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Oct 31, 2024

Universal Stainless reports profitable Q3 - Recycling Today

By Brian Taylor, Senior Editor Universal Stainless & Alloy Products Inc., Bridgeville, Pennsylvania, has reported third-quarter 2024 net income of $11 million, representing a more than 470 percent

By Brian Taylor, Senior Editor

Universal Stainless & Alloy Products Inc., Bridgeville, Pennsylvania, has reported third-quarter 2024 net income of $11 million, representing a more than 470 percent increase from the $1.9 million earned in last year’s third quarter.

The company, which produces its alloys in Pennsylvania and Ohio, has reported what it calls record net sales of $87.3 million in this year’s third quarter, which it says is 22 percent higher than its sales figure for the third quarter of 2023.

Year-to-date net sales of $247.6 million are up by 20 percent from the same period in 2023, according to Universal, which is in the process of being acquired by Luxembourg-based metals producer Aperam.

The company cites the aerospace sector as its largest market for premium alloy products. “Third-quarter aerospace sales reached a record $71.4 million, or 81.8 percent of sales, an increase of 4 percent from the second quarter of 2024 and up 32 percent from the third quarter of 2023,” Universal says.

The metals producer continues, “Profitability remained strong in the third quarter of 2024, with gross margin rising sequentially to $22 million, or 25.2 percent of sales.”

That figure, the firm says, compares with $21 in the prior quarter and just $10.9 million in the third quarter of 2023.

“Our record performance in the third quarter continued to be driven by aerospace, with commercial aircraft engine demand especially strong,” says Christopher M. Zimmer, Universal president and CEO.

“This is the sixth consecutive quarter that we have achieved profitable growth, which would not have been possible without the individual talents, efforts and commitment of every member of our team,” he adds.

Universal also announced its executives will not host a third-quarter conference call “due to the pending transaction with Aperam,”