NEW YORK Universal Stainless & Alloy Products Inc. warned that its fourth-quarter results would be lower than expected as year-end order entry remained weak.
"Activity levels were down across most of our end markets as customers continued to reduce inventories in the face of economic uncertainty," chairman, president and chief executive officer Dennis Oates said in a statement Jan. 18.
Universal expects fourth-quarter sales of $47 million and earnings per diluted share of between 15 and 17 cents compared with $61.4 million and 38 cents per share, respectively, in the third quarter. Its backlog at the end of the quarter stood at $51.7 million vs. $65.9 million at the end of the third quarter.
The Bridgeville, Pa.-based company is due to report its full-year and quarterly results Jan. 29.