USAP - Earnings call transcript Q4 2021 | Universal Stainless & Alloy Products, Inc.

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Operator

Good day and thank you for standing by. Welcome to the Universal Stainless fourth quarter 2021 conference call and webcast. At this time, all participant lines are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [[Operator Instructions]. today's being that advised be conference recorded. is Please Instructions]. [Operator hand over to I would host, conference to like now your the June Filingeri. Please ahead. go

June Filingeri

Carmen. Stainless call is This webcast. I to Good of and you you welcome Universal and like would June the to CommPartners also Thank Filingeri morning.

Arminas, this Oates, Executive here are John President and Commercial Executive Chris Zimmer, reported and President Administration the us and from Officer, quarter XXXX company's Chief President We With fourth management Vice General Chief discuss results to of morning. Vice are Denny Officer, Counsel.

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

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

Denny Oates

Thank you joining for June. Good morning us today. everyone. Thanks

the about results, we take I state quarter to fourth simply obvious. Before a talk would like moment to

XXXX dealing have unprecedented been year of recovering XXXX employees the many schedules, friends. the quarter just improvement progress our planning Because their our employees to continue continued their very of of without fourth we would and while a critical to as variance, and possible the in each a for pandemic the challenging Nonetheless, expect and progress commitment, we including to in not efforts all was this our families Our name for support also from one business of with long. in challenge of tireless COVID sequential the recover. year our year make all markets issues and of are with new further shortages, every XXXX quarter were up few. uncertain

included strengthening during sit $X and Business here increased million in Net sales at XXXX. behind So accelerate XX% XXXX, XX% production things. $XX.X surcharges. markets. importantly, driver third up quarter up surcharges recovery million quarter fourth we $X.X and end momentum alloy sequentially. quarter-over-quarter continued million in order aerospace is to of which of consistent or the Premium XXXX favorably our a before let's million, different based our a of to million achieved of Sales compared sales Premium about the of was and main million perhaps sales dive $XX.X of a sequentially. of upon growth fourth our the into were of couple XX% third high vacuum record-breaking backlog the And demand sales XX% in $X talk during with results. the We million quarter. melting company beyond. today for to new the continues The as XXXX the numbers. aerospace most in reached Taking net alloy record The expectations before XXXX, of quarter $XXX.X performance in this looking quarter. $XX.X quarter each deeper from sales compared

of premium of quarter sales. total fourth alloy More Our Gross of XX% entry of million or improved end of million. reflected at quarter $XXX.X backlog for consisted solid $X.X $XX order the the of million third record quarter products. fourth than order backlog consecutive in profit the to the the X.X%

XXXX recorded was XXXX's million, million while were charges XXXX of cost levels. given $X.X million $X.X gross no fixed $X.X charges million. or cost included a absorption of $X.X QX quarter respectively. quarter There sales fixed special loss Third profit QX X.X% was gross and and our absorption profit production fourth of

pricing reflects most a benefits, management, the melted levels, products, recent inflation, Jackson of initiated including number in production process last factors North record-breaking premium positive progress product number more Our our years. things. were offset targeted occurred. positive improvements offset of in premium positive melting mix actions to and quarter partially Generally things higher three production by These two the facility that over

a shortage labor compounded ongoing in continued COVID. by the First, manufacturers related spike was oil and to absences impacting

due XX% Omicron. experienced daily since to XX% Specifically, Thanksgiving, to have we call-offs

it the situation improving. appear does is Fortunately, slowly

we chain project raw of a timely MRO within range and supply parts melt which And services hot shop, receipts, three the in and transportation alone a mill planning challenged the experienced quarter transformer scheduling or critical sales. outages by reduced These unplanned plant. of delivery $XXX,XXX issues basic X.X% gross lastly, Secondly, operations. capital and completion material Oil in reliability, freight, functions the fourth entire profit and of our outages Bridgeville company.

