The Company's facilities in Bridgeville, PA, Dunkirk, NY, and Titusville, PA are covered by separate collective bargaining agreements and are not affected by the current negotiations. 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 ...

Image Source: Zacks Investment Research What's Working in USAP's Favor? The company achieved remarkable sales growth, reaching $77.6 million, up 18% from the prior-year quarter's levels. The upside was primarily driven by outstanding performances in the specialty alloys and premium alloys segments, which registered year-over-year increases of 18% and 14%, respectively. The aerospace sector was particularly notable, with sales surging approximately 23% to $60.2 million, highlighting USAP's strong position in ...

Image Source: Zacks Investment Research Let's take a look at the factors driving the stock's price appreciation. What's Driving Universal Stainless? In first-quarter 2024, USAP demonstrated robust performance, marking a notable turnaround from the previous year's figures. The company posted earnings of 43 cents per share, which improved from a loss of 6 cents per share a year ago. This underscores USAP's resilient strategy and strategic advancements. USAP achieved remarkable sales growth, reaching $77.6 mil ...

BRIDGEVILLE, Pa., June 04, 2024 (GLOBE NEWSWIRE) -- Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) reported today that it is set to join the broad-market Russell 2000 and 3000 Indexes at the conclusion of the annual reconstitution of the 2024 Russell US Indexes, effective at the open of US equity markets on Monday, July 1st, according to a preliminary list of additions posted Friday, May 24th. The annual Russell US Indexes reconstitution captures the 4,000 largest US stocks as of Tuesday, April 3 ...

In the past year, the stock has surged 188% compared with the industry's 19.5% rise in the same period. Image Source: Zacks Investment Research Universal Stainless & Alloy Products, Inc.' (USAP) shares reached a fresh 52-week high of $34.75 on May 28, before closing at $34.47. What's Driving Universal Stainless? In first-quarter 2024, USAP exhibited robust performance, marking a notable turnaround from the prior year's figures. The company reported earnings of 43 cents per share, an improvement from a loss ...

Financial Data and Key Metrics Changes - The company reported Q1 2024 sales of $77.6 million, a nearly $12 million increase compared to the same quarter last year, and the second highest in its history [10][34] - Gross margin reached 18.9%, the highest in 12 years, up from 16.4% in Q4 2023 and 11.7% in Q1 2023 [8][34] - Operating income rose 51% to $7.3 million, while net income increased nearly 60% to $4.1 million or $0.43 per diluted share compared to $0.27 in the previous quarter [9][40] Business Line Data and Key Metrics Changes - Premium sales totaled $20.1 million, representing 26% of total sales, with aerospace accounting for nearly 78% of sales in the quarter [11][12] - Aerospace sales were $60.2 million, slightly down from $61.9 million in Q4 2023 but up from $49 million in Q1 2023 [15] - Energy market sales, which include oil and gas and power generation, totaled $6 million, with oil and gas contributing $4.9 million [26] Market Data and Key Metrics Changes - The aerospace market remains robust, with Boeing's net backlog exceeding 5,600 planes, indicating strong demand despite production challenges [19] - The defense sector is seeing increased demand due to a $95 billion aid package and a $825 billion defense spending bill, which could benefit the company's premium alloys [23] - The heavy equipment market saw sales of $5.8 million, down 9% sequentially as customers adjust to changing market demands [28] Company Strategy and Development Direction - The company is focusing on premium alloys, which has transformed its customer base and product mix, leading to increased earnings power [12][45] - Continued investments in premium alloy capabilities are planned, including new furnaces and process control upgrades [13][46] - The company aims to reduce debt while investing in facilities, with a target of $18 million in capital expenditures for 2024 [42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving record quarterly sales and increasing profitability throughout the year, driven by strong aerospace demand [45][66] - The company anticipates a reduction in raw material misalignment in Q2 2024, with stability in commodity prices [56] - The management highlighted a constructive aerospace market environment, with strong customer demand and inventory replenishment [24][23] Other Important Information - Total debt was reduced by $4.3 million in Q1 2024, with plans to continue this trend throughout the year [12][42] - The effective tax rate for Q1 was 20.4%, with an estimated annual effective tax rate of 19.7% for 2024 [40] Q&A Session Summary Question: Impact of Boeing's lower production - Management indicated that the supply chain is expected to catch up to support Boeing's production goals, and they remain confident in demand despite current production challenges [50][54] Question: Margins and raw material misalignment - Management confirmed that while some misalignment is expected in Q2, it will be significantly less than in Q1, with stability in commodity prices [56][57] Question: Aerospace aftermarket opportunities - Management noted that while it is difficult to quantify, the maintenance of legacy planes is increasing MRO demand, which is beneficial for the company [58][60] Question: Future sales and profitability expectations - Management confirmed expectations for sequential increases in sales and profitability throughout the year, supported by production ramp-up initiatives [61][62]

FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File Number 001-39467 UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC. (Exact name of Registrant as specified in its charter) DELAWARE 25-1724540 ...

CONTACTS:Christopher M. Zimmer Steven V. DiTommaso June Filingeri President and Vice President and President Chief Executive Officer Chief Financial Officer Comm-Partners LLC (412) 257-7604 (412) 257-7661 (203) 972-0186 Universal Stainless Reports Near-Record Sales and Profitability in First Quarter of 2024 BRIDGEVILLE, PA, May 1, 2024 – Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) today reported net sales of $77.6 million for the first quarter of 2024, which is the second highest total in comp ...

FORM 10-K Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Commission File Number 001-39467 UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC. (Exact name of Registrant as specified in its charter) Delaware 25-1724540 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 600 Mayer Street, Bridgeville, PA 15017 (412) 257-7600 (Address of principal executive offices, including zip code) (Registrant's telephone number, including area cod ...

Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) Q4 2023 Earnings Conference Call March 28, 2024 10:00 AM ET Company Participants June Filingeri - President-Comm-Partners LLC Chris Zimmer - President & Chief Executive Officer Steve DiTommaso - Vice President & Chief Financial Officer Conference Call Participants Phil Gibbs - KeyBanc Capital Markets Operator Good day and thank you for standing by. Welcome to the Universal Stainless Fourth Quarter 2023 Conference Call and Webcast. At this time, all pa ...