Universal Stainless Reports Record Sales and Profitability in Second Quarter of 2024
Universal Stainless & Alloy Products (USAP) reported record-breaking results for Q2 2024, with net sales reaching $82.8 million, up 7% from Q1 2024 and 20% from Q2 2023. The company's gross margin hit a new high of 25.4%, while net income more than doubled to $8.9 million ($0.90 per diluted share). Adjusted EBITDA increased to a record $18.5 million, or 22% of sales.
Aerospace sales, the company's largest market for premium alloy products, reached a record $68.6 million, representing 82.9% of total sales. Premium alloy sales rose 61% year-over-year to $20.7 million. The company's strategic focus on aerospace and defense products, along with cost management initiatives, contributed to margin expansion.
USAP reduced its total debt by $3.0 million in Q2 and expects full-year 2024 capital expenditures to be around $18 million. The company remains optimistic about its growth momentum and strategy for 2025 and beyond.
Universal Stainless & Alloy Products (USAP) ha riportato risultati record per il secondo trimestre del 2024, con vendite nette che hanno raggiunto 82,8 milioni di dollari, in aumento del 7% rispetto al primo trimestre del 2024 e del 20% rispetto al secondo trimestre del 2023. Il margine lordo dell'azienda ha toccato un nuovo massimo del 25,4%, mentre il reddito netto è più che raddoppiato a 8,9 milioni di dollari (0,90 dollari per azione diluita). L'EBITDA rettificato è aumentato a un record di 18,5 milioni di dollari, pari al 22% delle vendite.
Le vendite nel settore aerospaziale, il mercato più grande dell'azienda per i prodotti in lega premium, hanno raggiunto un record di 68,6 milioni di dollari, rappresentando l'82,9% delle vendite totali. Le vendite di leghe premium sono aumentate del 61% su base annua, raggiungendo 20,7 milioni di dollari. Il focus strategico dell'azienda su prodotti aerospaziali e per la difesa, insieme alle iniziative di gestione dei costi, hanno contribuito all'espansione del margine.
USAP ha ridotto il suo debito totale di 3,0 milioni di dollari nel secondo trimestre e prevede che le spese in conto capitale per l'intero anno 2024 saranno di circa 18 milioni di dollari. L'azienda rimane ottimista riguardo al suo slancio di crescita e alla strategia per il 2025 e oltre.
Universal Stainless & Alloy Products (USAP) reportó resultados récord para el segundo trimestre de 2024, con ventas netas alcanzando los 82,8 millones de dólares, un aumento del 7% en comparación con el primer trimestre de 2024 y del 20% en comparación con el segundo trimestre de 2023. El margen bruto de la empresa alcanzó un nuevo máximo del 25,4%, mientras que el ingreso neto más que se duplicó a 8,9 millones de dólares (0,90 dólares por acción diluida). El EBITDA ajustado aumentó a un récord de 18,5 millones de dólares, o el 22% de las ventas.
Las ventas en el sector aeroespacial, el mercado más grande de la empresa para productos de aleación premium, alcanzaron un récord de 68,6 millones de dólares, representando el 82,9% de las ventas totales. Las ventas de aleaciones premium subieron un 61% interanual a 20,7 millones de dólares. El enfoque estratégico de la empresa en productos aeroespaciales y de defensa, junto con iniciativas de gestión de costos, contribuyó a la expansión del margen.
USAP redujo su deuda total en 3,0 millones de dólares en el segundo trimestre y espera que los gastos de capital para el año completo 2024 sean de alrededor de 18 millones de dólares. La empresa se mantiene optimista sobre su impulso de crecimiento y estrategia para 2025 y más allá.
유니버설 스테인리스 앤 합금 제품 (USAP)은 2024년 2분기에 기록적인 결과를 보고하였으며, 순매출이 8280만 달러에 도달해 2024년 1분기 대비 7%, 2023년 2분기 대비 20% 증가했습니다. 회사의 총 마진은 25.4%로 새로운 최고치를 기록했으며, 순이익은 890만 달러(희석 주당 0.90 달러)로 두 배 이상 증가했습니다. 조정된 EBITDA는 기록적인 1850만 달러, 즉 매출의 22%로 증가했습니다.
