Universal Stainless & Alloy reports first-quarter loss

Share with others:


Print Email Read Later

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 lboselovic@post-gazette.com

Join the conversation:

Commenting policy | How to report abuse
To report inappropriate comments, abuse and/or repeat offenders, please send an email to socialmedia@post-gazette.com and include a link to the article and a copy of the comment. Your report will be reviewed in a timely manner. Thank you.
Commenting policy | How to report abuse

Advertisement
Advertisement
Advertisement

You have 2 remaining free articles this month

Try unlimited digital access

If you are an existing subscriber,
link your account for free access. Start here

You’ve reached the limit of free articles this month.

To continue unlimited reading

If you are an existing subscriber,
link your account for free access. Start here