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

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

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

Forged and Cast Engineered Products

 

 

 

 

 

 

 

 

 

 

 

Forged and cast mill rolls

$

61,401

 

 

$

72,227

 

 

$

127,769

 

 

$

140,849

 

FEP

 

5,910

 

 

 

5,682

 

 

 

10,351

 

 

 

9,347

 

Forged and Cast Engineered Products

 

67,311

 

 

 

77,909

 

 

 

138,120

 

 

 

150,196

 

 

 

 

 

 

 

 

 

 

 

 

 

Air and Liquid Processing

 

 

 

 

 

 

 

 

 

 

 

Heat exchange coils

 

12,555

 

 

 

11,299

 

 

 

25,623

 

 

 

22,824

 

Air handling systems

 

11,904

 

 

 

13,882

 

 

 

24,947

 

 

 

24,510

 

Centrifugal pumps

 

11,148

 

 

 

10,014

 

 

 

22,555

 

 

 

19,839

 

Air and Liquid Processing

 

35,607

 

 

 

35,195

 

 

 

73,125

 

 

 

67,173

 

Total Reportable Segments

$

102,918

 

 

$

113,104

 

 

$

211,245

 

 

$

217,369

 

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

 

Three Months Ended June 30,

 

 

2026

 

 

2025

 

 

FCEP

 

ALP

 

 

Total

 

 

FCEP(6)

 

ALP

 

 

Total

 

Net sales

$

67,311

 

$

35,607

 

 

$

102,918

 

 

$

77,909

 

$

35,195

 

 

$

113,104

 

Less:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

54,215

 

 

26,460

 

 

 

 

 

 

64,437

 

 

27,544

 

 

 

 

Selling and administrative

 

5,284

 

 

3,879

 

 

 

 

 

 

6,486

 

 

3,445

 

 

 

 

Depreciation and amortization

 

3,863

 

 

350

 

 

 

 

 

 

5,084

 

 

284

 

 

 

 

Severance charge

 

—

 

 

—

 

 

 

 

 

 

5,854

 

 

—

 

 

 

 

Loss on disposal of assets

 

28

 

 

—

 

 

 

 

 

 

11

 

 

—

 

 

 

 

Segment income (loss) from operations

$

3,921

 

$

4,918

 

 

$

8,839

 

 

$

(3,963

)

$

3,922

 

 

$

(41

)

Reconciliation to income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate costs(4)

 

 

 

 

 

 

(3,767

)

 

 

 

 

 

 

 

(3,037

)

Interest expense

 

 

 

 

 

 

(2,791

)

 

 

 

 

 

 

 

(2,825

)

Other income (expense) - net(5)

 

 

 

 

 

 

545

 

 

 

 

 

 

 

 

(225

)

Income (loss) before income taxes

 

 

 

 

 

$

2,826

 

 

 

 

 

 

 

$

(6,128

)

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

FCEP

 

ALP

 

 

Total

 

 

FCEP(6)

 

ALP

 

 

Total

 

Net sales

$

138,120

 

$

73,125

 

 

$

211,245

 

 

$

150,196

 

$

67,173

 

 

$

217,369

 

Less:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

113,406

 

 

54,024

 

 

 

 

 

 

122,050

 

 

52,035

 

 

 

 

Selling and administrative

 

11,204

 

 

8,114

 

 

 

 

 

 

12,871

 

 

7,170

 

 

 

 

Depreciation and amortization

 

7,787

 

 

677

 

 

 

 

 

 

9,452

 

 

552

 

 

 

 

Deconsolidation Charge(3)

 

875

 

 

—

 

 

 

 

 

 

—

 

 

—

 

 

 

 

Severance charge

 

—

 

 

—

 

 

 

 

 

 

5,854

 

 

—

 

 

 

 

Loss on disposal of assets

 

21

 

 

—

 

 

 

 

 

 

27

 

 

—

 

 

 

 

Segment income from operations

$

4,827

 

$

10,310

 

 

$

15,137

 

 

$

(58

)

$

7,416

 

 

$

7,358

 

Reconciliation to income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate costs(4)

