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- **35% EBITDA Growth:** Q3 adjusted EBITDA $9.2M vs $6.8M prior year.
- **$7-8M Annual EBITDA Improvement:** From U.K. closure and AUP exit.
- **Nuclear Market Expansion:** Air & Liquid Systems heat exchangers for new reactors.
- **CFO Transition:** David Anderson to lead finance while maintaining operational role.
- **Sweden Plant Utilization:** 80% of former U.K. capacity by 2026.


**【CEO Opening Remarks】**
- Q3 2025 adjusted EBITDA of $9.2 million, up 35% YoY, driven by Air & Liquid Systems segment.
- Accelerated exit of U.K. cast roll facility and AUP steel distribution business to improve annual EBITDA by $7-8 million.
- 2026 strategy focuses on profitability through operational efficiency and asset optimization.

**【Segment Updates】**
**Forged & Cast Engineered Products (FCEP):**
- Q3 net sales $71.5M (-6.4% QoQ, +4.3% YoY) with $7.1M EBITDA improvement vs Q2.
- U.K. plant closure to stop losses by Q4, Sweden plant utilization to increase 2026.
- Tariffs on European imports (15-50%) passed to customers; long-term roll demand stable.

**Air & Liquid Systems:**
- Q3 revenue up 26% YoY, EBITDA $4.4M (+31% YoY), highest year-to-date.
- Nuclear market orders exceed prior full year; Navy funding expands pump capacity.
- Tariffs on copper managed via supply chain adjustments.

**【CFO Financial Highlights】**
- Net sales $108M (+12% YoY), adjusted EBITDA $9.2M (+35% YoY).
- $3.1M exit charges for U.K. and AUP; 2025 year-to-date EBITDA $26M vs prior year.
- Liquidity: $15M cash + $28.2M undrawn credit facility.
- U.K. liquidation expected to reduce debt by $8-9M via asset sales.

**【Q&A Highlights】**
- **U.K. Closure Proceeds:** $8-9M net proceeds to reduce debt; Sweden plant to absorb 80% of U.K. volume.
- **Capacity Expansion:** Air & Liquid Systems adding Navy-funded equipment for 2026 growth.
- **Nuclear Market Positioning:** Early supplier for heat exchangers in new reactors.
- **Leadership Transition:** David Anderson to become CFO in Jan 2026, Mike McAuley to advise until mid-2026.


Ampco-Pittsburgh Corporation (AP) Q3 2025 Earnings Call Transcript

- **Q2 EBITDA decline**: $8 million vs. prior year, driven by tariff-related order pause and U.K. plant closure costs.
- **$5M OI improvement**: Expected from U.K. facility shutdown, offsetting $20-25M revenue loss.
- **Air & Liquid Growth**: 15% EBITDA increase, record nuclear orders, and Navy equipment funding.
- **Tariff Clarity**: 15% rate settled, enabling order resumption; pricing adjustments offset costs.
- **2026 Outlook**: Strong cast roll demand, U.K. closure benefits, and improved liquidity.

**【Management Opening Remarks】**
- Kim Knox introduced the call, emphasizing forward-looking statements and the availability of the webcast replay.

**【CEO Summary Section】**
- Q2 2025 adjusted EBITDA was $8 million, down due to a pause in customer orders amid tariff uncertainty.
- The U.K. cash roll facility closure is expected to improve annualized operating income by $5 million.
- Air & Liquid Processing segment saw a 15% EBITDA increase vs. prior year, with record year-to-date performance.

**【CFO Financial Commentary】**
- Net loss for Q2 was $7.3 million, including a $6.8 million U.K. exit charge.
- Adjusted EBITDA declined due to lower margins in FCEP and reduced roll shipments.
- Liquidity improved with a $100 million revolving credit line and $13.5 million term loan.

**【Segment Updates】**
**Forged and Cast Engineered Products (FCEP):**
- Q2 net sales: $77.9 million (+3% YoY), EBITDA: $6.8 million (-$1.5M vs. Q1).
- U.S. plant utilization down 14% vs. Q1 due to elevated customer inventory.
- FEP demand grew, with pricing adjustments for tariffs; long-term fundamentals remain strong.
- U.K. plant closure expected to reduce revenue by $20-25 million, partially offset by production shifts.

**Air & Liquid Processing:**
- Q2 EBITDA: $3.9 million (+15% YoY), driven by better product mix.
- Record backlog and nuclear market orders; Navy funding for equipment to support growth.
- Copper tariffs will be passed to customers, with long-term U.S. manufacturing benefits.

**Q&A Highlights】**
- **Roll Market Recovery:** Second half will be slower, but July saw slight order uptick; tariffs now known at 15%, reducing uncertainty.
- **U.K. Plant Closure:** Casting to stop by Q4 2025, with potential asset sale proceeds; revenue impact estimated at $20-25 million.
- **Tariff Impact:** Pricing adjustments offset costs; long-term demand for cast rolls remains strong despite short-term weakness.

**【Closing Remarks】**
- CEO Brett McBrayer thanked employees for managing the U.K. shutdown and expressed confidence in 2026 earnings improvement.


Ampco-Pittsburgh Corporation (AP) Q2 2025 Earnings Call Transcript

- **Record Q1 EBITDA Growth**: 73% YoY to $8.8M, driven by pricing, operational efficiency, and product mix.
- **ALS Segment Soars**: Record orders ($107M vs. $82M) with 73% EBITDA jump, positioning for SMR growth.
- **Tariff Opportunity**: 10% US-China tariffs enable $2-5M annual China sales, with 90% customers absorbing costs.
- **UK Restructuring**: $0.5M annual loss reduction expected post-May restructuring completion.
- **Cash Position Strong**: $7.1M cash + $28.6M credit facility, despite $5.3M operating cash use.