been than fourth year. XX% $XX.XX far year. have lastly, XXXX's run $XX.XX XX% XX% $X.XX at reached a pound. to a XXXX another this December you $X.XX all pound, during nickel so and on jumped during Molly at as $XX.XX of the morning. per of respectively. scrap and XX% Vanadium pound most was in And quarter, by XXXX, As and reaching doubled chrome and more increased per bull XXXX almost Compared commodity increased has prices up in on know, XX

services. these operating costs, to consumable maintenance inflationary plant and In supplies, pressures continued for addition major parts material other

material these a improvements, base combination and We price of raw productivity through increases will address surcharges. issues

to the selected at XX.X% XX.X% Towards $X and third announced XXXX but million, expenses selling, the this remained a level four quarter in general January of of effective third percent quarter as on of and increases declined Fourth in XX. end, administrative quarter. to implemented sales base with additional price we products an X% increase sales XXXX price XX% versus

at We expect for current remain few next SG&A the levels quarters. expenses to

back The of and XX.X%, includes pretax our XX% and tax XXXX gain benefit add a offset of partly XX.X%, stock benefit million. loss, for research rate forfeitures statutory Our quarter pretax a stock on expense forgiveness the $X.X $X development for rate a rate, option forfeitures. effective was by credits, option a fourth reflecting from The $X.X driven by million million due share, of us to is and loan effective we the tax changes rates diluted forgiveness per loss deferred In included PPP per tax quarter, million impact quarter brings third a loss the of which in Payback That the $XX down or the for fourth XXXX net of Protection million to $X.XX $X.XX $X.X Program the recorded income gain balances. or net of a million on of tax XXXX loan. $X.X of share. diluted negative

net per PPP and the quarter deducting million XXXX or cost XXXX third $X.X $XXX,XXX $X the $X.XX fixed of million was share. gain, were loss pretax the was in quarter $X.X net quarter and settlement. or third $X.XX claim quarter In the $X.X fourth diluted absorption of XXXX an EBITDA per the charges million as There diluted insurance was the EBITDA XXXX, loss share. $X previously fourth compensation Before adding million for mentioned. million after was for adjusted quarter, and stock-based fourth in

test work rising and involved reflecting the $X.X in products operating process in or a increased position. Managed the million The $X.X $X.X reflects backlog, in X% and this million production to commissioning supplies. inventory, particularly million The material $X.X by along material quarter, of orders. increased materials and reduction to reflects commodity at in a our with prices. premium a our test and new raw million of $XXX.X million an increase work for million reduction this during $XX.X has sales furnace specifically, capital all million applied More during offset quarter. financial passed growth testing in our increasing point increase is on reaching arc an being million, $XXX.X the growth $X.X and in to inventory working process crucible. customer vacuum Virtually by Moving now remelt XX-ton for in

costs the vacuum sales operations. in in inventory chain increased While premium we XX-ton was am Accounts purchases growth advanced shape. induction was material quarter very unchanged from up. spend state-of-the-art of fully million caused for remelt Depreciation third previously. $X of the as a by material supply quarter million that mainly Most commissioning to we and and melting product third from heavy first into protect to quarter $XX XXXX in discussed $X.X target our are in arc by XX-ton million totaled of an arc to spend in capital furnace about spending projects. crucible potential integrated $X.X the X.X% is million being very The capital exactly totaled raw failures. XX% vacuum operating for $XX.X for or the or after facility support for final now commissioned premium production, the Fourth are million, the addition raw to and all and furnace during receivables Fourth the in quarters remelt our is ramp continue further to quarter stage two receivables to carrying growth The report Days strategic the and million. $X.X pleased outstanding quarter. vacuum the decreased installed, capital great reduce have to I a million smooth campaign. the to $XX.X remained quarter. XXXX million crucible to of products operations amortization $X.X year-to-date due from still $X.X on bringing reduction prior payable sales from million, we

We vacuum for million pleased for stood slated XXXX ramp remelt September premium our today $XX.X debt strategic was under second our capital year-end, the $XX million of of are in Board are Total working at of liquidity Total spending at technically ongoing arc in million ample $XX.X growth activity. operations is and XX providing million, managed support gross more alloys. most also increase increase initiative This The our of availability an furnaces, will additional for revolver in the to advanced that has $X.X acquisition authorized begin accounted XX. of $XX.X XXXX. than announce in plan part and the the capital from which two the of to million increase. quarter at December

markets, look end our at with beginning market. a aerospace, take let's largest Now

sales of XX% of in quarter. quarter total of jumped quarter aerospace $XXX.X the from XXXX. compared $XX sales in million sales XXXX. of XX% Our in third to and sales with or Aerospace aerospace the XXXX. in million $XX.X million XX% fourth Full of XX% increased $XXX.X sales XXXX were from sales fourth million XXXX and $XX.X year million or the XX% up

