v3.26.3
Business Segments (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Summarized Financial Information for Corporation's Reportable Segments

Net sales by product line for the three and nine months ended September 30, 2026 and 2025 are outlined below.

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

Forged and Cast Engineered Products

 

 

 

 

 

 

 

 

 

 

 

Forged and cast mill rolls

$

62,612

 

 

$

66,455

 

 

$

190,381

 

 

$

207,304

 

FEP

 

6,294

 

 

 

5,012

 

 

 

16,645

 

 

 

14,359

 

Forged and Cast Engineered Products

 

68,906

 

 

 

71,467

 

 

 

207,026

 

 

 

221,663

 

 

 

 

 

 

 

 

 

 

 

 

 

Air and Liquid Processing

 

 

 

 

 

 

 

 

 

 

 

Air handling systems

 

16,536

 

 

 

11,169

 

 

 

41,483

 

 

 

35,679

 

Heat exchange coils

 

12,574

 

 

 

12,483

 

 

 

38,197

 

 

 

35,307

 

Centrifugal pumps

 

13,683

 

 

 

12,890

 

 

 

36,238

 

 

 

32,729

 

Air and Liquid Processing

 

42,793

 

 

 

36,542

 

 

 

115,918

 

 

 

103,715

 

Total Reportable Segments

$

111,699

 

 

$

108,009

 

 

$

322,944

 

 

$

325,378

 

Summarized financial information for the Corporation’s reportable segments is shown in the following tables.

 

Three Months Ended September 30,

 

 

2026

 

 

2025

 

 

FCEP

 

ALP

 

 

Total

 

 

FCEP(6)

 

ALP

 

 

Total

 

Net sales

$

68,906

 

$

42,793

 

 

$

111,699

 

 

$

71,467

 

$

36,542

 

 

$

108,009

 

Less:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold (excluding depreciation and amortization)

 

55,708

 

 

33,618

 

 

 

 

 

 

58,295

 

 

28,361

 

 

 

 

Selling and administrative

 

5,428

 

 

4,303

 

 

 

 

 

 

6,365

 

 

3,737

 

 

 

 

Depreciation and amortization

 

3,780

 

 

336

 

 

 

 

 

 

6,807

 

 

284

 

 

 

 

Severance charge

 

—

 

 

—

 

 

 

 

 

 

165

 

 

—

 

 

 

 

Loss on disposal of assets

 

68

 

 

24

 

 

 

 

 

 

236

 

 

—

 

 

 

 

Segment income (loss) from operations

$

3,922

 

$

4,512

 

 

$

8,434

 

 

$

(401

)

$

4,160

 

 

$

3,759

 

Reconciliation to income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate costs(4)

 

 

 

 

 

 

(3,818

)

 

 

 

 

 

 

 

(2,636

)

Interest expense

 

 

 

 

 

 

(2,766

)

 

 

 

 

 

 

 

(3,001

)

Other (expense) income - net(5)

 

 

 

 

 

 

(370

)

 

 

 

 

 

 

 

748

 

Income (loss) before income taxes

 

 

 

 

 

$

1,480

 

 

 

 

 

 

 

$

(1,130

)

 

 

Nine Months Ended September 30,

 

 

2026

 

 

2025

 

 

FCEP

 

ALP

 

 

Total

 

 

FCEP(6)

 

ALP

 

 

Total

 

Net sales

$

207,026

 

$

115,918

 

 

$

322,944

 

 

$

221,663

 

$

103,715

 

 

$

325,378

 

Less:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold (excluding depreciation and amortization)(2)

 

169,114

 

 

87,642

 

 

 

 

 

 

180,345

 

 

80,396

 

 

 

 

Selling and administrative

 

16,632

 

 

12,417

 

 

 

 

 

 

19,236

 

 

10,907

 

 

 

 

Depreciation and amortization

 

11,567

 

 

1,013

 

 

 

 

 

 

16,259

 

 

836

 

 

 

 

Deconsolidation Charge(3)

 

875

 

 

—

 

 

 

 

 

 

—

 

 

—

 

 

 

 

Severance charge

 

—

 

 

—

 

 

 

 

 

 

6,019

 

 

—

 

 

 

 

Loss on disposal of assets

 

89

 

 

24

 

 

 

 

 

 

263

 

 

—

 

 

 

 

Segment income (loss) from operations

$

8,749

 

$

14,822

 

 

$

23,571

 

 

$

(459

)

$

11,576

 

 

$

11,117

 

Reconciliation to income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate costs(4)

 

 

 

 

 

 

(11,321

)

 

 

 

 

 

 

 

(9,222

)

Interest expense

 

 

 

 

 

 

(8,280

)

 

 

 

 

 

 

 

(8,552

)

Other income - net(5)

 

 

 

 

 

 

771

 

 

 

 

 

 

 

 

1,349

 

Income (loss) before income taxes

 

 

 

 

 

$

4,741

 

 

 

 

 

 

 

$

(5,308

)

 

