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