Universal Stainless & Alloy Products (USAP)

Universal Stainless & Alloy Products, Inc., established in 1994 and headquartered in Bridgeville, PA, manufactures and markets semi-finished and finished specialty steels, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. The Company's products are used in a variety of industries, including aerospace, power generation, oil and gas, and heavy equipment manufacturing.

Company profile

Ticker

USAP

Exchange

NASDAQ

Website

www.univstainless.com

CEO

Dennis Oates

Incorporated

Delaware

Location

Pennsylvania

Fiscal year end

Dec 31

Sector

Manufacturing > Iron and Steel Mills and Ferroalloy Manufacturing

Industry (SIC)

Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)

Mechel PJSC • United States Steel • Nucor • Ak Steel Holding • Commercial Metals • Steel Dynamics • SunCoke Energy • Carpenter Technology • Titan International • TimkenSteel ...

SEC CIK

0000931584

Corporate docs

Articles of Incorporation & Bylaws

Underwriting Agreements

Plans of Reorganization

Indentures

Material Contracts & Credit Agreements

Subsidiaries Lists

Subsidiaries

Dunkirk Specialty Steel, LLC • North Jackson Specialty Steel, LLC ...

IRS number

251724540

USAP stock data

1M 1Y 5Y

News

From Benzinga Pro

Universal Stainless's Return On Capital Employed Insights

1 Aug 22

According to data from Benzinga Pro, during Q2, Universal Stainless's (NASDAQ:USAP) reported sales totaled $52.16 million. Despite a 11.02% increase in earnings, the company posted a loss of $1.44 million.

Recap: Universal Stainless Q2 Earnings

27 Jul 22

Universal Stainless (NASDAQ:USAP) reported its Q2 earnings results on Wednesday, July 27, 2022 at 06:00 AM. Here's what investors need to know about the announcement.

Universal Stainless Q2 EPS $(0.16) Misses $(0.11) Estimate, Sales $52.20M Beat $51.55M Estimate

27 Jul 22

Universal Stainless (NASDAQ:USAP) reported quarterly losses of $(0.16) per share which missed the analyst consensus estimate of $(0.11) by 45.45 percent. This is a 45.45 percent decrease over losses of $(0.11) per share

Earnings Scheduled For July 27, 2022

27 Jul 22

Earnings Preview For Universal Stainless

26 Jul 22

Press releases

From Benzinga Pro

Universal Stainless to Present at 2022 Jefferies Industrials Conference on August 9th

4 Aug 22

BRIDGEVILLE, Pa., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) announced today that Dennis M. Oates, Chairman, President and Chief Executive Officer, and Steven V.

Universal Stainless Reports Improved Second Quarter 2022 Results

27 Jul 22

Quarter-end Backlog reaches new record of $222.7 million, up 10% from record Q1 2022, up 125% from Q2 2021Q2 2022 Sales up 10% sequentially to $52.2 million; Premium alloy sales are 17% of total sales Q2 2022 Gross

Universal Stainless to Webcast Second Quarter 2022 Conference Call on July 27th

20 Jul 22

BRIDGEVILLE, Pa., July 20, 2022 (GLOBE NEWSWIRE) -- Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) announced today that it will report financial results for the second quarter of 2022 on Wednesday, July

Universal Stainless Announces Base Price Increase on Bar Products

11 Jul 22

Redwire Announces CFO Transition and Appointment of New Director

1 Jun 22

Calendar

27 Jul 22

19 Aug 22

31 Dec 22

Financial summary

Financial statements Chart USAP financial data

Quarter (USD)	Jun 22	Mar 22	Dec 21	Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Annual (USD)	Dec 21	Dec 20	Dec 19	Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	315K	315K	315K	315K	315K	315K
Cash burn (monthly)	(no burn)	(no burn)	456.33K	(no burn)	1.68M	2.39M
Cash used (since last report)	n/a	n/a	766.62K	n/a	2.82M	4.02M
Cash remaining	n/a	n/a	-451.62K	n/a	-2.5M	-3.7M
Runway (months of cash)	n/a	n/a	-1.0	n/a	-1.5	-1.5

Beta Read what these cash burn values mean

Financial data from company earnings reports.