we early are while So improving, to market XXXX and is not our back levels. XXXX

sales and the the Airfreight in future and X,XXX. delivered express Major at planes similarly shape, XX% were activity, in in used activity based up travel remained XXXX is reported and Business is spring build takeoffs and growing Boeing bookings Boeing for of in of low. spending and improving better-than-expected directive in general and airlines traffic expected the Airbus jet increased X.X%. for deliveries, upon increase the Defense is X,XXX XXX strong cargo are strong aerospace highlighting XXXX MAX, through Gross supply our and related an increased Backlogs increase of to in markets. retirements plane a demand. any at with commercial landings data quarter, very issued of A and to e-commerce rates. already return equipment positive with chain for fourth pull market remained expanding China versus quarter near couple our We forgers of sales travel in to XXXX. with digit deliveries fourth XXX we based growing growth Airbus metal XXX to single are The our rework, higher Omicron craft out and market quarter inventory summer spending the fourth XXX chain on orders the is freight Boeing airworthiness increasing aviation. and points demand metal more XXXX bookings feel in step service in a still offset Airbus at supports for and fueling TSA doubling parting grew consider. with at the and the XXXX, from critical increased in increases in increasingly freight these areas. positive XX% see lean our recovery XXX. outlook sectors, versus second side finally, XXX into good as an ending and issues. is the the gaining XXXX. potential Certainly, prior We everyone perhaps and XXX backlog pent-up largest in in a and for XXXX new process defense travel. accelerating than outlook. traction on market move will strong deliveries However, heavy the some planes. consumer the And for planes headwinds trends, XX trends business planes aerospace periods. versus even XXX% return healthy in supply in aftermarket the

quarter reported and some of $X our sales $X.X demand remain automotive million market. sales year were and supply XX% and the million, sales macro prices sales. sales our Full and sales retooling million as demand on quarterly reflects the XX% Specifically, higher Based end or describe fourth XXXX. of due Schlumberger to market which largest heavy XX% $X.X quarter the in with in and of XX% high of sales markets, to Hughes than tight with combination of equipment XX%. steady in and bringing rigs XXXX quarter year drilling oil step-up our and a fourth and quarter XX% that sales and and million, the by prices along and recovery, we in natural fundamentals forecast were citing in prices an the XXXX over oil from of third The oil higher supportive recovery driven highs The spending strengthening rig from part market XXX totaled XXXX. very was production Oil seven in gas the sales assessment as rose. XXXX gas third XX% even industry X.X% are counts sales Full full continued off-road at another year than is gas XX% drives heavy remain the a Schlumberger for lumpiness. fourth in sequential Oil of stage increase activity in activity. strong up quarter, manufacturing, international growth increase of both North or ahead of bookings XXXX our increased offshore represents market XXXX. rotary industrial rose favorable industry vehicle activity. drilling year with week, of XX% in drilling the in gas and level Metal equipment higher increasingly sales and Baker oil U.S. to the increase soared up heavy Last the prices. quarter model in expects by market gas XX%. were of slightly or XXXX agrees America, capital And our the XX% equipment setting or sales new up which fourth oil with than XXX from year, typical XXXX, same pickup the past the is international rig customers, continued counts while $XX at expect total counts by were Taking XXX up XX% fabrication to quarter the counts year-over-year, in U.S., up fourth over look closer equipment heavy were rig were while strong third development. and rig a period. XX were land-based an

supply our more parts for metal. production equals and For gas equals more the more demand oil chain,

totaled continues through the we excess pickup market sales very the sales XX% in quarter last and some a third in Full $X XX% channel, and be million X% some XXXX. we to quarter is as market there XXXX XX% year than of actually this we sales in week. but which industrial gas earlier lower from XXXX, nice year. inventory sales oil of orders than $X.X General expect were our of move lower booked fourth the or up million, While

another X% made production should XX% $XXX,XXX in U.S., are from year in being leading ramped sales record million semiconductor general fourth the and or up in increase from of general chipmakers, of $X.X by the quarter increased which sales year investments XX% in Full Power the Major reasonable to of sales, third Our benefit ago. sales accounted were and year includes quarter of up the markets. we sales coming Maintenance or fourth a customers. general an November. power in sales. The to of in XX% industry markets sales and most is our and than semiconductor, manufacturing chip Overall, manufacturing unit recent off industrial volume with driver through generation to was strong is years market XXXX. opportunities expect shipments the industrial medical the lower quarter our gen has $X.X our which demand main for sales. XXXX million, sales X% market

term, tag gas on reports We XXXX least to digits. Longer effect expect abundant century that while the there's the the turbine latter major XXXX through single the OEMs. and although growth be industrial case to well. benefit from at as recent part net market, increased the in zero of continue some discussion mid have industry anticipate on emissions turbine gas what will we at in backlogs