항공우주 판매는 회사의 프리미엄 합금 제품 최대 시장으로, 6860만 달러에 달해 총 판매의 82.9%를 차지했습니다. 프리미엄 합금 판매는 전년 대비 61% 증가하여 2070만 달러에 달했습니다. 항공우주 및 방산 제품에 대한 회사의 전략적 초점과 비용 관리 이니셔티브가 마진 확장에 기여했습니다.
USAP은 2분기에 총 부채를 300만 달러 줄였으며, 2024년 전체 연도 자본 지출이 약 1800만 달러가 될 것으로 예상하고 있습니다. 회사는 2025년 이후 성장 모멘텀과 전략에 대해 낙관적인 입장을 유지하고 있습니다.
Universal Stainless & Alloy Products (USAP) a annoncé des résultats records pour le deuxième trimestre 2024, avec des ventes nettes atteignant 82,8 millions de dollars, en hausse de 7 % par rapport au premier trimestre 2024 et de 20 % par rapport au deuxième trimestre 2023. La marge brute de l'entreprise a atteint un nouveau sommet de 25,4 %, tandis que le bénéfice net a plus que doublé pour atteindre 8,9 millions de dollars (0,90 dollar par action diluée). L'EBITDA ajusté a augmenté à un montant record de 18,5 millions de dollars, soit 22 % des ventes.
Les ventes dans le secteur aérospatial, le plus grand marché de l'entreprise pour les produits en alliage premium, ont atteint un record de 68,6 millions de dollars, représentant 82,9 % des ventes totales. Les ventes d'alliages premium ont augmenté de 61 % d'une année sur l'autre pour atteindre 20,7 millions de dollars. L'accent stratégique de l'entreprise sur les produits aérospatiaux et de défense, ainsi que les initiatives de gestion des coûts, ont contribué à l'expansion des marges.
USAP a réduit sa dette totale de 3,0 millions de dollars au deuxième trimestre et s'attend à ce que ses dépenses d'investissement pour l'année complète 2024 soient d'environ 18 millions de dollars. L'entreprise reste optimiste quant à son élan de croissance et à sa stratégie pour 2025 et au-delà.
Universal Stainless & Alloy Products (USAP) berichtete für das zweite Quartal 2024 rekordverdächtige Ergebnisse, da der Nettoumsatz 82,8 Millionen Dollar erreichte, was einem Anstieg von 7% gegenüber dem ersten Quartal 2024 und von 20% gegenüber dem zweiten Quartal 2023 entspricht. Die Bruttomarge des Unternehmens erreichte mit 25,4% einen neuen Höchststand, während der Nettogewinn auf 8,9 Millionen Dollar (0,90 Dollar pro verwässerter Aktie) mehr als doppelt so hoch war. Das bereinigte EBITDA stieg auf einen Rekordwert von 18,5 Millionen Dollar, was 22% des Umsatzes entspricht.
Aerospace-Verkäufe, der größte Markt des Unternehmens für Premium-Legierungsprodukte, erreichten einen Rekordwert von 68,6 Millionen Dollar, was 82,9% des Gesamtumsatzes entspricht. Die Verkäufe von Premium-Legierungen stiegen im Jahresvergleich um 61% auf 20,7 Millionen Dollar. Der strategische Fokus des Unternehmens auf Luft- und Raumfahrt- sowie Verteidigungsprodukte und die Initiativen zur Kostensteuerung trugen zur Margenausweitung bei.
USAP reduzierte seine Gesamtverschuldung im zweiten Quartal um 3,0 Millionen Dollar und erwartet, dass die Investitionsausgaben für das gesamte Jahr 2024 bei etwa 18 Millionen Dollar liegen werden. Das Unternehmen bleibt optimistisch hinsichtlich seines Wachstumsimpulses und seiner Strategie für 2025 und darüber hinaus.
