Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) Q1 2022 Earnings Conference Call April 20, 2022 10:00 AM ET

Company Participants

June Filingeri - IR, President, CommPartners

Dennis Oates - Chairman, President and CEO

Steven DiTommaso - VP and CFO

Christopher Zimmer - EVP and CCO

Conference Call Participants

Michael Leshock - KeyBanc Capital Markets

Greg Weiss - Boston Partners

Bob Sales - LMK Capital Management

Operator

Good day and thank you for standing by. Welcome to the Universal Stainless First Quarter 2022 Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded. [Operator Instructions].

I would now like to hand the conference over to your host today, June Filingeri. Please go ahead.

June Filingeri

Thank you Michelle. Good morning. This is June Filingeri of CommPartners and I would also like to welcome you to the Universal Stainless conference call and webcast. We are here to discuss the company's first 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, 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 and Michelle will instruct you on procedures again 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 these formalities complete, I would now like to turn the call over to Denny Oates. Denny, we are ready to begin.

Dennis Oates

Thanks June. Good morning everyone. Thanks for joining us today. The recovery in aerospace demand continue to build positive momentum in the first quarter, driving exceptional growth in bookings, backlog, and increasing sales. Specifically, consolidated backlog increased 50% from the record of $134.5 million at year end 2021 to reach a new record of $201.8 million before surcharges.

Our backlog ratcheted up each month of the quarter, including a strong increase in premium alloy products. On March 31, premium alloys represented 25% of total backlog. Given today's lead-times, approximately one-third of the backlog is scheduled for shipment in 2023.