Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) Q4 2023 Earnings Call Transcript
Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) Q4 2023 Earnings Call Transcript January 24, 2024
Universal Stainless & Alloy Products, Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Thank you for standing by and welcome to the Universal Stainless & Alloy Products Fourth Quarter 2023 Business Update Conference Call and Webcast. Participants will remain in a listen-only mode for the duration of this call. There will not be a question-and-session this morning. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, June Filingeri. Please go ahead.
June Filingeri: Thank you. Good morning. This is June Filingeri of Comm-Partners. And I also would like to welcome you to the Universal Stainless conference call and webcast. As reported this morning, the company will provide a business update on the fourth quarter of 2023 on today's call with the report of final results expected in March. As a result, the company will defer its question-and-answer session until then. Our presenter today will be Christopher Zimmer, Universal's President and Chief Executive Officer. Please note that the financial results reported today are preliminary estimates based on information available to the company as of today and are subject to further changes upon completion of the company's standard year end closing procedures and financial audit.
Please also note that the company does not intend to update the financial information provided today before its final report expected in March, even if it identifies items that require the company to make adjustments to the preliminary information provided today. Additionally, in this morning's call, management will make forward-looking statements. Under the Private Securities Litigation Reform act of 1995, I would like to remind you of the risks related to these statements, which are more fully described in today's press release and in the company's filings with the Securities and Exchange Commission. I would now like to turn the call over to Chris Zimmer. Chris, we are ready to begin.
Christopher Zimmer: Thanks, June. Good morning, everyone. Thanks for joining us today. Normally, we would report fourth quarter and full year results today, however, due to the late start of our consolidated financial audit as our new auditors were engaged on December 18, we now plan to give a full report of our financial results in March. That's consistent with our practice of announcing quarterly and full year results that have been reviewed by our auditors. In the meantime, we thought it would be useful to provide a business update and commentary on our end markets, as well as some limited preliminary financial metrics. We look forward to providing our final fourth quarter and full year 2023 results in March. Let me highlight a few financial metrics.
Fourth quarter sales are expected to range from $78 million to $80 million, which would represent a new record high. That compares with $71 million in the 2023 third quarter, and $56 million in the fourth quarter of 2022. As a result, we expect to report full year 2023 sales of $284 million to $286 million compared to $202 million in 2022. Premium alloy sales in the fourth quarter are expected to range from a record $20 million to $21 million versus $16.5 million in the third quarter and $13.5 million in the fourth quarter a year ago. That would bring total premium alloy sales for 2023 to a record $67 million to $68 million, substantially ahead of $39 million in 2022. Backlog at the end of 2023 remains very healthy at $318 million. Premium alloys represent 36% of our current backlog.
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