Q2 2024 Universal Stainless & Alloy Products Inc Earnings Call Transcript
Key Points
- Record sales of $82.8 million in Q2 2024.
- Gross margin reached an all-time high of 25.4% of sales.
- Record net income of $8.9 million or $0.90 per diluted share.
- Adjusted EBITDA was a record $18.5 million, representing 22% of sales.
- Significant growth in aerospace market sales, which reached $68.6 million, representing 83% of total sales.
- Heavy equipment market sales decreased by 11% compared to the first quarter.
- Energy market sales were down 15% from the first quarter.
- General industrial market sales decreased by 22% from the first quarter.
- Higher SG&A costs due to increased employee-related expenses, business insurance, and audit and accounting support.
- Backlog decreased to $297 million from $325 million at the end of the first quarter.
Good day and thank you for standing by. Welcome to the Universal Stainless second-quarter Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, June Filingeri. Please go ahead.
Thank you, Jacinda. 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. We are here to discuss the company's second quarter 2024 results reported this morning. With us from management are Chris Zimmer, President and Chief Executive Officer; John Arminas, Vice President and General Counsel; and Steven DiTommaso, Vice President and Chief Financial Officer.
Before I turn the call over to management, let me quickly review procedures again. After management has made formal remarks, we will take your questions. Our conference operator will instruct you on procedures at that time. Also,
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