- Record net sales of $82.8 million in Q2 2024, up 20% year-over-year
- Gross margin reached a new record high of 25.4% of sales
- Net income more than doubled to $8.9 million, or $0.90 per diluted share
- Adjusted EBITDA increased to record $18.5 million, or 22% of sales
- Aerospace sales hit a record $68.6 million, up 34% year-over-year
- Premium alloy sales rose 61% year-over-year to $20.7 million
- Operating income increased 77% to $12.8 million, or 15.5% of sales
- Total debt reduced by $3.0 million in Q2 2024
- Backlog decreased to $296.5 million from $325.1 million in Q1 2024
Insights
Universal Stainless & Alloy Products (USAP) has delivered an impressive Q2 2024 performance, marking several records across key financial metrics. The company's net sales hit a record $82.8 million, up
The company's focus on premium alloy products is paying off, with premium alloy sales reaching
USAP's bottom line has seen substantial improvement, with net income more than doubling to
The company's financial position remains solid, with managed working capital at
Overall, USAP's Q2 results demonstrate the success of its strategic focus on aerospace and premium alloy products, positioning the company well for continued growth in the coming quarters.
Universal Stainless & Alloy Products' Q2 2024 results underscore the robust recovery and growth in the commercial aerospace sector. The company's record aerospace sales of
This surge in aerospace demand is likely driven by several factors:
- Increased production rates of commercial aircraft by major manufacturers like Boeing and Airbus
- The ongoing fleet renewal cycle among airlines
- Growing demand for fuel-efficient aircraft requiring advanced materials
The
The company's strategic focus on premium alloys, particularly for aerospace applications, is proving to be a winning strategy. With premium alloy sales now accounting for
However, the slight decrease in backlog from
As the commercial aerospace sector continues its upward trajectory, USAP's planned capacity expansions, including the addition of a second 18-ton furnace shell for the VIM at its North Jackson facility, appear well-timed to meet growing demand and potentially capture additional market share.
Universal Stainless & Alloy Products' Q2 2024 results highlight the company's successful execution of its manufacturing strategy, particularly in high-value sectors like aerospace and defense. The record gross margin of
Several factors contribute to this impressive margin expansion:
- Focus on premium alloys, which now represent
25% of total sales - Improved product mix with a higher proportion of aerospace and defense products
- Successful implementation of margin improvement projects
- Effective cost management strategies
- More stable commodity prices, reducing input cost volatility
The company's ability to increase its average selling price per pound in the backlog by
USAP's planned capital expenditures, including the addition of a new box furnace and a second 18-ton furnace shell, show a commitment to expanding premium alloy capacity and improving operational efficiency. These investments are likely to further enhance the company's competitive edge in high-margin product segments.
The reduction in total debt by
However, the slight decrease in backlog from
Overall, USAP's manufacturing strategy appears well-aligned with market demands, particularly in the aerospace sector, positioning the company for continued growth and profitability in the coming quarters.
- Q2 2024 Net Sales are record
$82.8 million - Gross Margin hits new record high of
25.4% of sales in Q2 2024 - Q2 2024 Net Income more than doubles from Q1 2024 to record
$8.9 million , or$0.90 per diluted share - Adjusted EBITDA in Q2 2024 increases to record
$18.5 million , or22% of sales
BRIDGEVILLE, Pa., July 31, 2024 (GLOBE NEWSWIRE) -- Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) today reported record net sales of
Second quarter premium alloy sales totaled
Aerospace is the Company's largest market for premium alloy products, and strong demand continues. Aerospace sales reached a record
Profitability continued to increase in the second quarter of 2024 with gross profit dollars rising to a record
Second quarter 2024 operating income increased
Net income increased to
Adjusted EBITDA increased
Net cash generated by operating activities totaled
Christopher M. Zimmer, President and CEO, commented: “Our record sales were driven by the continued robust commercial aerospace and defense markets, with our record aerospace sales representing
“Our margin expansion is the result of our strategic focus on aerospace and defense products, including premium alloys, which has delivered a broader base of customer approvals and increased our mix of higher-priced products. Margins are also benefiting from targeted and sustainable margin improvement projects and our continuous cost management.
“We continue to invest capital in our premium alloy capacity and efficiency and will add a second 18-ton furnace shell for the VIM at our North Jackson facility in mid-2025, and a new box furnace to support the forge the third quarter this year.
“We also remain focused on managing working capital and generating positive cash flow to fund our strategic capital expenditures and pay down debt, which was reduced by another
“As we look to the balance of the year, we continue to see opportunities to increase sales and to further expand gross margins. We remain optimistic about our growth momentum and strategy for 2025 and beyond.”
