Universal Stainless & Alloy Products said today second-quarter profits tripled on a 22 percent increase in sales. The Bridgeville special metals producer credited increasing demand from the aerospace industry, which accounts for nearly 60 percent of the company’s sales.
Net income totaled $1.4 million, or 20 cents per share, on sales of $52.3 million versus earnings of $478,000, or 6 cents per share, and sales of $42.9 million in the year-ago quarter.
The results were in line with analyst estimates.
Chairman, President and CEO Dennis Oates said higher sales to the power generation, oil and gas markets also contributed to the improved performance.
The results were disclosed before Wall Street opened. Shortly after trading began, Universal shares were priced at $42.39, off 31 cents.
Len Boselovic: 412-263-1941 or email@example.com First Published July 31, 2014 12:00 AM