process. Anderson said more equipment funded by a Navy program arrived in early 2026 and is expected to begin producing in the second quarter of 2026, with additional equipment expected later in the year. Commercial pumps tied to AI data centers: Anderson said demand is being supported by high activity in the gas turbine market due to the need for additional power for data centers. He said 2025 commercial pump bookings were a record. Custom air handlers: Management said demand remains strong, citing significant demand in the pharmaceutical market.
In response to an analyst question about margins, Anderson said the fourth-quarter mix was “a little bit of an unusual mix” driven by shipping timing, and that the full-year margin profile was more representative of typical performance. He also said nuclear and Navy markets are “good markets” with limited competition due to high barriers to entry.
FCEP results reflect U.K. exit costs, Sweden ramp, and tariff-related demand pause
Sam Lyon, president of Union Electric Steel Corporation, said the Forged and Cast Engineered Products division reported fourth-quarter net sales of $70.9 million, up from $66.5 million a year earlier. Full-year net sales were $292.6 million compared with $286.6 million in the prior year, which he characterized as a stable top-line result.
On a GAAP basis, the segment posted an operating loss of $44.7 million for the full year. Lyon said the loss was primarily driven by one-time exit costs, including a $41.4 million deconsolidation charge associated with closing the company’s U.K. facility. On an adjusted basis, FCEP generated $24.4 million of adjusted EBITDA for the full year. Fourth-quarter adjusted EBITDA was $2.2 million versus $5.5 million in the prior-year quarter.
Lyon attributed the fourth-quarter decline to fewer operating days in the U.S., higher forged engineered products (FEP) production relative to rolls, foreign exchange headwinds, and ramp-up costs in Sweden. He said the company proactively curtailed U.S. production days in response to temporary softness in roll demand as customers digested steel tariff impacts.
Looking ahead, Lyon said a primary focus is optimizing the Sweden facility, with a roadmap for improvements throughout 2026 that are expected to begin showing in results during 2026 and be “fully realized” in 2027. He said the weakening of the U.S. dollar against the Swedish krona has created a short-term headwind because supplies and labor are in SEK and euros while about 40% of Sweden’s product is sold to the U.S. in dollars. He said the company is adjusting 2027 pricing to account for the change and is moving some European customers to purchase in SEK.
Lyon said the Sweden operation is ramping production and is expected to reach a production level about 20% higher than 2025 by the third quarter of 2026. He added that Sweden is improving its mix by removing some lower-margin rolls originally destined for the U.K. and is finishing lower-margin backlog orders from 2025. He said the order book is expected to be normalized by the end of the second quarter, positioning the business for full margin realization starting in the third quarter of 2026.
On industry conditions, Lyon said European market softness persists, but consolidating cast operations in Sweden should help manage utilization. He also said two competitors have begun winding down operations, which he said could create opportunities for both cast and forged rolls. Additionally, he said stricter European quotas and increased tariffs expected to take effect in the second half of 2026 should raise utilization for customers and drive higher roll demand in 2027. For U.S. forged operations, Lyon said backlog and pricing have increased meaningfully for non-roll FEP due to Section 232 tariffs, providing added backlog diversification.
During Q&A, Lyon said the pause in roll orders in 2025 reflected the time needed for the industry to calculate tariff impacts—particularly for composite rolls—and for customers to determine pricing, which prompted some to temporarily hold orders. He said those issues have largely been digested entering 2026.
One-time charges, asbestos accrual adjustment, and liquidity
Anderson said results in the quarter included “a great deal of one-time, primarily non-cash items” tied to previously disclosed decisions to exit the unprofitable U.K. operations and a small steel distribution business in the U.S. He said deconsolidation and other costs related primarily to the U.K. exit totaled $42.4 million in the fourth quarter and $52.2 million for the full year.
The company also recorded a non-cash $11.9 million after-tax expense in the fourth quarter related to a revaluation charge of its asbestos accrual. Anderson emphasized that the updated third-party estimate “does not mean that we expect our asbestos payments to increase” and said projections indicate payments should begin decreasing starting in 2027, though at a slower pace than projected as of year-end 2024.
Net sales for the fourth quarter were $108.8 million, up $7.8 million year over year, while full-year 2025 net sales were $434.2 million, up $3.8 million. Anderson said both increases were driven by higher sales in both operating segments.
For the full year, Anderson said selling and administrative expenses declined $2.8 million, or 5%, primarily due to lower employee-related costs, partially offset by higher sales commissions in both segments. He also said depreciation and amortization increased due to accelerated depreciation tied to the exit charges. Other expense and income changes were attributed mainly to lower foreign exchange transaction losses and lower pension income following asset allocation changes made to protect the funded status of the U.S. defined benefit plan. Anderson said the pension plan was nearing fully funded status at the end of 2025 and achieved fully funded status in early 2026.
At December 31, 2025, the company reported cash on hand of $10.7 million and undrawn availability on its revolving credit facility of $25.5 million.
Management outlook: recovery signs in roll market, focus on 2026 execution
In closing remarks, McBrayer said the company’s core business is improving following the fourth-quarter actions, and that it anticipates improved profitability as it emerges from the steel market slowdown. Management also said bookings accelerated in the first two months of 2026 across both operating segments and said the roll market is showing signs of recovery as the company enters 2026, with shutdown costs now behind it.
In another Q&A exchange, Anderson said the company has supplied heat exchangers to Westinghouse in the past, including for the AP1000 reactor product, but noted the timing for that particular program’s activity is not yet clear. He said the company generally participates early in the order cycle because customers seek to secure heat exchangers early, and added that the broader nuclear market remains active across multiple areas, including plant restarts and small modular units.
About Ampco-Pittsburgh (NYSE:AP)
Ampco-Pittsburgh Corporation is a U.S.-based specialty metals manufacturer that produces cast and forged components for a range of industrial markets. The company's primary offerings include custom-designed forged rolls, grinding rolls and specialty bars for the steel and metal processing industries. In addition, Ampco-Pittsburgh supplies precision couplings, gears and die components for original equipment manufacturers in sectors such as mining, power generation and heavy machinery.
The company operates multiple production facilities in North America, where it employs advanced melting, heat-treating and machining processes to deliver components with tight tolerances and enhanced wear resistance.
The article "Ampco-Pittsburgh Q4 Earnings Call Highlights" was originally published by MarketBeat.
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