Financial Position
Managed working capital, defined as accounts receivable, plus inventory, minus accounts payable, was
Backlog (before surcharges) at June 30, 2024 totaled
Total debt was reduced by
Second quarter capital expenditures of
Conference Call and Webcast
The Company has scheduled a conference call for today July 31st, at 10:00 a.m. (Eastern) to discuss second quarter 2024 results. If you wish to listen to the live conference call via telephone, please Click Here to register for the call and obtain your dial-in number and personal PIN number. A simultaneous webcast will be available on the Company’s website at www.univstainless.com, and thereafter archived on the website through the end of the third quarter of 2024.
About Universal Stainless & Alloy Products, Inc.
Universal Stainless & Alloy Products, Inc., established in 1994 and headquartered in Bridgeville, PA, manufactures and markets semi-finished and finished specialty steels, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. The Company's products are used in a variety of industries, including aerospace, energy, and heavy equipment manufacturing. More information is available at www.univstainless.com.
Forward-Looking Information Safe Harbor
Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company’s actual results in future periods to differ materially from forecasted results. Those risks include, among others, the Company’s ability to maintain its relationships with its significant customers and market channels; the Company’s response to competitive factors in its industry that may adversely affect the market for finished products manufactured by the Company or its customers; the Company’s ability to compete successfully with domestic and foreign producers of specialty steel products and products fashioned from alternative materials; changes in overall demand for the Company’s products and the prices at which the Company is able to sell its products in the aerospace industry, from which a substantial amount of its sales is derived; the Company’s ability to develop, commercialize, market and sell new applications and new products; the receipt, pricing and timing of future customer orders; the impact of changes in the Company’s product mix on the Company’s profitability; the Company’s ability to maintain the availability of raw materials and operating supplies with acceptable pricing; the availability and pricing of electricity, natural gas and other sources of energy that the Company needs for the manufacturing of its products; risks related to property, plant and equipment, including the Company’s reliance on the continuing operation of critical manufacturing equipment; the Company’s success in timely concluding collective bargaining agreements and avoiding strikes or work stoppages; the Company’s ability to attract and retain key personnel; the Company’s ongoing requirement for continued compliance with laws and regulations, including applicable safety and environmental regulations; the ultimate outcome of the Company’s current and future litigation matters; the Company’s ability to meet its debt service requirements and to comply with applicable financial covenants; risks associated with conducting business with suppliers and customers in foreign countries; public health issues, including COVID-19 and its impact on the Company and our customers and suppliers; risks related to acquisitions that the Company may make; the Company’s ability to protect its information technology infrastructure against service interruptions, data corruption, cyber-based attacks or network security breaches; the impact on the Company’s effective tax rates from changes in tax rules, regulations and interpretations in the United States and other countries where it does business; and the impact of various economic, credit and market risk uncertainties. Many of these factors are not within the Company’s control and involve known and unknown risks and uncertainties that may cause the Company’s actual results in future periods to be materially different from any future performance suggested herein. Any unfavorable change in the foregoing or other factors could have a material adverse effect on the Company’s business, financial condition and results of operations. Further, the Company operates in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond the Company’s control. Certain of these risks and other risks are described in the Company’s filings with the SEC, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, copies of which are available from the SEC or may be obtained upon request from the Company.
Non-GAAP Financial Measures
This press release includes discussions of financial measures that have not been determined in accordance with U.S. Generally Accepted Accounting Principles (GAAP). These measures include earnings (loss) before interest, income taxes, depreciation and amortization (EBITDA) and adjusted EBITDA. We include these measurements to enhance the understanding of our operating performance. We believe that EBITDA, considered along with net earnings (loss), is a relevant indicator of trends relating to cash generating activity of our operations. adjusted EBITDA excludes the effect of share-based compensation expense and noted special items such as impairments and costs or income related to special events such as periods of low activity or insurance claims. We believe that excluding these costs provides a consistent comparison of the cash generating activity of our operations. We believe that EBITDA and adjusted EBITDA are useful to investors as they facilitate a comparison of our operating performance to other companies who also use EBITDA and adjusted EBITDA as supplemental operating measures. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measures. These non-GAAP measures may not be entirely comparable to similarly titled measures used by other companies due to potential differences among calculation methodologies. A reconciliation of these non-GAAP financial measures to their most directly comparable financial measure prepared in accordance with GAAP is included in the tables that follow.