So alloy $XXX.X received of and we let XX% as Business me XX%, summarize. in X.X%. a sales margin come of and of back a fourth well million quarter sequential the sales to including growth backlog record gross continued premium higher as

narrow XXXX. the aerospace Recovering and to in in from business continue of with of XX% was quarter main further with the to up also Boeing and fueled point reports schedules deliveries, quarter aftermarkets demand freight our topline loss. orders and driver from bottomline growth recovery fourth XXXX. nearly The aerospace XX% demand the third We combined jets our latest at and growth build world, in trends travel the on Airbus sales

the fourth in Our is sequential also sales coming markets balance quarter our growth of year. each the for included and positive increases end in in the outlook the

strategic VAR, will an begin and our in future, furnace and continue In costs additional XXXX. doubt XXXX capability we chain to and lowering remelt, achieve is shortages issues, arc to sequential in labor crucible from to each improvement of expanding challenges no supply will immediately. vacuum in the and our investments related plan there that quarter we XX-ton with looking and While be presented

has expand acquisition approved Board additional vacuum of Our further remelt recent arc approvals. on customer will our product which now two the based portfolio furnaces,

ramp as and Our strong operations the remains balance up future. we sheet invest in

adequate rise, the future. employees I our some them. none possible liquidity backlog, is resilience with fund Our investments and record-breaking to want activity be my levels grateful Board, target remarks. repeat in our are sales sincerely remain the our all working will growing of to take without to support I capital add concludes we consistent our That and questions. position of formal dedication customers accomplishments shareholders. to and the ready that of Carmen, as of needs and just

Operator

Instructions]. [Operator right. All

Our from KeyBanc comes first from Phil of question the line Gibbs Capital.

is line open. Your

Phil Gibbs

morning. Hi Good Denny.

Denny Oates

Phil. Hi Doing good.

Phil Gibbs

Good.

Just raw want to or talk and quarter with staying deflating, fourth things the spread are and to nickel the quarter? material strong. in about cost the fares way surcharge the that other first impacted in you you seemingly And what other how but first anticipating one

Denny Oates

positive it fourth misalignment, some call in was quarter. wasn't big There but to enough the out

couple kind market. last quarters, costs real So we our of the material of talked the to catching have as up in are

look As looking depending what we the have mixed upon quarter, we right, are first at at. you signals got you kind are of

nickel down. trending Some of scrap go like yet to is the commodities continue up

will surcharges as increase and and our we continue and is, But increase. know, expectation From January see you modestly to So March. in will probably we stabilization will costs know already that's raw commodities. are Certainly, a wildcard. material expecting in for February there, we they

Phil Gibbs

your you what So we seeing anticipate QX that versus help you help equal Should to should margins and QX? going are does that’s given we all's in already?

Denny Oates

quarter. the give first us modest plus in a should That

Phil Gibbs

of the for capital and XXXX? side working And then what's your CapEx, net on outlook

Denny Oates

each As reflect XXXX, expect sales. to we we higher look at quarter

the now fair is things we outlined some test test. my we a quarter which in of comments, in past have I unusual As amount fourth happening because have material

way the for want now customer to So we which that orders, in material can is saying another first we material quarter. use of melt that

look of you tracking our modest I working So some I will course the managed capital as this over at sales. expect year, the again, use would word modest increase, with

Phil Gibbs

understand several big know targeted you are course $XX you quarters. I the then but how to that invest million next on year. did trying to And VAR you this equipment of complete much over just of was projects, going and that’s some relative I also that's for? some have to accounted the the

Denny Oates

right with when estimate equipment. now little the in say spending to bit would that best rolling can get actually when than projects and in the reason be Our to I and assume XXXX would that everyone we in we capital a supply why we actual directionally, chain million. spend we should But is at And did of XXXX XXXX. qualification more of some these of understand expect expect capital $XX receipt

expect We to improving each same quarter be time. margins the expect in improving at to we be and sales

