USAP - Earnings call transcript Q3 2018 | Universal Stainless & Alloy Products Inc

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Operator

Good day, ladies and gentlemen. And welcome to the USAP Third Quarter 2018 Conference Call and Webcast. At this time, all participants are in the listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this call is being recorded. to host like June today's now Filingeri. would introduce for your conference, I

may You begin.

June Filingeri

Good is you morning. Comm-Partners Sara. webcast. you, Thank This also Stainless call like Universal and June would to the welcome to conference and I of Filingeri

discuss Chief here third company’s of Zimmer, and Scanlon, Vice Executive morning. Officer; to reported Denny Oates, Chief quarter management President Paul President us Chris Treasurer. Administration from Chief We Counsel; are results McGrath, Commercial Chairman, this and the President, are Vice XXXX With Financial General President Vice Officer; and and Officer and Executive Chris Finance,

operator Before the procedures at instruct the I time. filings turn formal statements, of to me today’s make has will you Securities remind Also Litigation Reform management, let described company’s that fully and made in forward-looking Act press Exchange Commission. that please management quickly of and related conference the review remarks, the call, Securities we in I your this release statements in would like Private will over After are more take morning’s management risks call on the procedures. will note XXXX. with to under to you The which these questions.

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

Denny Oates

for and details. by the intact. surcharges second to was exceed quarter third this at million million, the for third during at based the that Frankly, is today. closer Incoming $XXX our seasonality Taking somewhat the morning This our near-record levels broad strong in million continue that demand and are Thanks before reached backlog quarter reached rare us year. morning, conditions. joining and quarter thank everyone. cycle $XX.X Good million muted $XX.X validating a September business of $XXX.X Normal by look in it's June, third XX, number bookings you. we industry. announced year-to-date at the quarter our sales driven measured sales remains business approaching quarter, sales

remain were sales totaled strong Third Premium second reached X.X% shipments record quarter value with XXXX upbeat taxes was depreciation from the I up lower steel especially and coupled contracts about and $XX.X from was our $X.X should lower sequentially. of in the million, a growth. million XXXX new were an labor XX.X% of Similarly, we quarter prospects from September XXXX quarter XX last third XX.X% the the and in noteworthy quarters, X.X% levels quarter, increase spending premium record that third of our quarter quarter second of and alloy adversely quarter out sales XXXX highest which quarter $XX.X our the associated production Gross for impacted before second margins. increase interest products, up and a backlogs inefficiencies the with was third from sales XX.X%, third XXXX in million quarter. quarter, bookings lower by percentage reflect XXXX. point XX $XX.X year second Tool margin third XX.X% a but record for sales the the in than million. of for but trailed future as achieved of XX.X% earnings

third puts press periods with per or quarter on diluted $X further references net details XXXX. And $X.XX of compared in million, along a earlier the with quarter Third share XXXX. of outstanding. income the takes second and per quarter on a $X.XX diluted share $X.X of net income diluted total our release million, the in $X.XX per or loss share or shares $XXX,XX Today's

reaching the $X.XX pound a in during lower at reflect nickel materials, September. XXXX of raw third Regarding quarter low

$X.XX per in this in morning, reported the attributed Earlier production $X.XX than September the concerns. XXXX. of declines tariff at pound. to nickel high of June, quoted to Chinese remains Although pound and mainly XXXX pound lower reported per was down higher around from per We nickel $X.XX

We X% with of XXXX. shipment misalignment this will which are mullet did volumes. and week, about increases as we raw who price scrap last Earlier we XXXX represent Other increase experts between cost selected experience agree expect minor key of steel commodities announced products most move involved Because specialty loan November. the calling have basically for sideways flat and XX% the during XX% of products. chrome October of some rest trends, our nickel and months. X% of continue such on several a been The surcharges material for to molly, the and in to these

review Regarding XXXX, which added our significantly that his but balance reiterate completed with just heading a into stronger Scanlon because initiatives in financial we update provide let of growth our structure in our strategy. me will are to much an the pursue sheet, flexibility XXXX Chris to