[TABLES FOLLOW]
| UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC. FINANCIAL HIGHLIGHTS (Dollars in Thousands, Except Per Share Information) (Unaudited) | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net sales | $ | 82,759 | $ | 69,015 | $ | 160,396 | $ | 134,880 | ||||||||
| Cost of products sold | 61,746 | 59,167 | 124,716 | 117,308 | ||||||||||||
| Gross margin | 21,013 | 9,848 | 35,680 | 17,572 | ||||||||||||
| Selling, general and administrative expenses | 8,164 | 6,755 | 15,573 | 13,030 | ||||||||||||
| Operating income | 12,849 | 3,093 | 20,107 | 4,542 | ||||||||||||
| Interest expense | 1,902 | 2,045 | 3,951 | 4,077 | ||||||||||||
| Other expense (income), net | 22 | 5 | 36 | (37 | ) | |||||||||||
| Income before income taxes | 10,925 | 1,043 | 16,120 | 502 | ||||||||||||
| Income taxes | 2,060 | 148 | 3,118 | 119 | ||||||||||||
| Net income | $ | 8,865 | $ | 895 | $ | 13,002 | $ | 383 | ||||||||
| Net income per common share - Basic | $ | 0.96 | $ | 0.10 | $ | 1.41 | $ | 0.04 | ||||||||
| Net income per common share - Diluted | $ | 0.90 | $ | 0.10 | $ | 1.33 | $ | 0.04 | ||||||||
| MARKET SEGMENT INFORMATION | ||||||||||||||||
| (Dollars in thousands; unaudited) | Three months ended | Six months ended | ||||||||||||||
| June 30, | June 30, | |||||||||||||||
| Net Sales | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Service centers | $ | 61,589 | $ | 53,837 | $ | 119,860 | $ | 103,160 | ||||||||
| Original equipment manufacturers | 6,778 | 3,868 | 13,632 | 8,076 | ||||||||||||
| Rerollers | 2,866 | 3,682 | 6,243 | 10,327 | ||||||||||||
| Forgers | 11,065 | 6,426 | 18,911 | 11,455 | ||||||||||||
| Conversion services and other | 461 | 1,202 | 1,750 | 1,862 | ||||||||||||
| Total net sales | $ | 82,759 | $ | 69,015 | $ | 160,396 | $ | 134,880 | ||||||||
| MELT TYPE INFORMATION | ||||||||||||||||
| (Dollars in thousands; unaudited) | Three months ended | Six months ended | ||||||||||||||
| June 30, | June 30, | |||||||||||||||
| Net Sales | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Specialty alloys | $ | 61,583 | $ | 54,947 | $ | 117,838 | $ | 102,496 | ||||||||
| Premium alloys * | 20,715 | 12,866 | 40,808 | 30,522 | ||||||||||||
| Conversion services and other sales | 461 | 1,202 | 1,750 | 1,862 | ||||||||||||
| Total net sales | $ | 82,759 | $ | 69,015 | $ | 160,396 | $ | 134,880 | ||||||||
| END MARKET INFORMATION ** | ||||||||||||||||
| (Dollars in thousands; unaudited) | Three months ended | Six months ended | ||||||||||||||
| June 30, | June 30, | |||||||||||||||
| Net Sales | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Aerospace | $ | 68,628 | $ | 51,262 | $ | 128,836 | $ | 100,220 | ||||||||
| Energy | 5,143 | 4,384 | 11,156 | 10,222 | ||||||||||||
| Heavy equipment | 5,202 | 8,928 | 11,050 | 15,859 | ||||||||||||
| General industrial, conversion services and other | 3,786 | 4,441 | 9,354 | 8,579 | ||||||||||||
| Total net sales | $ | 82,759 | $ | 69,015 | $ | 160,396 | $ | 134,880 | ||||||||
| * | Premium alloys represent all vacuum induction melted (VIM) products. |
| ** | The majority of our products are sold to service centers rather than the ultimate end market customers. The end market information in this press release is our estimate based upon our knowledge of our customers and the grade of material sold to them, which they will in-turn sell to the ultimate end market customer. |
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (Dollars in thousands; unaudited) | June 30, | December 31, | ||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Cash | $ | 1 | $ | 394 | ||||
| Accounts receivable, net | 44,919 | 39,034 | ||||||
| Inventory | 149,093 | 144,700 | ||||||
