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Universal Stainless announced Q4 result-The 20th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
1/25/2019 不銹鋼展-不銹鋼展會-效果最好的不銹鋼展會- Stainless Steel Exhibition |
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Universal Stainless & Alloy Products Inc reported that net sales for the fourth quarter of 2018 were USD 57.1 million, an increase of 13.5% from USD 50.3 million in the fourth quarter of 2017, although below 2018 third quarter revenues of USD 69.1 million. All end markets contributed to the year-over-year growth, with the exception of power generation and general industrial. Aerospace remained the Company''s largest end market, at 61.5% of total Company sales. Fourth quarter 2018 aerospace sales totaled USD 35.1 million, up 23.7% from the fourth quarter of 2017.
Sales of premium alloys in the fourth quarter of 2018 totaled USD 8.1 million, or 14.2% of sales, compared with USD 7.3 million, or 14.6% of sales, in the fourth quarter of 2017, and USD 9.2 million, or 13.3% of sales, in the third quarter of 2018.
Full year 2018 sales increased 26.3% to a record USD 255.9 million from USD 202.6 million in 2017. Sales of premium alloys were also at a record level for full year 2018 increasing 50.7% to USD 41.1 million, or 16.1% of sales. 2017 premium alloy sales were USD 27.3 million or 13.5% of sales.
The Company''s gross margin for the fourth quarter was 11.3% of sales, compared with 12.3% of sales in the fourth quarter of 2017, and 15.1% of sales in the third quarter of 2018. Margins were negatively impacted by continued cost increases in supply items, especially electrodes, coupled with misalignment of customer surcharges. In addition, lower productivity associated with labor contract negotiations, unplanned Bridgeville melt shop maintenance issues, as well as physical inventory adjustments further reduced fourth quarter gross margin.
Selling, general and administrative expenses were USD 5.6 million, or 9.7% of sales, for the fourth quarter of 2018, compared with USD 5.1 million, or 10.2% of sales, in the fourth quarter of 2017, and USD 5.1 million, or 7.4% of sales, for the third quarter of 2018.
Net income for the fourth quarter of 2018 totaled USD 0.6 million, or USD 0.07 per diluted share, (which includes an additional 1.4 million weighted average shares outstanding due to the second quarter 2018 equity issuance), compared with net income of USD 7.9 million, or USD 1.06 per diluted share, in the fourth quarter of 2017, which included a net tax benefit of USD 1.06 per diluted share primarily attributable to the new federal tax legislation. Before the tax benefit, net income in the fourth quarter of 2017 was breakeven. Net income in the 2018 third quarter totaled USD 3.9 million, or USD 0.44 per diluted share.
For full year 2018, net income increased 40.1% to USD 10.7 million, or USD 1.28 per diluted share, (which included an additional 0.8 million weighted average shares outstanding due to the second quarter equity issuance), versus net income of USD 7.6 million, or USD 1.03 per diluted share, in 2017, which included the tax benefit.
The Company’s EBITDA for the fourth quarter of 2018 was USD 5.4 million, compared with USD 5.8 million in the fourth quarter of 2017, and USD 10.1 million in the third quarter of 2018. Full year 2018 EBITDA increased 55.6% to USD 35.6 million from USD 22.9 million in 2017.
Managed working capital at December 31, 2018 totaled USD 123.0 million compared with USD 136.9 million at September 30, 2018.
Backlog (before surcharges) at December 31, 2018 was a record USD 126.2 million, an increase of 13.3% from September 30, 2018, and 62.5% higher than at the end of the 2017 fourth quarter.
Fourth quarter operating cash flow improved from the prior quarter and resulted in a debt reduction of USD 15.8 million in the quarter. The Company’s total debt at December 31, 2018 declined to USD 46.7 million, compared with USD 62.5 million at the end of the third quarter of 2018 and USD 79.7 million at the end of the fourth quarter of 2017.
Capital expenditures for the fourth quarter of 2018 totaled USD 2.2 million compared to USD 6.6 million for the third quarter of 2018 and USD 3.3 million in the fourth quarter of 2017. Fourth quarter capital expenditures were driven by the Company’s mid-size bar cell project at its Dunkirk, NY facility, which began the commissioning process late in the fourth quarter. Benefits related to this project are expected to include both cost and inventory reductions, as well as quality and cycle time improvements.
The Company’s tax rate for the twelve months ended December 31, 2018 was 15.4%. The Company’s effective tax rate is less than the federal statutory rate of 21.0%, primarily due to the favorable impact of federal research and development tax credits.
Mr Dennis Oates Chairman, President and CEO commented that “After a strong three quarters, the 2018 fourth quarter proved to be more difficult than anticipated. Even so, 2018 was a profitable year highlighted by record levels of both premium alloy and total sales. We exited the year with a strong balance sheet and significantly improved liquidity, and enter 2019 with a record backlog and healthy order entry across most of our end markets, especially aerospace. The mid-size bar cell in our Dunkirk, NY facility is on schedule to become fully operational in the 2019 first quarter. We are encouraged by the cycle time and quality improvements that the bar cell is expected to provide.”
不銹鋼展-2019第二十屆廣州國際不銹鋼工業展-效果最好的不銹鋼展會-The 20th China(Guangzhou)Int''l Stainless Steel Industry Exhibition
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