Universal Stainless(US:USAP)2024-10-30 11:32Financial Performance - Q3 2024 net sales reached a record $87.3 million, up 5% from Q2 2024 and 22% from Q3 2023, with year-to-date sales of $247.6 million, a 20% increase from the same period in 2023[1] - Q3 2024 net income increased to a record $11.1 million, or $1.11 per diluted share, compared to $8.9 million, or $0.90 per diluted share in Q2 2024, and $1.9 million, or $0.20 per diluted share in Q3 2023[5] - Year-to-date net income reached $24.1 million, or $2.45 per diluted share[5] Sales and Revenue Breakdown - Year-to-date aerospace sales reached $200.2 million, up 30% from the same period in 2023, representing 80.8% of total sales[3] - Premium alloy sales in Q3 2024 were a record $23.7 million, or 27.1% of sales, up 14% from Q2 2024 and 44% from Q3 2023[2] Profitability Metrics - Gross margin for Q3 2024 was strong at 25.2% of sales, compared to 25.4% in Q2 2024 and 15.2% in Q3 2023[4] - Adjusted EBITDA for Q3 2024 was $19.3 million, or 22.1% of sales, up from $18.5 million, or 22.3% of sales in Q2 2024, and double the $9.3 million, or 13.1% of sales in Q3 2023[7] - Operating income for Q3 2024 was $13.0 million, nearly triple the operating income from Q3 2023[4] Cash Flow and Expenses - Net cash generated by operating activities in Q3 2024 totaled $11.9 million, which was used to fund capital expenditures and reduce net debt by $9.0 million sequentially[8] - The third quarter included approximately $0.6 million in costs related to the pending transaction with Aperam, impacting net income by approximately $1.4 million, or $0.14 per diluted share[6]