Ampco-Pittsburgh orders hit $124M as naval defense and power generation demand surge

Ampco-Pittsburgh (NYSE:AP) posted net sales of $108.3 million for the quarter ended March 31, 2026.

The results were defined by a sharp divergence between the company's two core business units.

The Air and Liquid Processing segment delivered a 17% revenue surge to $37.5 million and record adjusted operating income, fueled by heightened demand across naval defense, nuclear power, and AI data-center cooling markets.

Conversely, the Forged and Cast Engineered Products (FCEP) segment saw a 2% decline in sales to $70.8 million, though management noted that steel industry trends are finally stabilizing following a volatile 2025.

The company reported a net loss of $0.9 million, or $0.04 per share, a narrow result that includes the tail-end costs of the company’s footprint optimization.

Adjusted EBITDA rose to $8 million, representing a 7.4% margin.

Total customer orders for the quarter reached $124 million, a robust figure that has pushed the company’s total backlog to $345.5 million.

A major highlight of the quarter was the U.S. Defined Benefit Pension Plan achieving fully funded status as of February 9, 2026.

This achievement significantly de-risks the company's balance sheet and reduces future mandatory contribution requirements, allowing for more flexible capital allocation toward growth initiatives in high-margin custom-engineered products.

Meanwhile, Ampco’s Buffalo Pumps subsidiary remains a primary beneficiary of U.S. Navy modernization efforts, securing more than $9 million in naval bookings in the first two months of 2026 alone.