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| Universal Stainless |
Universal Stainless, a specialty stainless steel producer, reported record sales and profits in the third quarter of 2023, driven by strong demand from the aerospace industry.
Total revenues for the quarter reached $87.3 million, a 22% increase compared to the previous year. Net income surged to $11.1 million, significantly higher than the $1.9 million profit recorded in the same period last year.
The aerospace market was the primary driver of growth, contributing 82% of total revenue or $71.4 million. This represents a 32% year-over-year increase, primarily fueled by strong demand for aircraft engines.
Sales of premium alloys also experienced substantial growth, increasing 44% to $23.7 million. These alloys accounted for 27% of total quarterly sales.
It's worth noting that Universal Stainless is currently in the process of being acquired by Aperam in a $415 million deal. As a result, the company did not host its regular earnings call to discuss the quarterly results in detail.
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