Universal Stainless’ net sales up
Universal Stainless & Alloy Products, based in Collier Township, reported Monday a third-quarter net sales of $48.5 million and a net loss of $1.7 million, or 25 cents per diluted share.
Those figures are in line with what the company anticipated. Universal announced Oct. 28 that it expected net sales to be about $48 million and a net loss of about $1.7 million. or 24 cents to 26 cents per diluted share.
Universal Stainless makes and markets specialty steels for industries, including aerospace, power generation, oil and gas, and heavy equipment manufacturing.
The $48.5 million in net sales was up from $42.9 million in the second quarter of 2013, but down from $61.4 million in the third quarter of 2012. And while experiencing a 15 percent increase in shipment volume from the second quarter. Universal Stainless’ volume dropped 15 percent year over year.
“The sequential growth in our third-quarter sales and shipment volume was accomplished amidst challenging conditions that have persisted all year,” said Dennis Oates, chairman, president and chief executive officer.