hammering contract key another the earlier for North potential approximately stoppage production quarter. effective York effective rules new collective with union XXXX looking requirements teams commissioning did and inefficiencies and quality by operation. state-of-the-art $X.XX having during lower resulting six-year employees Bridgeville certain incur a line. our New of Dunkirk, agreements the is of did with on Xst five-year $XX management reductions, of Both one-time begin agreements bar and and September midsized fully in to the excellent of cycle We'll rest improvements, all work to November. and production installation associated slated The the cell highlights. negotiations associated profit expenses the afforded A spend quarter an the $X.XX in contain work operating estimated our out with directly early cost schedule in inventory Jackson an third-quarter million contract employees impact sharing two The a job with incentives. of functions We're bargaining the forward flexible facility is times Bridgeville initial of share. and share per in the proceeding Turning We per at the quarter. negotiating cost

serving and out products on generation record-setting aerospace Titusville power path continued of rolled XXXX. a customers for location group precision Our our

start our end aerospace. to with Turning major markets, we

of quarter a a total second in but sales third consistent of represent XX% Our airspace last XX% quarter. quarter XXXX year, the third the in below XXXX with sales of sales

Third the quarter commercial XXXX, activity build $XX.X and is market third quarter totaled aerospace is sequentially. XX.X% new notwithstanding which a up robust. X.X% of after sequentially The sales market. there sales growing from lower although remains strong million The lower defense remains

supporting demand and the the Additionally, highest ongoing ahead rates. Analysts term OEM builds August records. to see traffic global report began further they traffic growth IATA factors continues noted load expectations air keeping the were in of air since long- is

activity levels high the backlog our aerospace the robust the is translated record melted Universal, products. third at including continued into in premium For quarter, backlog of of end

concerns US XX% Air demand aviation, from space but on any business earlier growth supply overcome strength challenges. XX% in industry equipment sales Boeing heavy in of The from Friday and pushback We event, the is robust. the it demanding third and the very for more remains or from track. business to customers, third aero are quarter factors. the not our other year the business by have quarter up driven mark in bookings reported this XXXX. the compares delays that getting international in of quarter other backlog. other equipment due ramp Honeywell aviation quite aerospace market line our and issues of suffice ramps the contrary releases, sales aerospace sales these total of In manufacturers XXXX and In continued say as of pace their Transport on second-largest second which companies that are the in based ups an our aftermarket signaling was production could the XXXX market of being airframe Airbus and similar defense the demand news, any production One on original airspace engine of experienced cite we evident reports in XX% representing by third with customers and remained are industry robust with among engine to back third aerospace manufacturers quarter quarter are

primarily sequentially. of model demand. changeovers steel especially sales a last lumpy. be of who the which heavy plate to our metal steel have production sales sales an and In equipment, tools plate equipment, steel know all XXXX while for third steel totaled quarter us tool XX.X% reached followed Automotive mining equipment tend the and from XXXX, XX.X% Those sales Third quarter quarter that you third off-road of million, cutlery fabrication $XX.X tool are of year, company manufacturing record. up drive increase tool new requiring industrial a general

days which down time industrial has clip. we above to tariffs remains While and production annual are backlog issues. be At continue the order about and happening said, a XXXX. year modestly, have Model same our over production sentiment last average. XX side very the quarter politics few last the to on is in over geopolitical fourth healthy a change negative somewhat the investor ship suggests positive due to turned decent customers That in the well concerns

quarter which first in market Universal for of and the of future. the a and in have third quarter year. in of quarter sales of playing sales XXXX case oil well gas trade third domestic steel end versus XXXX total share, XX% representing market XX% X% The of a largest as third us favorable market the the gain rulings this in enabled bodes plate the to for a Lastly, leveled producer remained our field of and second quarter, sales

an $X.X plans The futures of up news Saudi quarter growth gas output. the in oil from sales totaled gas despite quarter and XX.X% million, recovery continues of and some ongoing of generally Third XX.X% and increase and global XXXX economic oil sequentially. third the for negative regarding

of America evident. Jackson being coupled Our capabilities our up Orders to the opportunities North centered and we a facility. well and industry backlog in with some are spot both fundamental activity turbine demand on fully continues weak are see based as drop-off increases new be currently and a Universal Power provided generation the this the by North into trend new-build is continuing for XXXX.

