Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) Q4 2023 Earnings Conference Call March 28, 2024 10:00 AM ET

Company Participants

June Filingeri - President-Comm-Partners LLC
Chris Zimmer - President & Chief Executive Officer
Steve DiTommaso - Vice President & Chief Financial Officer

Conference Call Participants

Phil Gibbs - KeyBanc Capital Markets

Operator

Good day and thank you for standing by. Welcome to the Universal Stainless Fourth Quarter 2023 Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-session. [Operator Instructions] Please be advised that today's conference is being recorded.

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

June Filingeri

Good morning. Thank you for joining us. This is June Filingeri of Comm-Partners, and I'd also like to welcome you to the Universal Stainless conference call and webcast. We are here to discuss the company's fourth quarter results reported this morning.

With us from management are Chris Zimmer, President and Chief Executive 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. The conference operator will instruct you on procedures at that time.

Also please note that 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.

So with the formalities complete, I would now like to turn the call over to Chris Zimmer. Chris, we are ready to begin.

Chris Zimmer

Thank you, June. Good morning and thank you for joining us. Our 2023 financial audit is now complete. The 10-K will be filed tomorrow, and I'm pleased to report that our financial results show our strategy to accelerate profitable growth is gaining traction. Here some highlights.

Fourth quarter sales were up 12% sequentially to a record $80 million. That's the fifth consecutive quarter of sales growth. Full year sales were up 42% to a record $286 million. Premium alloy sales also reached record levels, climbing to $21 million in the fourth quarter and jumping 74% for the full year to $68 million or 24% of sales.