Fourth-quarter profit to fall below expectations at Universal Stainless & Alloy
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Universal Stainless & Alloy Products warned today that fourth-quarter profit will fall well short of analyst expectations, citing weak orders.
The Bridgeville specialty metals producer said it expects to report profit of 15 to 17 cents per share for the final quarter of the year on sales of about $47 million.
Analysts were forecasting profit of 31 cents per share and sales of $60.5 million.
The company's backlog of orders at the end of the year totalled $51.7 million, down from $65.9 million at the end of the third quarter.
"Activity levels were down across most of our end markets as customers continued to reduce inventories in the face of economic uncertainty," chairman, president and CEO Dennis Oates said in a prepared statement.
Universal Stainless will report fourth-quarter results Jan. 29.
The announcement was made before Wall Street opened. Shortly after 11 a.m., Universal Stainless shares were priced at $34.81, up 81 cents.
First Published January 18, 2013 9:27 am