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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, Inc. (Nasdaq: USAP) has appointed Steven V. DiTommaso as Vice President and Chief Financial Officer, effective April 1, 2022. DiTommaso, previously the Corporate Controller since 2018, has extensive experience in financial management and operations. Chairman Denny Oates praised DiTommaso's capabilities in financial reporting and cash management, highlighting the company's robust order backlog and new product introductions as indicators of growth potential. Universal Stainless manufactures specialty steels for various industries, including aerospace and energy.
Universal Stainless & Alloy Products (Nasdaq: USAP) has announced a 7% to 12% price increase on plate products, effective immediately for new orders. This adjustment is a response to ongoing inflationary pressures affecting various business areas. Executive VP Chris Zimmer emphasized the need to manage increased costs while maintaining high customer service and product quality. Current material and energy surcharges will persist. The company specializes in manufacturing semi-finished and finished specialty steels used in sectors like aerospace, power generation, and heavy equipment.
Universal Stainless & Alloy Products (Nasdaq: USAP) announced a price increase of 3% to 10% on bar products, effective immediately for new orders. This decision is driven by significant inflationary cost increases impacting various business areas. The company will maintain current material and energy surcharges.
Executive VP Chris Zimmer emphasized the importance of adjusting prices to manage these costs while ensuring high customer service and production quality standards.
Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) has announced an increase in its nickel premium for raw material surcharges. Effective May, the nickel premium for AOD grades will rise from $0.38/lb to $1.70/lb, and for VIM grades, from $0.38/lb to $2.70/lb. The increase is attributed to heightened nickel market prices due to sanctions on Russia and the growing demand from electric vehicle production. The company has secured agreements to ensure nickel availability for its operations.
Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) announced a base price increase of 3% to 10% on bar products effective immediately for all new orders. This decision comes in response to escalating material and energy costs, as noted by Executive VP Chris Zimmer, who emphasized the necessity of this adjustment to manage inflationary pressures while maintaining high customer service and product quality. Current material and energy surcharges will also remain unchanged.
Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) will present at the Cowen and Company 43rd Annual Aerospace/Defense & Industrials Virtual Conference on February 9, from 8:30 to 9:10 AM (Eastern). Dennis M. Oates, Chairman and CEO, will lead the presentation, which will be available via live webcast and archived for future access. The company's products, including specialty steels used in various industries, are detailed further on their website. A replay will be accessible approximately three hours after the event for 90 days.
Universal Stainless & Alloy Products (Nasdaq: USAP) reported Q4 2021 sales of $43.2 million, reflecting a 38% increase year-over-year and a 16.3% sequential growth. The gross margin improved to 8.7% from 6.2% in Q3 2021, marking the highest since Q4 2019. Despite a net loss of $1.6 million or $0.18 per diluted share, record backlog reached $134.5 million, up 7.5% from the previous quarter. The company is expanding capacity by acquiring two additional Vacuum-Arc Remelt furnaces to support growth, particularly in the aerospace sector.
Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) will report its financial results for Q4 and full year 2021 on January 26, 2022. A conference call will be hosted at 10:00 a.m. Eastern on the same day, available to listen via telephone at 706-679-0668 with passcode 3819539. The call will also be webcast live on the company's official website, with an archive accessible until the end of Q1 2022. The company specializes in the manufacture of semi-finished and finished specialty steels used across various industries.
Universal Stainless & Alloy Products (Nasdaq: USAP) has announced a base price increase of 3% to 10% on all products due to recent inflationary pressures. This adjustment is effective immediately for new orders, while existing material and energy surcharges will remain unchanged. Executive VP Chris Zimmer emphasized the necessity of this increase to manage escalating costs and to maintain high standards of customer service and production quality.
Universal Stainless & Alloy Products (Nasdaq: USAP) reported Q3 2021 sales of $37.2 million, a 3.5% decrease from Q2 2021. However, backlog increased significantly by 26.5% to $125.1 million, the highest since Q1 2019, boosted by $58 million in new orders. Gross margin improved to 6.2%, while net income reached $7.9 million, or $0.87 per diluted share, mainly due to a $10 million PPP loan forgiveness. Adjusted EBITDA stood at $3.8 million. Aerospace sales rose by 4.4%, constituting 60% of total sales. Inventory increased to $135.6 million, reflecting higher raw material costs.
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