Universal Stainless & Alloy Products reported today that it broke even in the first quarter and forecast gradual improvement for the rest of the year.
The Bridgeville specialty steels producer said it made $40,000 in profit, or 1 cent per share, during the quarter versus profit of $6.3 million, or 86 cents per share, in the year-ago quarter.
Sales fell 34 percent to $49.1 million.
The results were in line with guidance the company issued April 25.
In a press release, president and CEO Dennis Oates said first quarter sales, shipments and orders improved from fourth-quarter levels but "were well below their record levels in the first quarter last year."
"Demand recovery in most of our end markets is proceeding slowly," he said.
Shortly after 10 a.m., Universal Shares were trading at $33.60, down $1.36. They are off 9 percent this year.
Len Boselovic: email@example.com or 412-263-1941.