In think is of in sales say sales power was X% same third gen at XXXX, new build quarter level XXXX. the XXXX market safe of few our that third recovering the I sales. X% down quarter from to The a off of represented years quarter mark it's total but best. second of the in

third the last down from totaled XX.X% quarter $X.X Third sequentially. up XXXX sales of is although gen year quarter which million, XX.X% power

As we've quarter, the for to maintenance. next power second from there nice continued round market. maintenance previously, feathered customers a as be pickup noted scheduled quarter was sales the mainly inventory our for in of In third generation their

expect does our installed power an gas generation to cycle We until in. sales maintenance or to kick the continue turbines replacement drive

XXXX the industrial sales of industrial XXXX with in compared third and XXXX from market XXXX $X.X were of second of third quarter an X% up sales General of the increase general the sales quarter. X.X% quarter X% million, quarter in totaled the sales of sequentially. Our XX.X% and X% of in sales third

nicely industrial semiconductor, markets. manufacturing business develop infrastructure medical, the general General Our and to serving continues

As we growth we've discussed in the continue in in these XXXX continued markets and beyond. past, expect

Chris? Let report. the Chris Scanlon me turn to call financial for down our over

Chris Scanlon

facility the markets The the quarter XXX XXXX sales third the quarter, Gross quarter. XX.X% everyone. financials XXXX the Denny, down Agreement sales decline was for and basis margin basis sequentially were in this, product gross Thank primarily XX.X%. some were for and X.X% quarter all Increased of third QX amendment. gross This margin up by third points and sales. quarter. conclude year-to-date driven the our Credit revenues by the gross end $XX.X million of sequential Bank for sales. approximately and XXXX fires. third then up was compared second prior XXXX million cover power $XXX,XXX margin up third quarter you, related $XX.X or margin of driven I'll from PNC XXXX decline with Starting from charges to year-to-date the points XX.X% with XX.X% compared good XXXX was and morning included sales third except the of XXXX Note August quarter were morning, $XXX.X summarizing a revenues, in with up year-to-date million with Adjusting points both in Current generation. XXX premium

mild see alignment cost we in a pinch surcharges quarter. did in the to XXXX Lastly, compared our melt third commodity

SG&A incentive in compensation driver quarter. from compensation of largest quarter XXXX employee with quarter the $XXX,XXX a Turning or XXXX now our periods in to of X.X% while $XXX,XXX second third quarter to and the of $X.X the was third approximately sales, changed setup to selling, general compared million third and administrative compared higher and prior the costs, compared quarter. current SG&A XXXX, decrease period The incentive was between second with compensation employee increased year decrease

Our items, approximately expiration unfavorable partially options, and comprised included of tax X/XX/XX stock was of fully by offset the research rate for nine primarily months tax of vested the XX.X% ended credits. and discrete development $XXX,XXX

comprised is income item, tax annual was impacted Specific our and XX.X%. extent discrete or lesser R&D items tax of by third These and stock million in our income benefits. $X.XX Net Excluding favorably option items tax totaled to credits expense exercise diluted share. were tax rate primary discrete favorable $X.X discrete to underlying a was effective $XXX,XXX per third totaling quarter then quarter $XXX,XXX. the

quarter net diluted $X income Second per totaled XXXX or $X.XX million, share.

gain our second of approximately on You XXXX a taxes. will a totaling legal earnings $XXX,XXX recall settlement net quarter included

$X.X stock diluted $X approximately diluted XXXX while totaled earnings Excluding share and this $X.XX quarter per change net share related per outstanding of guidance. tax loss XXXX quarter included second average charge equity The third equity totaled one-time shares a shares share QX a accounting shares outstanding. Current which total million, due flat prorated weighted well fires, $X.XX diluted approximately calculation gain, $X.XX the diluted million diluted the $X.XX shares per approximately share. year earnings as loss quarter to the of to XXX,XXX raise loss discrete date. quarter X.X quarter quarter, a million. of per XXXX on in facility totaled effect shares second includes shares quarter or current expense share. as third diluted the diluted our XXX,XXX the of the to while to adjusted loss second our Current or for were per quarter difference issued and approximately net the related QX compensation additional $XXX,XXX share is totaled outstanding full The approximately raise count outstanding prior based shares

share sequentially, third next loss net quarter or share. was items, or from was with income share million which of third I'll compared was significantly Year-to-date XX% $XX.X $X.X of quarter expense compensation $X.XX a and with compared these ended EBITDA the XXXX XXXX. EBITDA an of in million or EBITDA $X.XX XXXX EBITDA XXth. increase which quarter non-cash XX% net diluted totaled nine-month XXXX to and cover $XXX,XXX/ for million the the XXXX million of XXXX $XX.X Year-to-date totaled million, per a Excluding $XX.X our period $XX.X decrease totaled XXXX $X.X September million of. income Adjusting in total totaling was improved provided EBITDA approximately sheet diluted the EBITDA per $XX.X balance year-to-date EBITDA I'll And third start The cover and to release. working quarter adjusted with adjusted I'll next. the are million. press calculations capital. third the tables managed

