Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) Q3 2022 Earnings Conference Call October 26, 2022 10:00 AM ET

Company Participants

June Filingeri - CommPartners, Investor Relations

Denny Oates - Chairman, President and CEO

Chris Zimmer - Executive Vice President and CCO

John Arminas - Vice President and General Counsel

Steve DiTommaso - Vice President and CFO

Conference Call Participants

Phil Gibbs - KeyBanc

Bob Sales - LMK Capital Markets

Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Universal Stainless & Alloy Products Incorporated Third Quarter 2022 Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions]

At this time, I would like to turn the conference over to Ms. June Filingeri. Ma’am, please begin.

June Filingeri

Thank you. Good morning. This is June Filingeri of CommPartners, and I also would like to welcome you to the Universal Stainless conference call and webcast. We are here to discuss the company’s third quarter 2022 results reported this morning.

With us from management are Denny Oates, Chairman, President and Chief Executive Officer; Chris Zimmer, Executive Vice President and Chief Commercial Officer; John Arminas, Vice President and General Counsel; and Steve DiTommaso, Vice President and Chief Financial Officer.

Before I turn the call over to management, let me quickly review procedures. After management has made formal remarks, we will take your questions. Our conference operator, Howard, will instruct you on procedures at that time.

Also please note that 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.

With the formalities complete, I would now like to turn the call over to Denny Oates. Denny, we are ready to begin.

Denny Oates

Thanks, June. Good morning, everyone. Thanks for joining us today. The third quarter proved to be particularly challenging, and frankly, the negative impacts of these challenges more than offset the favorable underlying trends in our business.

Let me start with the major items on the plus side. Bookings of $66 million remains solid, on par with a strong second quarter and marked the third highest quarterly order intake on record. Robust aerospace demand was the main driver.