Universal Stainless & Alloy Products, Inc. reported significant financial growth for the third quarter and the first nine months of 2024, driven by increased sales in specialty and premium alloys, particularly in the aerospace sector. For the three months ended September 30, 2024, net sales reached $87.3 million, a 22.4% increase from $71.3 million in the same period of 2023. For the nine months ended September 30, 2024, net sales totaled $247.6 million, up 20.1% from $206.2 million in the prior year.
The company's gross margin for Q3 2024 was $22.0 million, representing 25.2% of net sales, compared to $10.9 million (15.2% of net sales) in Q3 2023. This improvement was attributed to higher base selling prices and a favorable product mix, particularly in aerospace sales. Operating income for Q3 2024 was $13.0 million, a substantial increase from $4.4 million in Q3 2023. Net income for the same quarter surged to $11.1 million, or $1.12 per diluted share, compared to $1.9 million, or $0.20 per diluted share, in the prior year.
For the nine-month period, gross margin improved to $57.7 million (23.3% of net sales) from $28.4 million (13.8% of net sales) in 2023. Operating income rose to $33.1 million from $9.0 million, while net income increased to $24.1 million, or $2.45 per diluted share, compared to $2.3 million, or $0.25 per diluted share, in the previous year.
The company’s total assets increased to $371.5 million as of September 30, 2024, from $356.7 million at the end of 2023. Total stockholders’ equity rose to $253.3 million, up from $226.0 million. Long-term debt decreased to $65.5 million from $81.8 million, reflecting improved financial health.
In terms of strategic developments, Universal announced a definitive Agreement and Plan of Merger with Aperam S.A. on October 17, 2024, expected to close in Q1 2025, pending regulatory approval. The company incurred $0.6 million in transaction costs related to this merger during Q3 2024.
Overall, Universal Stainless & Alloy Products, Inc. demonstrated robust financial performance and strategic growth initiatives, positioning itself favorably within the specialty steel manufacturing industry.
About UNIVERSAL STAINLESS & ALLOY PRODUCTS INC
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