compared grew higher $X.X during decreased declined We end the million. third inventory and backlog, quarter $XXX.X to $XX.X Accounts the still working by with inventory of our managed million while which with by supporting million. quarter payable XXXX. quarter, business the $XXX.X The improved while able $X.X and and by totaled is $X.X strong increase by continued accounts million, During capital million were markets to increased by increased consistent decrease million, second receivable activity. million $X.X

in directly totaling attributable $X.X sales activity. increase capital year quarter receivable with third Capital CapEx were the with $X.X expenditures $X.X prior higher the the year-to-date capital totaling million million. Lastly, for quarter totaled accounts year-to-date expenditures expenditures to is $XX.X million. third million Prior quarter third

our expect we year the capital approximate million. For XXXX, $XX.X full expenditures to

for cell million, quarter. program Our We recording September relatively project. first credit utilizing XXth York cash totaled in the markets second tax New unchanged cash mid-sized restricted began new capital upon balance quarter $X.X our restricted from Dunkirk bar XXXX funds the

to within received. funds million to continue we related long-term record qualified investment Lastly, liabilities $X.X

project cell the here should to operating Denny previously discussed, in we quarter. continuing is and begin well progress bar fourth As our

We bar amortization also depreciation to to additional and estimated expense expect annual With total is the $XXX,XXX. unit depreciation, million. $XX this related our cell to depreciation approximate expense XXXX

the our and $X.X Moving company's increase quarter at stood $XX.X while million at of on an cash debt. debt quarter, net cash at million restricted The debt XXth to from million, totaled of total the current $XX.X September end. prior

agreement facility expire capital $XXX credit agreement in to as million was Xrd, to debt the new continues our all and fixed be by of Bank. amended assets the new touch On line maximum capital loan based includes August agreement will The The revolving increases company's well by rate on restated inventory substantially the the Bank PNC collateralized facility next. and a increased interest and spending. more structure. Our credit of amendment reduces we amended increased August term working asset primarily PNC $XX XXXX. our accounts in lending receivable, million. company's agreement also The favorable credit to activity as driven of level with I'll increases and

of Our reduced the to this, amendment of amendment to $X loan term insurance the the to activity the by estimate to date. of should outstanding was I comments XXXX that you. back that proceeds adding $XX approximate in receipt date. fire. funds borrowings gross of second included Dunkirk received update, these credit million timing $XXX,XXX. concludes reducing of transferred call amendment some on term the conclude which to be related financial the will the half and of currently the with expected size XXXX loan my line my the I'll turn at as Denny to Due borrowings color million proceeds of This were We facility revolving and

Denny Oates

fourth variable for state-of-the-art solid to In to September at $XXX demand in quarter to better million premium order also and targeted of as ramping sales well totaled near drive and set capital bookings XXXX. realization, in continuing The and continues lower entry inventory be a reached an intact up important for XX record. cycle capture did focus a levels growing third quality strong backlog addition year which cell on positioned Okay, profitability times forward date through activity in product Order melted new requirements. $XXX lowering summary step a strong cycle we and improvements, third Overall, million remains plan record. quarter reductions, cost business million We're quarter $XX.X cost record demand. the sales a The were over price bar levels, regard we record a Chris. quarter quarter. will this third spending. you. Dunkirk Thank near And this then was faster feel very as

distraction renewing on levels. new Our major focus production we're production eliminate years, bargaining our taking to taking levels, to all a collective and agreements six five the for next new

We will continue strategy in growth in and with remarks. prepared take have concludes relentless our financial be questions. added are equipped That to stronger financial let's coming because executing which all XXXX, in the of initiatives a our Operator, quarters, significantly to structure some of our flexibility. undertaken

Operator

first Instructions] line King. Gallo with comes Our of from [Operator question the Michael C.L.

line now Your is open.