**【CEO Opening Remarks】**
- Q1 2025 EPS improved to $0.06 (vs. -$0.14 in Q1 2024), with adjusted EBITDA rising 73% to $8.8 million.
- Both FCEP and ALS segments showed significant EBITDA growth, driven by pricing, operational efficiency, and product mix improvements.
- Near-term challenges include tariffs impacting European-to-US roll shipments, with 90% of customers agreeing to absorb costs.
- UK facility restructuring expected to conclude by end-May, targeting $0.5 million annual loss reduction.

**【FCEP Segment Update (Sam Lyon)】**
- Q1 sales $72.3M (-6.4% YoY) due to lower rural volume and FX, but EBITDA jumped 38% to $8.27M.
- Tariffs on US-China roll shipments reduced to 10%, enabling $2-5M annual China sales.
- US FEP business poised for growth as steel tariffs limit imports, with 2025 sales/margin outlook above 2024's $11.8M.
- European operations remain competitive despite tariffs, with only 1 customer hesitant to accept cost pass-through.

**【ALS Segment Update (Dave Anderson)】**
- Record Q1 orders ($107M vs. $82M YoY), driven by nuclear (+33%), military, and pharma markets.
- EBITDA surged 73% to $3.8M, with improved product mix (heat exchangers, pumps).
- First SMR project order received, positioning for growth in small modular reactors.
- Navy fleet expansion driving pump demand, with new equipment from DOE funding expected Q4 2025.
- Tariffs may cause short-term supply chain disruption but could boost US manufacturing demand for ALS products.

**【CFO Financial Review (Mike McAuley)】**
- Q1 sales $104.3M (-5% YoY) due to lower roll shipments and mix, but +3% sequentially.
- Adjusted EBITDA $8.8M (+$3.7M YoY) from pricing, manufacturing efficiency, and ALS product mix.
- S&A expenses rose 5% YoY due to inflation and professional fees.
- Net cash used in operations $5.3M, with $7.1M cash and $28.6M credit facility availability.
- Backlog $368.5M (+6% YoY) despite Q1 ALS record orders offset by delayed roll customer orders.

**【Key Risks & Opportunities】**
- Tariffs creating near-term cost pass-through challenges but long-term US manufacturing tailwinds.
- UK facility restructuring to eliminate losses by end-2025.
- Nuclear market growth and SMR adoption driving ALS heat exchanger demand.
- Steel tariffs benefiting US FEP business but requiring close monitoring of global steel demand.


Ampco-Pittsburgh (AP)-13 May 25-2025 Q1 Earnings call transcript

- **Q4 Results**: $0.16 EPS vs $2.12 loss last year; $18M free cash flow vs $3.7M use. 
- **Air & Liquid Growth**: 11% FY24 sales, $15.9M op. income (vs prior year loss). 
- **UK Plant Risk**: $5M+ annual losses; restructuring could yield $5M+ annual savings. 
- **Debt Stability**: Flat YoY at $128.6M; customer deposits up YoY. 
- **Tariff Opportunity**: US demand surge if tariffs implemented, offsetting Mexico decline. 


**【CEO Summary Section】**
- Q4 2024 EPS: $0.16 (full year: $0.02); net cash flow from operations: $7.5M (Q4) / $18M (FY24). 
- FY24 operating income: $12.2M (incl. $4.1M non-cash asbestos benefit). 
- Air & Liquid segment: Record sales (+11% YoY), Q4 revenue up 6.5% driven by centrifugal pumps. 
- UK plant restructuring: Formal consultation underway to address $5M+ annual losses; potential closure or sale if no government support. 

**【CFO Financial Commentary】**
- FY24 consolidated net sales: $378.9M (flat YoY); non-GAAP adj. op. income: $8M (up $3.7M YoY). 
- Q4 GAAP net income: $3.1M ($0.16 EPS); FY24: $0.4M ($0.02 EPS). 
- Key costs: Depreciation +30%, interest expense +25% YoY; $128.6M debt flat YoY. 
- Backlog: $378.9M (flat YoY); customer deposits up YoY. 

**【Air & Liquid Systems (Dave Anderson)】**
- Q4 revenue: $42.9M (+6.5% YoY); FY24: $159.3M (+11% YoY). 
- Operating income: $7.6M (Q4) / $15.9M (FY24) vs prior year loss. 
- Growth drivers: Navy funding ($4M for Buffalo plant), nuclear market expansion, pharma sector orders. 
- 3-year CAGR: 56% revenue, 77% backlog, 39% op. income (excl. asbestos). 

**【Forged & Cast (Sam Lyon)】**
- Q4 sales: $66.5M (-13% YoY); op. income: $1.1M (vs breakeven prior year). 
- FY24 op. income: $10.5M (+38% YoY). 
- Challenges: UK plant losses ($5M+ annual), European market softness, high energy costs. 
- Tariff impact: Potential US demand surge if tariffs implemented. 

**【Q&A Highlights】**
- **UK Plant**: Consultation process expected to conclude in 6-8 weeks; options include closure, sale, or gov't aid. 
- **Debt Management**: Flat YoY at $128.6M; working capital management key to reducing borrowings. 
- **Tariffs**: No impact on roll classification; but Mexico/Canada demand shifts could benefit US business. 
- **Navy Expansion**: $4M navy funding for Buffalo plant; aligns with fleet expansion plans. 
- **Backlog Mix**: 55% North America, 45% Europe; $25M annual sales to Mexico/Canada. 


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