Ampco-Pittsburgh (AP) 2026年第二季法說會：重返獲利，在手訂單達3.854億美元

重點摘要

• Ampco-Pittsburgh Corporation 在 2026 年第二季轉虧為盈，報淨利 150 萬美元（每股盈餘 0.07 美元），而去年同期為淨虧損 730 萬美元（每股虧損 0.36 美元）。
• 儘管淨銷售額降至 1.029 億美元，調整後 EBITDA 仍年增 22% 至 980 萬美元。調整後 EBITDA 利潤率擴大 240 個基點至 9.5%。
• 客戶訂單年增 50% 至約 1.44 億美元。積壓訂單季增 3,990 萬美元，達 3.854 億美元。
• 受惠於製造效率提升、有利的產品組合以及來自發電、核能、美國海軍、製藥和醫療照護市場的需求，空氣與液體（Air & Liquid）部門創下今年迄今調整後 EBITDA 的歷史新高。
• 隨著美國軋輥出貨量復甦以及瑞典業務恢復獲利，鍛造與鑄造工程產品（Forged and Cast Engineered Products）部門調整後 EBITDA 年增 15%、季增 36% 至 780 萬美元。
• 管理層預計 2026 年下半年的表現將顯著強於上半年，儘管第三季將包含正常的美國維護停工與歐洲夏季停工。

關鍵財務數據

業務與營運績效

空氣與液體系統

第二季營收與去年同期相當，今年迄今營收則成長 9%。單季調整後 EBITDA 年增 34%，今年迄今調整後 EBITDA 成長 43%，創下該部門歷史新高。

本季積壓訂單增加 2,330 萬美元（即 16%），比 2025 年底高出 39%。管理層將此成長歸因於創紀錄的訂單活動以及多個市場的需求。

資料中心建置帶動發電需求成長，支撐了用於燃氣輪機與核能熱交換器產品的商用泵浦需求。該公司亦提到來自美國海軍的持續需求，以及製藥和醫療照護領域對客製化空氣處理產品的強勁需求。

Ampco-Pittsburgh 正積極擴增設備、員工與產能。由海軍資助並於 2026 年初交付的設備預計將於下半年投入生產，而其他設備已於 7 月底送達。

鍛造與鑄造工程產品

該部門淨銷售額從 2025 年第二季的 7,790 萬美元降至 6,730 萬美元。管理層表示，幾乎所有下滑皆源於退出英國工廠及 AUP 分銷業務。

調整後 EBITDA 年增 15%、季增 36% 至 780 萬美元。美國大型軋輥出貨量復甦，2025 年底高成本庫存逐漸消化完畢（反映於損益表），且隨著生產力與產能利用率提升，瑞典業務恢復獲利。

由於關稅保護減少進口並提升美國鋼鐵廠的利用率，進而帶動軋輥消耗量增加，北美需求因而增強。該部門的訂單、利潤率與積壓訂單均有所改善，其中包括涵蓋 2026 年下半年及 2027 年的訂單。管理層亦表示，市場整併正帶來額外業務的機會。

管理層展望

管理層預計 2026 年下半年的表現將顯著強於上半年，並對 2027 年保持樂觀。

第三季營運將反映公司在美國的正常年度維護停工以及歐洲的夏季停工。空氣與液體部門亦預計新安裝的海軍資助製造設備將在 2026 年下半年開始投入生產。

風險與關注焦點

• 美國正常的維護停工與歐洲夏季停工將影響第三季營運。
• 為滿足更高需求，需要持續安裝設備、擴充人力以及提升製造效率。
• 在全額提撥的美國確定給付計畫轉向更保守的投資策略後，退休金收益減少，部分抵銷了外匯成果的改善。
• 與前期相比，數據持續反映關閉英國鑄造軋輥廠以及退出 AUP 分銷業務的影響。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

Welcome to the Ampco-Pittsburgh Corporation Second Quarter 2026 Earnings Results Conference Call. [Operator Instructions] Please note this event is being recorded.

I'd now like to turn the conference over to Kim Knox, Corporate Secretary. Please go ahead.

Kimberly Knox

Thank you, Megan, and good morning to everyone joining us on today's second quarter 2026 conference call. Joining me today are Brett McBrayer, our Chief Executive Officer; and David Anderson, Vice President, Chief Financial Officer and President of Air & Liquid Systems Corporation. Also joining us on the call today is Sam Lyon, President of Union Electric Steel Corporation.

Before we begin, I would like to remind everyone that participants on this call may make statements or comments that are forward-looking and may include financial projections or other statements of the corporation's plans, objectives, expectations or intentions. These matters involve certain risks and uncertainties, many of which are outside the corporation's control. The corporation's actual results may differ significantly from those projected or suggested in any forward-looking statements due to various risk factors, including those discussed in the corporation's most recently filed Form 10-K and in subsequent filings with the Securities and Exchange Commission.

We do not undertake any obligation to update or otherwise release publicly any revision to our forward-looking statements. A replay of this call will be posted on our website later today. To access the earnings release or the webcast replay, please consult the Investors section of our website at ampcopgh.com.

With that, I'd like to turn the call over to Brett McBrayer, Ampco-Pittsburgh's CEO. Brett?

J. McBrayer

Thank you, Kim. Good morning, and thank you for joining us. The second quarter marked a clear turning point for Ampco-Pittsburgh. Net income was $1.5 million, or $0.07 per share compared to a net loss of $7.3 million or a loss of $0.36 per share in the prior year period. Adjusted EBITDA of $9.8 million improved 22% versus prior year, with margin expanding 240 basis points to 9.5% on net sales of $102.9 million.

