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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 amended its $120 million asset-based lending credit agreement with PNC Bank. The new arrangement includes a $105 million revolving credit facility and a $15 million term loan, expiring in March 2026. The update replaces a previous agreement set to expire in August 2023 and is collateralized by the company’s accounts receivables, inventory, and fixed assets. The company also repaid a $15 million seller note tied to its North Jackson facility acquisition, enhancing financial flexibility and reducing interest expenses.
Universal Stainless & Alloy Products (Nasdaq: USAP) announced a 3% to 10% price increase on all products effective March 1, 2021. This decision is a response to the ongoing inflationary environment, as stated by Chris Zimmer, Executive VP and Chief Commercial Officer. He emphasized the necessity of this adjustment to support operations and reinvest in the company’s facilities for improved service. Current material and energy surcharges will remain unchanged.
Universal Stainless & Alloy Products (Nasdaq: USAP) will be featured at the Cowen and Company 42nd Annual Aerospace/Defense & Industrials Conference. Dennis M. Oates, Chairman and CEO, will lead a Fireside Chat on February 11, from 11:00 AM to 11:40 AM (Eastern). The chat will be streamed live and archived for later access. Universal Stainless, established in 1994, produces specialty steels for industries like aerospace and power generation. Learn more at univstainless.com.
Universal Stainless & Alloy Products (USAP) reported a Q4 2020 net loss of $7.3 million, equating to $0.83 per diluted share, and a significant revenue decline of 16.3% quarter-over-quarter, totaling $31.3 million. The total debt was reduced by $10.4 million, and managed working capital decreased by $19.2 million. Despite challenges in aerospace and oil & gas markets due to COVID-19, sales in the General Industrial segment, particularly semiconductor demand, showed strength. The backlog fell to $48.0 million from $54.8 million in Q3 2020.
Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) will release its financial results for Q4 and the full year 2020 on January 27, 2021. A conference call is scheduled for 10:00 a.m. Eastern on the same day, which will be available via webcast. Interested parties can join the call by dialing 706-679-0668 with the passcode 9091458. The webcast will be archived on the Company’s website until the end of Q1 2021. Universal Stainless manufactures specialty steels for various industries including aerospace and energy.
Universal Stainless & Alloy Products (USAP) reported Q3 2020 net sales of $37.4 million, down 28.7% from Q2 and 33.8% from Q3 2019. The company experienced a net loss of $7.0 million, or $0.79 per diluted share. Premium alloy sales rose to 24.5% of total sales, reflecting a strategic emphasis on high-demand products. Managed working capital declined by $16.8 million, with total debt reduced by $11.9 million. Despite these challenges, the company anticipates a gradual improvement in activity levels starting in 2021 amid ongoing COVID-19 impacts.
Universal Stainless & Alloy Products (Nasdaq: USAP) will announce its Q3 2020 financial results on October 21, 2020. A conference call is scheduled for 10:00 a.m. (Eastern) on the same day, which can be accessed via telephone at 706-679-0668 (passcode 2178515) or via webcast on their website, www.univstainless.com. The call will also be archived until the end of Q4 2020.
Founded in 1994, Universal Stainless manufactures specialty steels for various industries.
Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) has ratified a new 5-year collective bargaining agreement with Local 7312-03 of the United Steelworkers for its Titusville, PA facility, effective October 1, 2020. This agreement preserves the flexible work rules and profit-sharing incentives from the previous contract. CEO Dennis Oates stated this agreement will enhance the company’s competitiveness and ability to attract skilled labor, ultimately benefiting employees, customers, and shareholders.
Universal Stainless & Alloy Products (NASDAQ: USAP) announced the adoption of a Tax Benefits Preservation Plan to protect its net operating loss carryforwards (NOLs) and tax credits. As of December 31, 2019, the company had federal NOLs of approximately $8.6 million and tax credit carryforwards of about $5.2 million. The Plan aims to limit the risks of ownership changes that could impair these tax benefits' value. A dividend of preferred share purchase rights was declared for each common share, and these rights will expire in three years unless terminated early.
Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) will present at the Jefferies 2020 Virtual Industrials Conference on August 6, 2020, from 1:15 to 1:45 p.m. (Eastern). Presenters include Chairman and CEO Dennis M. Oates and CFO Christopher T. Scanlon. A slide presentation will be available on their investor relations website. A live webcast can be accessed at this link, with a replay available for 90 days post-event. The company specializes in manufacturing specialty steels for various industries.
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