Third-quarter increase in sales expected for Universal Stainless
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Universal Stainless & Alloy Products, based in Collier Township, reported Monday that it expects third-quarter net sales to be about $48 million and a net loss of about $1.7 million. or $0.24 to $0.26 per diluted share. These figures are based on preliminary results.
Universal plans to announce full financial results for the quarter next Monday.
The company also expects cash flow from operations to increase about $11 million for the quarter, attributing that to reductions in inventory and long-term debt levels.
Dennis Oates – company chairman, president and chief executive officer – said in a prepared statement that sales improved from the second quarter, reflecting “sequential growth in shipment volume to all our end markets” except heavy equipment,
“At the same time,” he added, “a shift in sales mix, lower surcharges and reduced fixed cost absorption negatively impacted our profitability.”
Universal Stainless & Alloy makes and markets specialty steels for industries, including aerospace, power generation, oil and gas, and heavy equipment manufacturing.