Universal Stainless sales, earnings tumble

Jul 31, 2013 | 03:12 PM | Daniel Fitzgerald

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

NEW YORK — Universal Stainless & Alloy Products Inc.’s sales and earnings fell sharply in the second quarter due to lower shipments.

The Bridgeville, Pa.-based company posted net income of $478,000 for the three months ended June 30, down 89.4 percent from $4.51 million in the same period last year on sales that fell 36.8 percent to $42.89 million from $67.87 million.

The sales decline was primarily due to a 36-percent drop in shipments, chief financial officer Michael Bornak said during an earnings conference call.....

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