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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.
Universal Stainless & Alloy Products (NASDAQ: USAP) reported Q3 2022 sales of $46.2 million, down 11.4% from Q2, but up 24.3% from Q3 2021. The gross margin was 6.4%, with a net loss of $1.3 million ($0.14 per diluted share), influenced by a $0.6 million AMJP grant and $2.0 million in costs from a prior liquid metal spill. Despite production setbacks, backlog reached a record $246.3 million, up 11% from Q2 and 97% year-over-year. The company anticipates a positive outlook due to recovery in the aerospace sector, which constitutes 69% of sales.
Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) announced preliminary Q3 2022 net sales of $46.2 million, a 12% decrease from Q2 but a 24% increase from Q3 2021. Sales of premium alloys are projected to account for 17% of total sales. Shipment volume fell 20% sequentially due to a liquid metal spill, labor and supply chain issues, and COVID-19 impacts. The company expects a net loss of approximately $0.14 per diluted share. However, order entry remains strong, with a record backlog of $246 million.
Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) will present at the 2022 Jefferies Industrials Conference on August 9 from 11:30-11:55 AM (Eastern). The presentation will be led by Dennis M. Oates, Chairman and CEO, and Steven V. DiTommaso, CFO. Attendees can access the live webcast via this link, and a replay will be available three hours post-event for 90 days. Universal Stainless manufactures specialty steels for various industries, including aerospace and power generation.
Universal Stainless & Alloy Products (USAP) reported a record backlog of $222.7 million, up 10% sequentially and 125% from Q2 2021. Q2 2022 sales totaled $52.2 million, a 35.5% increase year-over-year, with premium alloys making up 17% of total sales. Although gross margin improved to 9.1% of sales, net loss narrowed to $1.4 million per diluted share. EBITDA increased to $4.3 million, while adjusted EBITDA reached $6.4 million. The company anticipates ongoing sales growth despite challenges from a recent liquid metal spill impacting production.
Universal Stainless & Alloy Products (Nasdaq: USAP) will announce its second quarter 2022 financial results on July 27, 2022. A conference call will follow at 10:00 a.m. Eastern, which will be available via a live webcast. Interested participants can pre-register for the call to receive dial-in details. The webcast will be archived on the company's website until the end of Q3 2022.
Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) announced a base price increase of 9% to 12% on bar products effective immediately, due to rising inflationary costs affecting their operations. Current material and energy surcharges will remain in effect. Executive VP Chris Zimmer emphasized the need for this adjustment to manage heightened cost burdens while maintaining service quality and production standards. The company specializes in manufacturing specialty steels for sectors like aerospace and power generation, reinforcing its commitment to customer service amidst economic challenges.
Universal Stainless & Alloy Products reported the resumption of full operations at its Bridgeville Electric Arc Melting facility after an April metal spill. No injuries or environmental issues were reported. The CEO, Dennis Oates, highlighted a strong business environment with growing backlogs, reaching a record high as of May 31. The company is committed to meeting customer needs while recovering lost melt time.
Universal Stainless & Alloy Products (Nasdaq: USAP) reported Q1 2022 net sales of $47.6 million, up 10% sequentially and 28.4% year-over-year. The backlog reached a record $201.8 million, a 50% increase from Q4 2021, driven by aerospace demand. Gross margin was $4.1 million, or 8.5% of sales, benefiting from a $1.1 million AMJP grant. A net loss of $1.6 million, unchanged from Q4 2021, was recorded. EBITDA was $3.8 million. Inventory rose to $147.6 million, reflecting increased work in process. Capital expenditures totaled $2.5 million with a forecast of $20 million for 2022.
Universal Stainless & Alloy Products (Nasdaq: USAP) will announce its financial results for the first quarter of 2022 on April 20, 2022. A conference call will follow at 10:00 a.m. Eastern, available via telephone at 706-679-0668 or through a webcast on the company's website, www.univstainless.com. The webcast will be archived until the end of Q2 2022. Established in 1994, the company produces specialty steels for various industries, including aerospace and power generation.
Universal Stainless & Alloy Products reported a liquid metal spill at its Bridgeville facility, caused by a furnace breakthrough. Fortunately, no injuries or environmental impact occurred. Cleanup and damage assessment are currently ongoing, with operations expected to resume in 6 to 8 weeks, pending parts availability. Despite this incident, all other production units are operational, and there are no anticipated disruptions to product delivery schedules. The company emphasizes a strong order backlog and commitment to its customers’ needs.
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