Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) Q2 2024 Earnings Conference Call July 31, 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
Bob Sales - LMK Capital Management
Operator
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.
June Filingeri
Thank you, Jessinda. 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 Steve 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 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 Chris Zimmer. Chris, we are ready to begin.
Chris Zimmer
Thank you, June. Good morning, everyone and thank you for joining us. The second quarter was a period of significant achievement for Universal. Sales reached a record $82.8 million, gross margin hit an all-time high of 25.4% of sales, record net income of $8.9 million or $0.90 per diluted share and adjusted EBITDA was a record $18.5 million or 22% of sales.
Our ability to achieve this level of sales and profitability is the direct result of our strategic focus and capital investment in our aerospace market capacity and capabilities namely in premium alloys and other critical products for commercial aircraft and defense applications. That focus has delivered a richer product mix and a broader base of customer approvals in a market with substantial growth potential for the foreseeable future.