Local earnings reports
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• Universal Stainless & Alloy Products reported sharply lower fourth quarter profits and sales. The Bridgeville specialty metals producer said it earned $1.1 million, or 16 cents per share, vs. net income of $4.3 million, or 59 cents per share, in the year-ago quarter. Sales fell 24 percent to $47.2 million, with sales to the aerospace, petrochemical and power generation markets falling sharply.
For 2012, the company reported net income of $14.6 million, or $2.02 per share, vs. 2011 earnings of $18.1 million, or $2.56 per share. Sales were flat at $250.1 million.
• AK Steel reported a fourth quarter loss of $230.4 million, or $1.89 per share, vs. a loss of $193.9 million, or $1.76 per share, in the year-ago quarter. Sales fell 6 percent to $1.4 billion. For the year, the West Chester, Ohio, steel producer lost $1 billion, or $9.06 per share, vs. a 2011 loss of $155.6 million, or $1.41 per share. Sales fell 8 percent to $5.9 billion.
• S&T Bank saw fourth-quarter profit edge up 2 percent to $9.5 million from $9.3 million in the same period a year earlier on revenue that was essentially unchanged. Per-share earnings dipped 3 percent, to 32 cents from 33 cents.
For the full year, profit at the Indiana, Pa.-based bank skidded 14 percent to $34.2 million from $39.7 million in 2011 as net interest income slipped and the bank set aside more money to cover bad loans. Earnings per share fell 16 percent to $1.18 from $1.41. S&T said it expects to complete the previously announced purchase of Gateway Bank of Pennsylvania, with offices in McMurray and Cranberry, on Feb. 8.
• WesBanco Inc. in Wheeling, W.Va., reported double-digit gains in profits for the fourth quarter and all of 2012 as revenue rose and the provision for loan losses fell. Net income for the quarter was $12.7 million, up 19 percent from $10.6 million the previous year. Per-share earnings increased 15 percent to 46 cents from 40 cents.
For the full year, profit jumped 13 percent to $49.5 million from $43.8 million, while per-share earnings rose 11 percent to $1.84 from $1.65. WesBanco completed the acquisition of West View-based Fidelity Bank in November.
• Royal Philips, parent company of Philips Respironics in Murrysville, on Tuesday said it had a yearly net profit of $305 million for 2012, despite a fourth-quarter fine of $687 million by the European Commission for price fixing in the television market. Philips officials said they plan to appeal the fine. Excluding the fine, officials said the company's net income was $208 million.
Royal Philips reported fourth-quarter profit rose 50 percent to $1.2 billion while sales gained 6.7 percent to $9.65 billion. The Amsterdam company also said it planned to sell its audio, video and multimedia business to Funai Electric Co., Ltd. of Japan for a reported $202 million.
First Published January 30, 2013 12:16 am