Phil Gibbs

with? of forecasting the are maintenance trying spending are capital the that terms breakout the you things of for XXXX What's augment business to that other you number versus in

Denny Oates

the Broadly, arc by I and would the by million $X.X high mean million There would know in I And say furnaces are that, you projects or return alluded I to. some I there. less. be about $X will mean, maintenance, vacuum And million, just what small, $X by remelt maintenance be remainder right. small

Phil Gibbs

for your Okay. was tapping because had adding you surprised remember? are now had No, bays for thought maybe clearly are quite just North unless that Jackson something that's you you and I that access at I these you can't capacity space all or I

Denny Oates

install furnaces. we to remelt are where vacuum arc reviewing We are the going

agreed have two. to install We

at looking are that. to are going do we where we So

another point So of variability $XX that's in the million.

Phil Gibbs

you. Thank Okay.

Denny Oates

welcome. are You

Operator

[Operator Instructions].

question LMK a from Capital. Bob have We with Sales

open. is line Your

Bob Sales

all Congratulations Denny. Hi the performance. on of to you again

Denny Oates

Good morning Bob.

Bob Sales

you me Can okay? hear

Denny Oates

Yes.

Bob Sales

you there peel was in you talked some Okay. inefficiency. what Would to know be headwinds gross think total had back sounds materials. about some past some quarter like were was It shipping impact able test the on on sounds higher. the of costs with It I there the like quarter? the being that you margins in

Denny Oates

difficult which related required the crane shop were a a specifically this outside get failure in outages. was And that was it's and And One quarter three and is immediate which unplanned issue. call which help. incidents $XXX,XXX, we to unusual, day help. to fourth during had very up mechanical out called outside we age, Well, melt

an transformer for with be amount time. same mill our with outage. down thing to the Same thing us unusual and the hot caused it So of

I in quarter recur. about were $XXX,XXX identify fourth as specifically So won't unusual they that can that the costs

whole is The that wildcard subject one and COVID. this of other a is bit a of

If employees imagine, XX% got to kind walk-in and possible operations going situation. the as schedule you of Omicron a to five-day-off can of as XX% have you when run trying facility efficiently your through

very that that operation. you hear everyone's most months. in the same have been manufacturers, existing wrestling rate. with folks in have did high recovered from country. because quickly. are disruption thing very from production already fortunate of that, over the relatively hear fair of I having you the cause you And last to it labor We on going a suspect, And the of a But employees calls other a amount And shortage top call-off your couple have have as

it's in that. on thousands the difficult me dollars, it's put clearly. But of number for to a hundreds of So

Bob Sales

freight Did or absorb at reverses any on the the you of any of products were that gross hit test impact you some margin an think on you point? for materials some specialty that running

Denny Oates

We tend to be that. conservative pretty on

fourth fixed look million you costs of third the direct, at million $X.X We P&L and P&L So forget had cost that if quarter. in the in total the fixed $X.X we hit quarter. the hit had

under in some of absorption. those did affect Bridgeville in So factors some

validate you can't an on as commission and to pounds into, far to it. and those orders have we crucible, to product you which are specifically, as turn XX-ton we means is a product, have you the orders. furnace producing make the the equipment aerospace have As new those working and trying orders customer business, we just test to and to apply go well to quality those that test in the Being

the be well, in there and pound over those and is virtually be will those be but out first to to that's So out, every And extra recovered will product that turned in there sold called good applied the the course spending, that's be customer was in that's of of the year. inventory. sitting all fully half work percent on cost some due cost they fixed because orders million that products simply $X.X variable of process I as

Bob Sales

in with factors XX% draw the premium like Okay. improvements with would then given it you that And thread a figure look alloy pretty like on and you margins gross gross premium as target sound for forward sticking you that was Can margins, to you of confident metals sand and expenditures. capital you as looks perhaps on other with us exit XXXX? where the

Denny Oates

guidance that you at margins level here would don't move typically in we of What through of I I as detail. year the is, total. expect tell would give half Well, double-digit we the first

Bob Sales

Yes. Fair enough.

Denny Oates

the it improve to expect And we as each go quarter through year.

