Universal 1st-qtr. earnings, sales drop sharply

May 01, 2013 | 05:18 PM | Daniel Fitzgerald

Tags  Universal Stainless & Alloy Products, Dennis Oates, earnings report, stainless demand, Daniel Fitzgerald

NEW YORK — Universal Stainless & Alloy Products Inc. saw sales drop sharply in the first quarter as customers continued to manage inventory levels and purchase material on a "hand-to-mouth" basis.

The company eked out a profit of $40,000 for the three months ended March 31 vs. net income of nearly $6.29 million in the same period last year on sales that fell 34.1 percent to $49.14 million from $74.61 million in the same comparison.....

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