* Q1 EPS $0.21 vs est. of $0.16
* Q1 revenue down 18 percent
* See higher Q2 results
April 28 Universal Stainless & Alloy Products
Inc (USAP.O) posted first-quarter earnings that topped market
view on a jump in shipment volumes amid restocking in its
The company also said it sees a sequential growth in second
quarter results, aided by a 47 percent rise in backlog and
indications that restocking would continue.
"Restocking was most evident in the continued growth of our
shipments of service center plate, as sharp recovery in auto
production has caused service centers to further replenish
their plate inventory after several quarters of heavy
destocking," Cheief Executive Dennis Oates said.
In the latest quarter, the company posted a net income of
$1.4 million, or 21 cents a share, compared with net loss of
$3.8 million, or 57 cents a share, a year ago.
Revenue for the quarter dropped 18 percent to $34.7
Analysts, on average, were looking for earnings of 16 cents
a share, before items, on revenue of $29.9 million, according
to Thomson Reuters I/B/E/S.
Shares of the company closed at $23.79 Wednesday on
(Reporting by Antonita Madonna Devotta in Bangalore; Editing
by Jarshad Kakkrakandy)