Profit slides at Universal Stainless & Alloy in fourth quarter
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Universal Stainless & Alloy Products today reported sharply lower fourth-quarter profit and sales, citing a late year drop in orders.
Profit fell 19 percent for all of 2012.
The Bridgeville special metals producer said it earned $1.1 million, or 16 cents per share, in the fourth quarter versus profit 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.
The results were in line with the revised forecast the company issued Jan. 18.
For all of 2012, Universal Stainless reported profit of $14.6 million, or $2.02 per share, versus 2011 profit of $18.1 million, or $2.56 per share.
Sales were flat at $250.1 million.
The results were released before Wall Street opened. Universal Stainless shares closed Monday at $32.78, down 45 cents.
First Published January 29, 2013 9:35 am