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Universal Stainless & Alloy - USAP STOCK NEWS

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Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) is a prominent manufacturer and marketer of specialty steel products, headquartered in Bridgeville, PA. Established in 1994, the company specializes in producing semi-finished and finished specialty steel products, including stainless steel, nickel alloys, tool steel, and other alloyed steels.

The company’s product offerings are tailored for diverse industries such as aerospace, power generation, oil and gas, and heavy equipment manufacturing. Its range of products includes semi-finished long products like ingots, blooms, billets, and bars, as well as flat rolled products such as slabs and plates. Additionally, Universal Stainless provides customized shapes primarily for original equipment manufacturers (OEMs), which are cold rolled from purchased coiled strip, flat bar, or extruded bar.

Universal Stainless employs advanced processes including melting, remelting, heat treating, hot and cold rolling, forging, machining, and cold drawing of specialty steels. The company's semi-finished long products are primarily utilized in the production of finished bars and rods, while its finished bar products serve OEMs and service center customers for distribution to various end users. Furthermore, the company offers conversion services on materials supplied by its customers.

Recent milestones include the ratification of a new five-year labor agreement at the Bridgeville facility, which maintains the flexible work rule terms and profit-sharing incentives of the previous agreement. The company's focus on the aerospace industry has yielded substantial demand, with the backlog at record levels. Universal Stainless's financial performance has shown robust growth, with net sales reaching $71.3 million in Q3 2023, reflecting a 54% year-over-year increase.

The company is currently in the commissioning phase of a capital project involving the addition of two new Vacuum-Arc Remelt (VAR) furnaces at its North Jackson facility. This project aims to expand the capacity for premium and specialty alloys by 20%, further enhancing the company's ability to meet the demand in the aerospace market, including defense applications.

Universal Stainless & Alloy Products, Inc. continues to focus on strategic growth and profitability, driven by a dedicated team and robust market demand, especially in the aerospace sector. With ongoing projects and a strong book of business, the company is well-positioned for continued success.

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Universal Stainless & Alloy Products reported Q1 2023 sales of $65.9 million, marking a 17.2% increase from Q4 2022 and a 38.5% rise from Q1 2022. The record quarterly sales of premium alloys reached $17.7 million, up 31% sequentially, driven by strong aerospace demand that constituted 74.3% of total sales. Gross margin improved to $7.7 million (11.7% of sales) compared to previous quarters, leading to an operating income of $1.4 million. The net loss reduced to $0.5 million, or $0.06 per diluted share. Q1 2023 EBITDA was $6.5 million, with adjusted EBITDA at $6.8 million. The backlog reached a record $366 million, and bookings hit $117.1 million.

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Universal Stainless & Alloy Products (Nasdaq: USAP) will release its first quarter 2023 financial results on April 26, 2023. A conference call will be held the same day at 10:00 a.m. Eastern, where the earnings will be discussed. Interested parties can register for the call to receive dial-in and PIN information.

The call will also be available via a live webcast on the company’s website, with an archive accessible until the end of the second quarter 2023.

Universal Stainless, founded in 1994 and headquartered in Bridgeville, PA, manufactures semi-finished and finished specialty steels. Its products serve industries like aerospace, power generation, and more, highlighting the company's significant role in critical sectors.

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Universal Stainless & Alloy Products has announced the appointment of Brian A. Kane as the new Vice President of Sales and Marketing, effective immediately. Kane has been with the company since 2008, serving as National Sales Manager since 2015, where he focused on business development and customer relationships. His promotion reflects the company's strategy to enhance leadership as they aim for growth. Christopher Zimmer, the newly appointed Executive VP and COO, expressed confidence in Kane’s abilities to contribute significantly to the company’s growth objectives. Universal Stainless specializes in producing and marketing specialty steels, serving industries like aerospace and power generation.

Investors should note the potential implications of this leadership change on future sales and overall performance.

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Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) has appointed Christopher M. Zimmer as Executive Vice President and Chief Operating Officer, effective immediately. Zimmer, a 15-year veteran of Universal, previously served as Executive Vice President and Chief Commercial Officer. In his new role, he will oversee manufacturing, technology, and quality alongside his existing sales, marketing, and supply chain responsibilities. Chairman Dennis M. Oates praised Zimmer's contributions, particularly in strengthening market positions and customer relationships. Zimmer expressed excitement for his new role and commitment to the company's long-term strategy.

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Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) has announced a price increase of 7% to 12% on bar products, effective immediately. This decision responds to rising costs attributed to inflation impacting various business sectors. Despite the increase, current material and energy surcharges will remain in place. Chris Zimmer, Executive Vice President, emphasized the necessity of this adjustment to manage costs while maintaining high standards in customer service and production quality.

The company continues to manufacture specialty steels used in industries such as aerospace and power generation, while emphasizing future challenges related to pricing, demand, and raw material availability.

