Universal Stainless reports second quarter earnings

Universal Stainless reports second quarter earnings

Pennsylvania specialty steelmaker Universal Stainless & Alloy Products Inc. reported its second quarter 2005 sales rose 44 percent due in large to a favorable pricing and a better product mix. Net sales were $41.9 million for the second quarter 2005, a year-on-year increase of $12.8 million. Year-to-date net sales were reported as $84.9 million, a 31 percent increase from same period in 2004. Net income for the second quarter was reported as $3.3 million, or $0.50 per diluted share, compared to $1.6 million, or $0.25 per diluted share, for the second quarter 2004. Year-to-date 2005 net income was $6.2 million while year-to-date 2004 net income was $1.8 million. President and CEO Mac McAninch 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. In fact, sales to all end markets and customer categories increased substantially over the 2004 second quarter.” Commenting on Universal’s second half outlook, Mr. McAninch said, “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.