Bob Sales

it. Got

Denny Oates

You see the backlog.

as term, the saw same range to we the expect by improve sales roughly So quarter short look you you would in as the fourth versus third.

expect So that's higher backlog. would see with mix, production based And sweeter to looking sales what the we higher at upon we are higher the and and margins.

Bob Sales

it. Got

Denny Oates

gross profit in longer the teens our a And margin term said up mid be standpoint. to upper have target, as from we to many times, is

Bob Sales

premium your I of in go as premium the But hope revenue XX%, And forward? peaked your percentage expectation products XXXX, XXXX, at XXXX, last or when look you out of cycle. where can't we sort remember products a is what of as in Okay. to terms

Denny Oates

one issue. is percentage the Well,

XX% I amount. and more dollar absolute look I speaking. generally the But at between somewhere guess, So XX%,

Jackson So in I XXXX that grouping expected would speed up well And grow XXXX, million. expect North very we to product goes million, XXXX. $XX that around were XXs be $XX and to in rapidly as is up in down to number the XXXX. in

publicly said revenue in premium $XXX incremental products. have we of many think melted We million there's times,

have a still investments way we think $XX which range which in I of XXXX, the reasonable somewhere making are to we announced. in We number. So have go, some these explains a million is why are we

Bob Sales

the the the that's strategy qualification success secondary same with? are that supplier or playbook the it. OEMs with chain then still you supply goes an along same to process positioning that alternative finding And that of as in Is yourselves the and

Denny Oates

Yes.

years, where you we those at premium think last looking have we feel competitive I products. if areas are participate those gotten. have make of six capability look we five melted at We the of for us the there upon have market products the to room to a or is the approvals ability based And we and the demonstrated making from standpoint

anticipate We get We approvals. continue to later this those more year. a few

the have before. talked So about plan that's game that same we

Bob Sales

for Perfect. continuing to just really congratulations move Thanks. on And the ball this.

Denny Oates

you. Thank Okay.

Operator

[Operator Instructions].

We have ahead. go Please Capital, Bob Sales. LMK a follow-up from

Bob Sales

that since have assume to benefit calls commercial transcript. Denny, spending. being us defense road. the figure as again you will can floor opposed growth I will at most you in It this I the give some the a other people a true? of look in will with save on, When take Is us that of now aero, down you is

Denny Oates

do We fair amount a necessarily. spending. of defense Not

Some premium would into of from the standpoint. melted approvals helicopters products the new go like military applications of

So it's sell I we time service we OEMs. precise have centers. we don't the and not talking a are hard forgers directly We sell giving sell commercial to because a to to strictly you number about.

but steel are So we we where of visibility, know used. don't of have clear grades some these

Bob Sales

backlogs. at the seeing confidence of and the Yes. you you revenue at look and Or majority go on think pull-through And your we for pull-through more new visibility maintenance as growth when you your your or today are the existing do Boeing think is and fleets? XXXX, do of you sort the refurb pull Airbus ongoing of as look for through you orders

Denny Oates

There's related. load is that a base aftermarket

we think do booked to a build for backlog rates. of has the course that portion aerospace healthy of the the I over outlook XXXX with

that's might to what, at. They of go will it XXXX later increase know now, example. we month and and XX to in were end so a call month, a looking I expecting at, XXXs the today, have got they by use a change. Boeing So continue to year what are But XXXX. planes as that people the XX an

are we accelerate going to metal later buying half which of that's year ready. be what to the that's first the parts at that XXXX. frankly, our parts build If metal means those have People think chunk happen, have And be healthy frame. And ready So going if now. see to to year be backlog. you are to rates in the need in the of making that be a to and to about parts, into have make to you going the that, time this

Bob Sales

it. Got

Okay.

now. for have I all that’s think I

Denny Oates

questions. the for Thanks Okay.

Operator

Thank back his And that, thank sir. for thoughts. I to Denny you. Q&A you, turn conclude we with final will session. it Oates And the

Denny Oates

again, Thank us thank morning. for joining you Carmen. this Once you

XXXX you a taking We look we our to continue advantage growth be to on great our in meantime, call day. April. and have progress press In and on focus opportunities on beginning with on our are forward our safe of stay We a next will updating well, full initiatives. market the forward

Operator

And conference. and disconnect. concludes participating now with for you you that, Thank this may today's

Universal Stainless & Alloy Products (USAP) 26 Jan 222021 Q4 Earnings call transcript