Universal Stainless Reports Preliminary Q4 Results
01/18/2013 - Universal Stainless & Alloy Products, Inc. said its fourth quarter results will be lower than expected as activity levels were down across most of its end markets.
Universal Stainless & Alloy Products, Inc. reported that based on preliminary results, it expects sales for the fourth quarter of 2012 to approximate US$47 million and earnings per diluted share to approximate $0.15 to $0.17. The Company will report its fourth quarter and full year 2012 results on Tuesday, 29 January 2013.
Chairman, president and CEO Dennis Oates commented, "While we anticipated that sales in the fourth quarter would not match those of the 2012 third quarter, our fourth quarter results are lower than expected. Year-end order entry remained weak. Our backlog at quarter-end was $51.7 million compared with $65.9 million at the end of the third quarter. With reduced shipment volume and the continuing ramp-up of North Jackson, our consolidated operating margin in the fourth quarter was approximately 4%.
"Activity levels were down across most of our end markets as customers continued to reduce inventories in the face of economic uncertainty. We are continuing to make progress in both our North Jackson operation and company-wide, strengthening our ability to capitalize on demand recovery as soon as it occurs."
Universal Stainless & Alloy Products, Inc., headquartered in Bridgeville, Pa., manufactures and markets semi-finished and finished specialty steels, including stainless steel, tool steel and certain other alloyed steels. The Company's products are used in a variety of industries, including aerospace, power generation, petrochemical and heavy equipment manufacturing. Established in 1994, our experience, technical expertise, and dedicated workforce stand committed to providing the best quality, delivery, and service possible
