Universal Stainless announces second quarter earnings

Universal Stainless announces second quarter earnings

Universal Stainless & Alloy Products Inc., a semi-finished and finished specialty steels manufacturer located in Bridgeville, Pennsylvania, announced its second quarter 2005 net earnings increased 44 percent from the same period in 2004 due to strong demand in the aerospace, power generation, and petrochemical markets. Net sales for the second quarter 2005 were reported to be $41.9 million representing a 30 percent year-on-year increase. Year-to-date 2005 net sales were $84.9 million, an increase from 2004’s year-to-date net sales of $50.3 million. Second quarter 2005 net income was $3.3 million, or $0.50 per diluted share, compared to $1.6 million, or $0.25 per diluted share, for second quarter 2004. Year-to-date net income was $6.2 million, an increase over 2004’s $1.8 million. Mac McAninch, President and CEO of Universal Stainless said, “Our second quarter results demonstrate the benefit of improved pricing and a favorable product mix due to very strong demand in our aerospace, power generation and petrochemical markets.” He went on to add, "We are entering the second half of 2005 with a high level of confidence based on the outlook for our niche markets, and on the size and quality of our backlog that extends into 2007. We remain committed to reinvest in our company to meet the needs of our customers and realize further value for our shareholders." Universal Stainless & Alloy Products Inc manufactures and markets a broad line of semi-finished and finished specialty steels, including stainless steel, tool steel and certain other alloyed steels.