| Other current assets | 13,316 | 11,693 | ||||||
| Total current assets | 207,329 | 195,821 | ||||||
| Property, plant and equipment, net | 158,882 | 159,636 | ||||||
| Other long-term assets | 1,825 | 1,233 | ||||||
| Total assets | $ | 368,036 | $ | 356,690 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Accounts payable | $ | 36,916 | $ | 34,855 | ||||
| Accrued employment costs | 4,707 | 6,492 | ||||||
| Current portion of long-term debt | 3,810 | 3,733 | ||||||
| Other current liabilities | 2,096 | 829 | ||||||
| Total current liabilities | 47,529 | 45,909 | ||||||
| Long-term debt, net | 74,480 | 81,846 | ||||||
| Deferred income taxes | 2,675 | 2 | ||||||
| Other long-term liabilities, net | 2,867 | 2,891 | ||||||
| Total liabilities | 127,551 | 130,648 | ||||||
| Stockholders’ equity | 240,485 | 226,042 | ||||||
| Total liabilities and stockholders’ equity | $ | 368,036 | $ | 356,690 | ||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW | ||||||||
| (Dollars in thousands; unaudited) | Six months ended | |||||||
| June 30, | ||||||||
| 2024 | 2023 | |||||||
| Operating activities: | ||||||||
| Net income | $ | 13,002 | $ | 383 | ||||
| Adjustments for non-cash items: | ||||||||
| Depreciation and amortization | 10,180 | 9,643 | ||||||
| Deferred income tax | 2,667 | (19 | ) | |||||
| Share-based compensation expense | 974 | 672 | ||||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable, net | (5,885 | ) | (335 | ) | ||||
| Inventory, net | (5,291 | ) | 1,716 | |||||
| Accounts payable | 3,692 | (1,633 | ) | |||||
| Accrued employment costs | (1,785 | ) | 819 | |||||
| Other, net | (21 | ) | (69 | ) | ||||
| Net cash provided by operating activities | 17,533 | 11,177 | ||||||
| Investing activity: | ||||||||
| Payments for property, plant and equipment | (10,926 | ) | (6,932 | ) | ||||
| Net cash used in investing activity | (10,926 | ) | (6,932 | ) | ||||
| Financing activities: | ||||||||
| Net repayment of borrowings under revolving credit facility | (5,576 | ) | (4,542 | ) | ||||
| Proceeds from stock issued under share-based plans | 420 | 75 | ||||||
| Repayments of term loan facility and finance leases | (1,844 | ) | (1,753 | ) | ||||
| Net cash used in financing activities | (7,000 | ) | (6,220 | ) | ||||
| Net decrease in cash | (393 | ) | (1,975 | ) | ||||
| Cash at beginning of period | 394 | 2,019 | ||||||
| Cash at end of period | $ | 1 | $ | 44 | ||||
| RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA | ||||||||||||||||
| (Dollars in thousands; unaudited) | Three months ended | Six months ended | ||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net income | $ | 8,865 | $ | 895 | $ | 13,002 | $ | 383 | ||||||||
| Interest expense | 1,837 | 1,979 | 3,821 | 3,947 | ||||||||||||
| Income taxes | 2,060 | 148 | 3,118 | 119 | ||||||||||||
| Depreciation and amortization | 5,175 | 4,611 | 10,180 | 9,643 | ||||||||||||
| EBITDA | 17,937 | 7,633 | 30,121 | 14,092 | ||||||||||||
| Share-based compensation expense | 520 | 311 | 974 | 672 | ||||||||||||
| Adjusted EBITDA | $ | 18,457 | $ | 7,944 | $ | 31,095 | $ | 14,764 | ||||||||
| CONTACTS: | Christopher M. Zimmer President and Chief Executive Officer (412) 257-7604 | Steven V. DiTommaso Vice President and Chief Financial Officer (412) 257-7661 | June Filingeri President Comm-Partners LLC (203) 972-0186 |
FAQ
What were Universal Stainless & Alloy Products' (USAP) Q2 2024 financial highlights?
How did USAP's aerospace sales perform in Q2 2024?
What was USAP's premium alloy sales performance in Q2 2024?
How much did USAP reduce its total debt in Q2 2024?
What are USAP's capital expenditure expectations for 2024?