Recent insider trades

USAP insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	$Price	#Shares	$Value	#Remaining
31 May 22	Christopher L Ayers	Common Stock	Grant	Acquire A	No	No	0	8,180	0	38,276
31 May 22	M. David Kornblatt	Common Stock	Grant	Acquire A	No	No	0	8,180	0	40,276
31 May 22	Udi Toledano	Common Stock	Grant	Acquire A	No	No	0	8,180	0	83,576
31 May 22	Judith L Bacchus	Common Stock	Grant	Acquire A	No	No	0	8,180	0	19,107
4 May 22	Christopher L Ayers	Common Stock	Grant	Acquire A	No	No	7.41	405	3K	30,096

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Institutional ownership, Q1 2022

USAP institutional ownership history Ownership history

59.6% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	41	23	+78.3%
Opened positions	20	3	+566.7%
Closed positions	2	22	-90.9%
Increased positions	7	5	+40.0%
Reduced positions	6	6	–

13F shares	Current	Prev Q	Change
Total value	45.9M	23.13M	+98.5%
Total shares	5.35M	2.92M	+83.0%
Total puts	0	0
Total calls	0	0
Total put/call ratio	–	–	–

Largest owners	Shares	Value	Change
Minerva Advisors	708.63K	$6.12M	NEW
Royce & Associates	528.99K	$4.59M	-3.3%
Dimensional Fund Advisors	501.2K	$4.35M	-5.4%
AMP Ameriprise Financial	484.19K	$4.2M	NEW
Privet Fund	436.26K	$3.58M	0.0%
Vanguard	347.37K	$3.02M	NEW
JB Capital Partners	245K	$2.13M	NEW
RBC Global Asset Management	216.69K	$1.62M	0.0%
Wittenberg Investment Management	204.36K	$1.77M	NEW
Russell Investments	164.89K	$1.43M	-6.9%

Largest transactions	Shares	Bought/sold	Change
Minerva Advisors	708.63K	+708.63K	NEW
AMP Ameriprise Financial	484.19K	+484.19K	NEW
Vanguard	347.37K	+347.37K	NEW
JB Capital Partners	245K	+245K	NEW
Wittenberg Investment Management	204.36K	+204.36K	NEW
Bridgeway Capital Management	91.56K	+91.56K	NEW
Forest Hill Capital	76.08K	+76.08K	NEW
Rodgers Brothers	68.75K	+68.75K	NEW
Renaissance Technologies	149.78K	+59.94K	+66.7%
Ancora Advisors	45.85K	+45.85K	NEW

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Financial report summary

Management Discussion

The majority of our products are sold to service centers rather than the ultimate end market customers. The end market information in this Annual Report is our estimate based upon our knowledge of our customers and the grade of material sold to them, which they will in-turn sell to the ultimate end market customer.
Net sales for the year ended December 31, 2021 decreased $23.8 million, or 13.2%, compared to 2020. The decrease in our sales is primarily due to a decrease in consolidated tons shipped driven by lower business activity as a result of significant challenges facing all our end markets caused primarily by the COVID-19 pandemic. The most significant impact on our business has been the slowdown in the global commercial airline industry, which is the largest driver of the decline in sales for our aerospace end market. The average total sales dollars per shipped ton also decreased due to a lower mix of premium products in 2021 compared with the prior year.
Our 2021 gross margin was 5.1% of net sales, improved from a negative 1.5% gross margin in 2020. The negative margin in 2020 was primarily due to the impacts of the COVID-19 pandemic, including direct charges recorded to the Cost of products sold as a result of low activity levels. Although low activity levels continued in 2021, the improvement in gross margin reflects lower plant spending, improvements in our production costs, and increases in activity levels at our facilities during 2021 compared with the second half of 2020.