(1)
The significant expense categories and amounts align with the segment-level information regularly provided to the CODM.
(2)
Cost of products sold (excluding depreciation and amortization) for the nine months ended September 30, 2025 includes employee-retention credits, which are refundable employer payroll taxes for certain eligible businesses affected by the COVID-19 pandemic received from the Internal Revenue Service (the “Employee-Retention Credits”) of $735 for the FCEP ($456) and ALP ($279) segments.
(3)
Deconsolidation Charge represents the write-down of the Estimated Recovery associated with the UES-UK insolvency.
(4)
Corporate costs represent the operating expenses of the corporate office and other costs not allocated to the segments.
(5)
Other (expense) income - net includes losses on foreign exchange transactions, net pension and other postretirement income, investment income, and unrealized (losses) gains on Rabbi trust investments.
(6)
FCEP segment loss from operations for the three and nine months ended September 30, 2025 includes charges for severance, accelerated depreciation and other exit costs of $3,069 and $9,819, respectively, associated with exiting UES-UK and closing AUP.

 

 

 

Capital Expenditures

 

 

Depreciation and Amortization Expense

 

 

Identifiable Assets(2)

 

 

 

Nine Months Ended September 30,

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

September 30,

 

December 31,

 

 

 

2026

 

2025

 

 

2026

 

2025

 

 

2026

 

2025

 

 

2026

 

2025

 

FCEP(1)

 

$

6,213

 

$

4,492

 

 

$

3,780

 

$

6,807

 

 

$

11,567

 

$

16,259

 

 

$

254,883

 

$

272,303

 

ALP

 

 

5,596

 

 

2,142

 

 

 

336

 

 

284

 

 

 

1,013

 

 

836

 

 

 

205,713

 

 

215,833

 

Corporate

 

 

—

 

 

—

 

 

 

14

 

 

—

 

 

 

34

 

 

—

 

 

 

7,110

 

 

7,219

 

Consolidated total

 

$

11,809

 

$

6,634

 

 

$

4,130

 

$

7,091

 

 

$

12,614

 

$

17,095

 

 

$

467,706

 

$

495,355

 

 

 

 

 

Long-lived Assets(3)

 

 

Net Sales by Geographic Area(4)

 

 

Income (Loss) Before Income Taxes

 

 

 

 

September 30,

 

December 31,

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

Geographic Areas:

 

2026

 

2025

 

 

2026

 

2025

 

 

2026

 

2025

 

 

2026

 

2025

 

 

2026

 

2025

 

United States(5)

 

$

193,251

 

$

211,461

 

 

$

77,287

 

$

67,334

 

 

$

213,584

 

$

188,957

 

 

$

(175

)

$

192

 

 

$

(2,861

)

$

541

 

 

Foreign(6)

 

 

39,923

 

 

40,376

 

 

 

34,412

 

 

40,675

 

 

 

109,360

 

 

136,421

 

 

 

1,655

 

 

(1,322

)

 

 

7,602

 

 

(5,849

)

 

Consolidated total

 

$

233,174

 

$

251,837

 

 

$

111,699

 

$

108,009

 

 

$

322,944

 

$

325,378

 

 

$

1,480

 

$

(1,130

)

 

$

4,741

 

$

(5,308

)

 

 

 

(1)
Depreciation and amortization expense for the three and nine months ended September 30, 2025 includes accelerated depreciation of $2,407 and $3,061, respectively, associated with exiting UES-UK and closing AUP.
(2)
Identifiable assets for the FCEP segment include (i) the Estimated Recovery of $5,370 at September 30, 2026 and $7,500 at December 31, 2025 and (ii) investments in joint ventures of $835 at each of September 30, 2026 and December 31, 2025. Identifiable assets for the ALP segment include asbestos-related insurance receivables of $111,942 and $126,838 at September 30, 2026 and December 31, 2025, respectively. Identifiable assets for Corporate represent cash and cash equivalents and other items not allocated to reportable segments.
(3)
Long-lived assets exclude deferred income tax assets. Long-lived assets in the United States include noncurrent asbestos-related insurance receivables of $92,942 and $107,838 at September 30, 2026 and December 31, 2025, respectively. Foreign long-lived assets primarily represent assets of the foreign operations.
(4)
Net sales are attributed to the geographic areas based on the location of the customer. Sales to individual foreign countries were less than 10% of condensed consolidated net sales for each of the periods. The majority of foreign net sales for each of the periods is attributable to the FCEP segment.
(5)
Loss before income taxes for the United States for the nine months ended September 30, 2026 includes the Deconsolidation Charge of $875. Loss before income taxes for the United States for the three and nine months ended September 30, 2025 includes severance, accelerated depreciation and other exit costs approximating $816 associated with closing AUP and for the nine months ended September 30, 2025 includes the Employee-Retention Credits of $735.
(6)
Loss before income taxes for foreign for the three and nine months ended September 30, 2025 includes charges for severance, accelerated depreciation and other exit costs of $2,253 and $9,003, respectively, associated with exiting UES-UK.