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Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) announced that Dennis M. Oates, the Chairman and CEO, will present at the Cowen Inc. 44th Annual Aerospace/Defense & Industrials Conference on February 15, 2023, from 11:30 AM to 12:10 PM (Eastern) at The Ritz-Carlton, Pentagon City, VA. The presentation will be webcast live, and the link is available on their website. A replay will be accessible approximately three hours after the event for 90 days. Established in 1994, Universal Stainless manufactures specialty steels used in various industries, including aerospace and power generation.

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Universal Stainless & Alloy Products (USAP) reported Q4 2022 sales of $56.2 million, reflecting a 21.7% increase from Q3 2022 and a 30% rise from Q4 2021, marking the highest quarterly sales since Q1 2020. Premium Alloy sales reached $13.5 million, up 69% sequentially. However, gross margin fell to 4.3% due to negative raw material cost misalignment of $2.4 million and equipment outages costing $0.7 million. The net loss for the quarter was $3.7 million, or $0.41 per diluted share. Notably, the backlog surged to a record $287.9 million, up 17% from Q3 and 114% year-over-year.

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Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) announced preliminary fourth quarter 2022 results, forecasting net sales of $56.2 million, a 22% increase from Q3 2022 and 30% higher than Q4 2021. Record premium alloy sales are projected at $13.5 million, representing 24% of total sales, largely driven by a 27% sequential increase in aerospace market sales.

However, gross margin is expected to decline to 4.3% (approx. $2.4 million), impacted by surcharge misalignment and unplanned outages, leading to an anticipated net loss of $3.7 million or $0.41 per diluted share. Year-end backlog reached a record $287.9 million.

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Universal Stainless & Alloy Products, Inc. (USAP) announced a price increase of 7% to 12% on bar products effective immediately due to sharp inflationary cost increases affecting the business. Executive Vice President Chris Zimmer emphasized the need to adjust pricing to manage these rising costs while maintaining high customer service and production quality. The current material and energy surcharges will remain unchanged. Universal Stainless manufactures specialty steels, serving industries like aerospace and power generation.

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Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) has secured a new 3-year collective bargaining agreement with hourly employees at its Dunkirk, New York facility, effective November 1, 2022. The agreement, ratified by the bargaining unit, continues existing flexible work rules and profit-sharing incentives. CEO Dennis Oates expressed satisfaction with the contract, emphasizing its role in retaining skilled employees and supporting the interests of employees, customers, and shareholders.

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FAQ

What is the current stock price of Universal Stainless & Alloy (USAP)?

The current stock price of Universal Stainless & Alloy (USAP) is $44.08 as of December 20, 2024.

What is the market cap of Universal Stainless & Alloy (USAP)?

The market cap of Universal Stainless & Alloy (USAP) is approximately 414.9M.

What products does Universal Stainless & Alloy Products, Inc. manufacture?

The company manufactures semi-finished and finished specialty steel products, including stainless steel, nickel alloys, tool steel, and other alloyed steels.

In which industries are the company's products primarily used?

The products are used in various industries, including aerospace, power generation, oil and gas, and heavy equipment manufacturing.

What recent achievements has Universal Stainless & Alloy Products, Inc. accomplished?

Recent achievements include the ratification of a new five-year labor agreement and significant growth in net sales, driven by robust demand in the aerospace market.

What are the company's current projects?

The company is commissioning two new Vacuum-Arc Remelt (VAR) furnaces at its North Jackson facility to increase capacity for premium and specialty alloys by 20%.

Who are the company's primary customers?

Primary customers include original equipment manufacturers (OEMs) and service center customers who distribute the products to various end users.

What strategic goals is Universal Stainless & Alloy Products, Inc. focusing on?

The company is focused on strategic growth and profitability, primarily driven by demand in the aerospace sector and expansion of its product portfolio with higher margin products.

How has the company's financial performance been recently?

For Q3 2023, Universal Stainless reported net sales of $71.3 million, a 54% increase year-over-year, with continued growth expected.

What is the significance of the new labor agreement?

The new five-year labor agreement maintains flexible work rule terms and profit-sharing incentives, supporting the interests of employees, customers, and shareholders.

What role does the aerospace industry play for Universal Stainless?

The aerospace industry is a significant driver of demand for the company's specialty and premium alloys, contributing substantially to its sales and backlog.

How does the company ensure the quality of its products?

Universal Stainless employs advanced processes such as melting, remelting, heat treating, hot and cold rolling, forging, machining, and cold drawing to produce high-quality specialty steels.

Universal Stainless & Alloy

Nasdaq:USAP

USAP Rankings

USAP Stock Data

414.92M
8.79M
6.75%
77.89%
3.42%
Steel
Steel Works, Blast Furnaces & Rolling Mills (coke Ovens)
Link
United States of America
BRIDGEVILLE