Sales increase sparks profit jump at Universal Stainless & Alloy Products
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Universal Stainless & Alloy Products said today first-quarter profit jumped 41 percent on a 25 percent increase in sales.
The Bridgeville-based specialty metals producer cited strong demand from the aerospace and petrochemical markets.
Profit totalled $6.3 million, or 86 cents per diluted share, on sales of $74.6 million versus earnings of $4.4 million, or 64 cents per diluted share, and sales of $59.8 million in last year's first quarter. Shipments increased 8 percent from year-ago levels.
The results reflected a state tax-related benefit of 7 cents per share and costs of 3 cents per share related to the start up of its plant in North Jackson, Ohio.
The results were released before Wall Street opened. Universal Stainless shares closed Wednesday at $45.29, up 68 cents. They are up 18 percent for the year.
First Published April 26, 2012 9:04 am