Michael Gallo

normal Hi, strong. service seasonal the good a be you see year see pattern around this to or strong quarter are questions, center backlog and you couple the we'll of less to it really end be expects morning. patterns in were the the little the might year-end matters fourth the see year? inventory. Seems normally normal like kind in Do continued Denny the bookings what QX seasonal you normally than tend your of has

Denny Oates

than level in meeting of customers, customer don't, the needs as There's the I the bookings that qualifier quarter, what some point our in of and customers of see, after in not dressing receiving there that larger little at the from they're really be December, the demands I you there several look ship our from but my mode what think I it few will overall we of Christmas think general they strong. of and week. customers but need will can which are, of always the we've but of the in at the material, second are picture very it week a backlog look plans at activity anything a there's they're still our indications already less perspective about little At their end this are be them year. window we some a receiving off normally but gotten are

be I years. in I prior some activity don't seasonal to as So seen severe but we've expect as expect it

Michael Gallo

Great, lower and next couple of obviously contract Obviously, Denny question gross third premium a had some some nickel things on the I the in a production negotiations. the you then quarter mix just misalignment with between had labor efficiencies margins. going had have products, you you around on

commentary for strong seen you very backlog backlog premium what product. suggests the Your orders seeing you're on and have and

issues the a I line sequential So guess will that of cetera the quarter be fourth some we drag? be similar we expect or growth. around product and et next look starting at gross to we misalignment We to about premium that the Thanks. Will point look of should how continue sales should margin year? to as low resume kind forward of think some then

Denny Oates

let The looking headwinds at about I if I way we're that and can. tailwind just me talk guess

yes, from So will some be standpoint, a here. headwind there misalignment

in surcharges I November. of some see actually in our products some those see that October would can down. we're of are surcharges not and for are and up. And other You point you'll so based, that November nickel our October going XXX% though as surcharges out DC

to in of latter So the the will in I there don't with there's third a saw the fourth early --continue quarter. not-- significant leave of what coming part quarter occurring part anybody misalignment we but be the impression the to it's want

basis. per So labor on some higher that's costs have Obviously one hour headwind. will a

inflation, and things of are some electrodes our We brick seeing supply along refractory lines. and those items continued like

significant improvement in the On that one The the value strong we but we what the mix. the think other we can side from don't The I I towards move you in every the on more put face so focused only of year. quarter wildcards of the do happens backlog, get that's premium a the to and we have We of qualifier fourth products look that positive to discussed. have as year XXXX. on can I standpoint, is as products melted window-dressing backlog. expect just end through that the a

ramped up to and from forward and behind absorption quarter will the perspective, operating drive very and better us solid costs. have a have drive the distraction variable We an which lower of fourth looking negotiations

could improvement fourth Although some quarter. start up bar exit cell I here fourth upon optimistically, quarter, we the in expect based first margin quarter the see the we don't significant as in benefit the and

of some of headwinds that's a the So picture kind looking we're of at.

other did standpoint thing would our be pricing notice the have of It's you with would to this guess volume. The products, we a from on increase I standpoint it's on tailwind announcement price of earlier not universe our XX% XX% a week.

look So said costs, by some at less you we're cost combination in as we the the quarter. distractions, what a if price our performance of and higher of with improve saw mixed third maintain we driven think reductions hope essentially volumes improvement, about upon to just margin would enhancements we what I operations through is and further higher or better saying

Michael Gallo

of bar assume of kind round the your some base price I'm be benefits increases, of should up, next Is couple have bookings XXXX should year? a obviously and to to margin you the your looking your fair gross that cell revenue had project. backlog you've growth levels you suggest it will see

Denny Oates

Absolutely. Yes.

Operator

Lucy with & Our next the from line Cowen question of comes Co. Guo

open now is line Your good.

Lucy Guo

I'll Good less seasonality you there surcharges and that in morning, orders will QX, to with does clarification apply Denny Chris. as well? off be said when and start

Denny Oates

again, that about into Say what orders and surcharges?

Lucy Guo

way patterns [Multiple also Speakers] see just not orders, applies No sales. orders would less you QX to just seasonal orders, it

Denny Oates

supply activity. the about bookings activity quarter in expect XXXX are and people point in the level as quarter. this fourth I would the us early continue and telling at to At the what strong time chain look in fourth we third

seasonally in end typically do not bookings as and of There's so forth. affected So quarter. sales holidays are We the at have would a the some the be as window obviously year. fourth dressing

you impact bookings. only the on really that's So see

Lucy Guo

second of to XXX be production of distributed? then so the then how mix could also in potentially and plus short sort down, and gross inefficiency the bps help your say and you that How the misalignment headwinds term. from negative, if decline can they're inefficiency or which favorable misalignment sequential Is or we margins you a how some in the it of is the clarification would about of think bps significant of us just XXX Got the if calibrate? terms step and

