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Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) reported near-record net sales of $77.6 million for Q1 2024, marking an 18% increase from Q1 2023. Aerospace sales increased to $60.2 million, driving profitability with a gross margin of 18.9%, the highest since Q1 2012. Net income surged 59% to $4.1 million, and cash flow from operations grew by 39% to $10.3 million. The backlog rose to $325 million due to strong order entry. USAP emphasized growth in premium alloys, managing working capital effectively, and investing in capacity expansion.
