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Business Segments (Tables)

6 Months Ended

Jun. 30, 2025

Summarized Financial Information Concerning Corporation's Reportable Segments

Net sales by product line for the three and six months ended June 30, 2025 and 2024 are outlined below.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net sales:
Forged and Cast Engineered Products
Forged and cast mill rolls	$	72,227	$	72,647	$	140,849	$	146,043
FEP		5,682		3,066		9,347		6,859
Forged and Cast Engineered Products		77,909		75,713		150,196		152,902

Air and Liquid Processing
Air handling systems		13,882		14,043		24,510		26,553
Heat exchange coils		11,299		11,979		22,824		22,802
Centrifugal pumps		10,014		9,253		19,839		18,946
Air and Liquid Processing		35,195		35,275		67,173		68,301
Total Reportable Segments	$	113,104	$	110,988	$	217,369	$	221,203

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


	Three Months Ended June 30,
	2025								2024
	FCEP (5)			ALP		Total			FCEP		ALP		Total
Net sales	$	77,909		$	35,195	$	113,104		$	75,713	$	35,275	$	110,988
Less:(1)
Cost of products sold (excluding depreciation and amortization)(2)		64,437			27,544					59,531		28,153
Selling and administrative		6,486			3,445					6,354		3,704
Depreciation and amortization		5,084			284					4,454		244
Severance charge		5,854			—					—		—
Loss on disposal of assets		11			—					13		—
Segment (loss) income from operations	$	(3,963	)	$	3,922		(41	)	$	5,361	$	3,174		8,535
Reconciliation to (loss) income before income taxes
Corporate costs (3)							(3,037	)						(3,492	)
Interest expense							(2,825	)						(3,017	)
Other (expense) income - net (4)							(225	)						1,389
(Loss) income before income taxes						$	(6,128	)					$	3,415


	Six Months Ended June 30,
	2025								2024
	FCEP (5)			ALP		Total			FCEP		ALP		Total
Net sales	$	150,196		$	67,173	$	217,369		$	152,902	$	68,301	$	221,203
Less:(1)
Cost of products sold (excluding depreciation and amortization)(2)		122,050			52,035					124,982		55,192
Selling and administrative		12,871			7,170					12,086		7,469
Depreciation and amortization		9,452			552					8,884		484
Severance charge		5,854			—					—		—
Loss on disposal of assets		27			—					13		—
Segment (loss) income from operations	$	(58	)	$	7,416		7,358		$	6,937	$	5,156		12,093
Reconciliation to (loss) income before income taxes
Corporate costs (3)							(6,586	)						(6,968	)
Interest expense							(5,551	)						(5,774	)
Other income - net (4)							601							2,312
(Loss) income before income taxes						$	(4,178	)					$	1,663

(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)

Corporate costs represent the operating expenses of the corporate office and other costs not allocated to the segments.

(4)

Other income - net includes net pension and other postretirement income, gains and losses on foreign exchange transactions, unrealized gains and losses on Rabbi trust investments, and investment income.

(5)

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, 2025		December 31, 2024
	2025		2024		2025		2024		2025		2024
FCEP (1)	$	2,646	$	4,134	$	5,084	$	4,454	$	9,452	$	8,884	$	310,308	$	289,129
ALP		1,015		1,376		284		244		552		484		220,999		230,171
Corporate		—		—		—		—		—		—		5,846		11,596
Consolidated total	$	3,661	$	5,510	$	5,368	$	4,698	$	10,004	$	9,368	$	537,153	$	530,896


	Long-lived Assets(3)				Net Sales by Geographic Area(4)								(Loss) Income Before Income Taxes
	June 30, 2025		December 31, 2024		Three Months Ended June 30,				Six Months Ended June 30,				Three Months Ended June 30,					Six Months Ended June 30,
Geographic Areas:					2025		2024		2025		2024		2025			2024		2025			2024
United States (5)	$	221,711	$	235,785	$	61,727	$	72,916	$	121,623	$	142,680	$	(48	)	$	1,205	$	349		$	(1,018	)
Foreign (6)		61,369		55,473		51,377		38,072		95,746		78,523		(6,080	)		2,210		(4,527	)		2,681
Consolidated total	$	283,080	$	291,258	$	113,104	$	110,988	$	217,369	$	221,203	$	(6,128	)	$	3,415	$	(4,178	)	$	1,663

(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 investments in joint ventures of $2,175 at June 30, 2025 and December 31, 2024. Identifiable assets for the ALP segment include asbestos-related insurance receivables of $130,143 and $139,295 at June 30, 2025 and December 31, 2024, 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 $115,143 and $124,295 at June 30, 2025 and December 31, 2024, 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 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 U.S. for the three and six months ended June 30, 2025 include 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.