Universal Stainless expects lower fourth-quarter results
Universal Stainless & Alloy Products Inc. said Friday its fourth-quarter financial results will be lower than expected.
The Bridgeville-based specialty metals maker said sales were around $47 million and earnings per share will be 15 to 17 cents. Results will be reported on Jan. 29. “Year-end order entry remained weak” as customers reduced inventories, CEO Dennis Oates said.
Universal Stainless reported a $2.75 million profit, or 38 cents a share, for the third quarter after adjusting for an incorrect invoice. Sales were $61.4 million. In the fourth-quarter of 2011, the company earned $4.3 million, or 59 cents, on revenue of $62.2 million.
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