Universal Stainless & Alloy Products Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported total net sales of $52,607,000 compared to $41,030,000 a year ago. All end markets made substantial contributions to the year-over-year growth, while sequential growth was driven by aerospace, power generation and heavy equipment sales, which increased 8.6%, 12.7% and 16.4%, respectively. In the second quarter of 2017, aerospace represented 55.1% of total sales. Operating income was $2,667,000 compared to operating loss of $252,000 a year ago. Income before income taxes was $1,597,000 compared to loss before income taxes of $1,239,000 a year ago. Net income was $1,228,000 or $0.17 per basic and diluted share compared to net loss of $802,000 or $0.11 per basic and diluted share a year ago. Capital expenditures for the second quarter of 2017 were $1.7 million, compared with $1.4 million in the first quarter of 2017 and $0.9 million in the second quarter of 2016. The company's EBITDA for the second quarter of 2017 improved substantially to $7.3 million, an increase of $3.1 million, or 74.0%, sequentially, and was up $3.0 million, or 69.4%, compared with the second quarter of 2016. Adjusted EBITDA was $7,702,000 against $4,568,000 a year ago.

For the six months, the company reported total net sales of $101,482,000 compared to $80,624,000 a year ago, the increase was broad based with all end markets contributing to the increase versus prior year, both for the second quarter and for the first half as a whole. Operating income was $2,183,000 compared to operating loss of $2,749,000 a year ago. Income before income taxes was $116,000 compared to loss before income taxes of $5,599,000 a year ago. Net income was $9,000 or $0.00 per basic and diluted share compared to net loss of $3,242,000 or $0.45 per basic and diluted share a year ago. Net cash used in operating activities was $1,613,000 compared to net cash provided by operating activities of $6,762,000 a year ago. Capital expenditures were $3,068,000 compared to $1,736,000 a year ago. EBITDA was $11,440,000 against $5,418,000 a year ago. Adjusted EBITDA was $12,411,000 against $6,870,000 a year ago. Total debt was $77.7 million as of March 31, 2017, an increase of $3.2 million compared with the end of the first quarter, driven primarily by working capital increases noted earlier.

For the year, the company expects full year income tax rate to be approximately 30%. For full year 2017, the company expects CapEx to be in the $7 million to $9 million range, down from the previous range of $8 million to $10 million reflecting more selective capital spending across the business as a whole.