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| Universal Stainless posts 80% hike in 4Q profit, shares increasing |
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| Announce time£º2007-7-9 15:50:13 |
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| Universal Stainless posts 80% hike in 4Q profit, shares increasing |
Universal Stainless & Alloy Products Inc. said Thursday its fourth-quarter profit surged 80 percent on a 33 percent increase in revenue.
The announcement sent Universal Stainless shares up $3.09, or 9.1 percent, to $37.05 in premarket trading, after closing Wednesday at $33.96 on the Nasdaq Stock Market.
Universal Stainless earned $6.4 million, or 97 cents per share, compared with $3.6 million, or 55 cents per share, for the same quarter in 2005. Revenue rose to $55.8 million from $42 million in the year-ago period.
Company officials credited the results to the strength of its niche markets, coupled with investments in capital equipment and personnel, which allowed it to take advantage of market opportunities.
For the full year 2006, Universal Stainless earned $20.6 million, or $3.12 per share, compared with $13.1 million, or $2.02 per share, for 2005.
Revenue rose to $203.9 million from $170 million in the previous year. | |
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