Universal Stainless (USAP) Issues Q4 Warning
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Universal Stainless & Alloy (NASDAQ: USAP) expects sales for the fourth quarter of 2012 to approximate $47 million and earnings per diluted share to approximate $0.15 to $0.17. The Company will report its fourth quarter and full year 2012 results on Tuesday, January 29th.
*** The Street consensus calls for Q4 revs of $60.5 million and EPS of $0.30.
Chairman, President and CEO Dennis Oates commented: "While we anticipated that sales in the fourth quarter would not match those of the 2012 third quarter, our fourth quarter results are lower than expected. Year-end order entry remained weak. Our backlog at quarter-end was $51.7 million compared with $65.9 million at the end of the third quarter. With reduced shipment volume and the continuing ramp-up of North Jackson, our consolidated operating margin in the fourth quarter was approximately 4%.
"Activity levels were down across most of our end markets as customers continued to reduce inventories in the face of economic uncertainty. We are continuing to make progress in both our North Jackson operation and company-wide, strengthening our ability to capitalize on demand recovery as soon as it occurs."
*** The Street consensus calls for Q4 revs of $60.5 million and EPS of $0.30.
Chairman, President and CEO Dennis Oates commented: "While we anticipated that sales in the fourth quarter would not match those of the 2012 third quarter, our fourth quarter results are lower than expected. Year-end order entry remained weak. Our backlog at quarter-end was $51.7 million compared with $65.9 million at the end of the third quarter. With reduced shipment volume and the continuing ramp-up of North Jackson, our consolidated operating margin in the fourth quarter was approximately 4%.
"Activity levels were down across most of our end markets as customers continued to reduce inventories in the face of economic uncertainty. We are continuing to make progress in both our North Jackson operation and company-wide, strengthening our ability to capitalize on demand recovery as soon as it occurs."
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