 

 

 

 

 

 

(7,503

)

 

 

 

 

 

 

 

(6,586

)

Interest expense

 

 

 

 

 

 

(5,514

)

 

 

 

 

 

 

 

(5,551

)

Other income - net(5)

 

 

 

 

 

 

1,141

 

 

 

 

 

 

 

 

601

 

Income (loss) before income taxes

 

 

 

 

 

$

3,261

 

 

 

 

 

 

 

$

(4,178

)

 

(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 three and six months ended June 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 income (expense) - net includes losses on foreign exchange transactions, net pension and other postretirement income, investment income, and unrealized gains on Rabbi trust investments.
(6)
FCEP segment loss from operations for the three and six months ended June 30, 2025 includes charges for severance, accelerated depreciation and other exit costs of $6,750 associated with exiting the U.K. operations.

 

 

 

Capital Expenditures

 

 

Depreciation and Amortization Expense

 

 

Identifiable Assets(2)

 

 

 

Six Months Ended June 30,

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

June 30,

 

December 31,

 

 

 

2026

 

2025

 

 

2026

 

2025

 

 

2026

 

2025

 

 

2026

 

2025

 

FCEP(1)

 

$

4,254

 

$

2,646

 

 

$

3,863

 

$

5,084

 

 

$

7,787

 

$

9,452

 

 

$

267,934

 

$

272,303

 

ALP

 

 

4,880

 

 

1,015

 

 

 

350

 

 

284

 

 

 

677

 

 

552

 

 

 

216,392

 

 

215,833

 

Corporate

 

 

—

 

 

—

 

 

 

13

 

 

—

 

 

 

20

 

 

—

 

 

 

6,536

 

 

7,219

 

Consolidated total

 

$

9,134

 

$

3,661

 

 

$

4,226

 

$

5,368

 

 

$

8,484

 

$

10,004

 

 

$

490,862

 

$

495,355

 

 

 

 

 

Long-lived Assets(3)

 

 

Net Sales by Geographic Area(4)

 

 

Income (Loss) Before Income Taxes

 

 

 

 

June 30,

 

December 31,

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

Geographic Areas:

 

2026

 

2025

 

 

2026

 

2025

 

 

2026

 

2025

 

 

2026

 

2025

 

 

2026

 

2025

 

United States(5)

 

$

199,884

 

$

211,461

 

 

$

65,868

 

$

61,727

 

 

$

136,297

 

$

121,623

 

 

$

(663

)

$

(48

)

 

$

(2,686

)

$

349

 

 

Foreign(6)

 

 

39,167

 

 

40,376

 

 

 

37,050

 

 

51,377

 

 

 

74,948

 

 

95,746

 

 

 

3,489

 

 

(6,080

)

 

 

5,947

 

 

(4,527

)

 

Consolidated total

 

$

239,051

 

$

251,837

 

 

$

102,918

 

$

113,104

 

 

$

211,245

 

$

217,369

 

 

$

2,826

 

$

(6,128

)

 

$

3,261

 

$

(4,178

)

 

 

(1)
Depreciation and amortization expense for the three and six months ended June 30, 2025 includes accelerated depreciation of $654 associated with exiting the U.K. operations.
(2)
Identifiable assets for the FCEP segment include (i) the Estimated Recovery of $5,370 at June 30, 2026 and $7,500 at December 31, 2025 and (ii) investments in joint ventures of $835 at each of June 30, 2026 and December 31, 2025. Identifiable assets for the ALP segment include asbestos-related insurance receivables of $116,965 and $126,838 at June 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 U.S. include noncurrent asbestos-related insurance receivables of $97,965 and $107,838 at June 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)
Income before income taxes for the United States for the six months ended June 30, 2026 includes the Deconsolidation Charge of $875. Loss before income taxes for the United States for the three and six months ended June 30, 2025 includes the Employee-Retention Credits of $735.
(6)
Loss before income taxes for foreign for the three and six months ended June 30, 2025 includes charges for severance, accelerated depreciation and other exit costs of $6,750 associated with exiting the U.K. operations.