Operating income for the first quarter of 2013 was US$0.2 million compared with US$9.7 million in the first quarter of 2012.
On 25 April, Universal Stainless reported that it expected first quarter 2013 revenues to approximate US$49 million and operating income and net income to be at break-even levels.
"Our sales, shipment volume and order entry demonstrated sequential improvement in the first quarter of 2013, but they were well below their record levels in the first quarter last year,” said Dennis Oates, Universal Stainless chairman, president and CEO. “Demand recovery in most of our end markets is proceeding slowly. Customers within the supply channel continued to closely manage their inventory levels, and inventory correction by customers also continued in the quarter. Lower value shipment mix in a competitive marketplace further affected our performance."
Oates added that the outlook for the remainder of 2013 is for continued, gradual improvement in supply channel demand. "With the longer-term outlook for our end markets remaining strong, we will stay focused on aggressively seizing immediate market opportunities through excellent customer service and products, on further leveraging the strengths of all our facilities, and on moving to an enhanced sales mix with higher margin products," he noted.
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