Universal Stainless & Alloy Products reported a first-quarter loss, weighed down by state tax charges and $600,000 in expenses related to the harsh winter.
The Bridgeville specialty steels producer said it lost $499,000, or 7 cents per share, during the quarter versus earnings of $40,000, or 1 cent per share, in the year-ago quarter. Sales fell 5 percent to $46.7 million.
Excluding the tax charges, adjusted income totaled $400,000, or 5 cents per share, better than the adjusted loss of 6 cents per share forecast by analysts.
In a statement, chairman, president and CEO Dennis Oates said the company recorded double-digit increases in bookings and backlog during the quarter.
"Market demand is remaining strong thus far in the second quarter," he said.
The results were disclosed before Wall Street opened. Universal Stainless shares finished Wednesday at $35.89, up 4 cents. They are off less than 1 percent this year.
Len Boselovic: 412-263-1941 or firstname.lastname@example.org