Universal Stainless & Alloy (USAP) Tops Q2 EPS by 10c, Revenues Beat

Universal Stainless & Alloy (NASDAQ: USAP) reported Q2 EPS of $0.50, $0.10 better than the analyst estimate of $0.40. Revenue for the quarter came in at $66.1 million versus the consensus estimate of $65.45 million.

• Q2 2018 Sales of $66.1 million, up 25.6% from Q2 2017
• Q2 2018 Net Income increases to $4.0 million, or $0.50 per diluted share, versus $1.2 million, or $0.17 per diluted share, in Q2 2017
• EBITDA reaches $11.2 million in Q2 2018, up 54.6% from Q2 2017
• Quarter-End Backlog of $104.2 million, up 64.2% versus Q2 2017 and up 15.1% sequentially

Chairman, President and CEO Dennis Oates commented: “Continued favorable market conditions, strong volume including record premium alloy sales, along with better price realization and cost absorption, drove our second quarter performance. Gross margin as a percent of sales reached 17.7%, the highest level since the first quarter of 2012, while the EBITDA margin increased to 17.0% of sales. We also made important strides in strengthening our financial structure with the successful equity offering in June, giving us important flexibility to pursue our growth strategy and respond to robust market conditions.”

Mr. Oates continued, “We have entered the third quarter on very strong footing. Backlog of over $100 million is the highest in six years and bookings remain at record levels. These factors point to sequential growth in the third quarter, which historically is a seasonally slower period, as well as support our positive outlook for the remainder of the year.”

For earnings history and earnings-related data on Universal Stainless & Alloy (USAP) click here.

You May Also Be Interested In

• Jefferies sees a buying opportunity in this S&P 500 sector
• Cellebrite DI Ltd. (CLBT) Tops Q2 EPS by 4c ; Offers Guidance
• Sandisk targets mid-to-high teens revenue growth through FY2030