This is important. Demand across both segments is accelerating. Customer orders of approximately $144 million were up 50% versus prior year, and backlog grew $39.9 million from the first quarter to $385.4 million. Air & Liquid delivered record results and the actions we took in Forged and Cast Engineered Products, including the closure of our U.K. facility, are now flowing through to the bottom line.

I'll now turn the call over to David Anderson, our Chief Financial Officer and President of Air & Liquid Systems to discuss the Air & Liquid segment.

David Anderson

Thank you, Brett. Good morning. 2026 continues to be a positive year for Air & Liquid. Q2 revenue was comparable with prior year, while year-to-date revenue increased 9% versus prior year. Adjusted EBITDA in Q2 increased 34% versus prior year as improved manufacturing efficiencies led to significant margin improvement. Year-to-date adjusted EBITDA increased 43% versus prior year as increased revenue, improved manufacturing efficiencies and positive product mix drove adjusted EBITDA to the highest level in Air & Liquid's history.

Backlog increased $23.3 million or 16% in the quarter as customer demand continued to drive order activity to record levels. Backlog is 39% higher than year-end 2025. Data centers are causing increasing demand in the power generation market, which is fueling demand in both our commercial pump and nuclear heat exchanger products. Our commercial pumps are used in gas turbines, which are seeing strong growth, while we continue to be the dominant supplier of heat exchangers into the growing nuclear market.

There continues to be strong demand from the U.S. Navy, and we expect this demand to continue as the Navy moves forward with fleet expansion plans. The manufacturing equipment installed in 2024 has already increased manufacturing capacity for our pump product line, and there is more capacity expansion in process. Additional manufacturing equipment from the Navy funding program arrived at our facility in early 2026 and is expected to begin producing products in the second half of 2026.

More equipment from the Navy funding program just arrived at the end of July. All of this equipment will position us to meet the long-term growth in this market. Demand for custom air handlers remains strong as there continues to be significant demand in the pharmaceutical and health care markets for our custom air handling products.

With rising market demand and an increasing backlog, we continue to focus on increasing our manufacturing capacity. We are bringing in new equipment, increasing our headcount and improving our manufacturing efficiencies in order to meet the increasing demand. In summary, it was a great first half of 2026, and we are well positioned in markets that are showing significant long-term growth.

J. McBrayer

Thank you, David. Sam Lyon, President of Forged and Cast Engineered Products segment, will now share more details regarding his group's performance.

Samuel Lyon

Thank you, Brett, and good morning, everyone. For the second quarter of 2026, the Forged and Cast Engineered Products segment reported net sales of $67.3 million compared to $77.9 million in Q2 of 2025. Nearly all of that decline came from the exit from both our U.K. facility and our AUP Distribution business.

Segment adjusted EBITDA of $7.8 million increased 15% compared to prior year and 36% sequentially. The timing items that affected Q1 reversed as expected. Large roll shipments in the U.S. recovered, higher cost inventory from late 2025 flowed through the P&L, and Sweden returned to profitability due to improved productivity and utilization.

Demand has improved, particularly in North America. Tariff protections have reduced imports and lifted U.S. steel mill utilization, thereby increasing the number of rolls consumed. FEP orders and margins have also improved. Our backlog grew from year-end on orders for the second half of 2026 and 2027, and the market consolidation we discussed last quarter is presenting us with opportunities for additional business.

Looking ahead, the third quarter will reflect our normal annual maintenance outage in the U.S. and the summer shutdowns in Europe. Despite these normal seasonal outages, we expect the second half of the year to be significantly stronger than the first half and continue to be optimistic about 2027. Brett, back to you.

J. McBrayer

Thank you, Sam. I will now turn the call back over to David Anderson, our Chief Financial Officer, for more details regarding our financial performance for the quarter.

David Anderson

Thank you, Brett. As indicated in both our Form 10-Q and in our press release 8-K filed this morning, Ampco-Pittsburgh reported Q2 net sales of $102.9 million compared to $113.1 million in the prior year, primarily reflecting the closure of the U.K. cast roll facility in the second half of 2025.

Year-to-date revenue was $211.2 million compared to $217.4 million as the closure of the U.K. facility was partially offset by higher sales in the ALP segment. Q2 adjusted EBITDA of $9.8 million increased 22% compared to prior year and 22% sequentially compared to Q1 of 2026. Q2 backlog increased 12% as order activity was strong in both segments. Total selling and administrative expenses were relatively flat compared to prior year for both Q2 and year-to-date.

Depreciation and amortization expense was lower than prior year by approximately $0.5 million in Q2 and $0.9 million year-to-date, primarily due to the closure of the U.K. facility in 2025. Other income and expense improved in Q2 and year-to-date, primarily due to lower loss on foreign exchange, which was partially offset by lower pension income, which was principally attributable to the U.S. defined benefit plan reaching a fully funded status in early 2026, resulting in a change in its investment strategies to a more conservative portfolio.

At June 30, 2026, the corporation's liquidity position included cash on hand of $7 million and undrawn availability on our revolving credit facility of $29 million. In summary, Q2 was significantly stronger than prior year, and sequentially, Q2 showed strong improvement versus Q1 of this year as the impact from the U.K. facility closure begins to positively impact results.

Operator, at this time, we would now like to open the line for questions.

Operator

[Operator Instructions] There are no questions at this time. I would like to turn the conference back over to Brett McBrayer for any closing remarks.

J. McBrayer

Thank you, Megan. In closing, I want to thank our employees whose efforts drove this quarter's results. The second quarter shows what this company looks like with our restructuring behind us and demand building in every market we serve from power generation in the U.S. Navy to a strengthening North American roll market. While the third quarter reflects our normal summer maintenance outages, we expect a significantly stronger second half of 2026.

Thank you to our Board of Directors and our shareholders for your continued support, and thank you for joining us this morning.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.