Denny Oates

XXX, the that that third and misalignments the second to pretax to roughly I would the of quarter. if would a remainder be inefficiencies called basically the you're went the we've out say products $XXX,XXX that mix of some door quarter out the of reconciling in

where look at the we upon quarter, fourth current on quarter. focusing third we in target in get importantly But profit case fourth improving certain and bar improve prices in cell to XXXX, actually upon you As to increase we are be saw expect that coming nickel. into as definitely commodity additional more the at as margin the look of quarter online improving we're control things we will under opportunity. the And like a the that generating

Lucy Guo

for your So just follow in internal up on your nickel XXXX plans. commentary there

generally -- is for on you're your -XX% up or XX% assume to or prices sense that flattish X% internal XX%? plan own sort it of drastic assuming nickel my are prices neutral than increase more was XXXX you trending you nickel your in think but in down more or I assumptions

Denny Oates

we're about nickel. on heard cowardly joke of kind You've me

So largely the forward. be But market levels under about production up few you it inventories has do to but deficit, we if specter if the deficit automobiles floor tariffs down huge assume built nickel going work back going drifted down that of it over The what you nickel at been road, getting and down. fundamentals in flattish, based of are requirements it's two last concerns the There's for itself, a look at has a to production to which were going batteries a today, whole running as the always upon three for going put nickel for Chinese months years or years. running been will it's prices. electrical a the look

fundamentals hard if those don't case you come of even So come a It's with be to hard there's look up think when to case to these with outlook tariff going a probable was it's this some. to at resolution you the is all of increase up issues. a in and prices to going then where And nickel where going up back nickel. see you're it you're see drop bouncing year to most most earlier and in an some a logical

kind So heads are. our where of that's

Lucy Guo

next but that as and it levels orders question relates is in premium you it. The Got about down, talked mostly timing related? QX is on is record alloys to backlogs the your sales mix,

Denny Oates

That largely and and was specific timing were. customers what their two needs basically

Lucy Guo

understand. Okay,

outlook on just conversion, your your up for some your just Chris, you in conversion reverse may free what may maybe taking expenditure into but looks like it working be? Finally free CapEx you QX, can Can if address extent capital you cash cash are XXXX. outlook to QX

Chris Scanlon

was anomaly. QX Sure. an

working the back expect to what growth continue in as QX. being QX We continue balance to we some said initiatives, the and more in total. I or the make agreement to was driver as to in QX fourth revert the I CapEx like bar spend QX. in fund bar we managed CapEx work It'll have anomaly. a capital should as approximate capital and the continue largest spend QX From spent complete of cell to unit, the through will the out seen we Q looked improvements cell bar capital, XXXX quarters free QX should spend as cash quarter. flow We earlier or was closely in cell perspective, of We that in it an accelerated probably activity XXXX that we say prior

Operator

Markets. Leshock KeyBanc Our of next line Capital with comes the from question Michael

open. now is line Your

Michael Leshock

morning. Hey, good

Just you drivers above quarter, that from wondering come quarter's you me. to number just the so I the that in $XX quarter. come you this last could call revenue below thought were million the one wondering what question caused in in mentioned just in was

Denny Oates

an quarter would for melted the the at to that itself record. backlog do of the products try and door. the with was was going a It melted lower we timing their issue regard point the premium the a for from two I had But out prepared being needs ended our record. was the we largely wasn't issue didn't main have products in out bookings up quarter backlog. comments as third I that incoming my stands It The quarter. it premium end what customers overall level And third in

I as indicator not that like would or interpret further of any that. anything So declines

Operator

Thank you.

conclude further this turn back time. session. any does for further over no you. now like the and- have answer at remarks. to Thank Oates to Mr. question- I'd call This questions our We

Denny Oates

morning. Sarah. great interest we your everyone day and sincerely our and Universal. forward you Once on season. We in a call joining to on to us our great holiday Thanks appreciate And updating support for look again January. thanks this progress Have a in next

Operator

program. you and This for today's thank does participating conclude Ladies conference. gentlemen, today's in

great may You disconnect. Everyone all have a day.

Universal Stainless & Alloy Products (USAP) 24 Oct 182018 Q3 Earnings call transcript