Universal Stainless Stock (NASDAQ:USAP), Trade Ideas

Universal Stainless

Universal Stainless & Alloy Products Inc manufactures and markets semi-finished and finished specialty steel products, including stainless steel, nickel alloys, tool steel, and certain other alloyed steels. The company along with its subsidiaries involves melting, remelting, heat treating, hot and cold rolling, forging, machining and cold drawing of semi-finished and finished specialty steels. Its products are sold to service centers, forgers, rerollers, and original equipment manufacturers.

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Top Stories: GROY reports lower than expected Q4 revenue, USAP sees record sales in Q4 and 2023, ATLX secures $30M investment, XPL discovers high-grade gold zone at Golden Crest project.

Gold Royalty Projects Revenue To Double; Universal Stainless Sees Record Sales; Atlas Lithium Gets $30M And More: Thursday&#39;s Top Mining Stories

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Top Stories for March 8, 2024:
1. Cleveland-Cliffs Inc. (NYSE: CLF) is increasing spot market base prices for all carbon hot-rolled, cold-rolled and coated-steel products.

Cleveland-Cliffs Increases Spot Prices; Ramaco Resources Reports Financial Results; AngloGold Announces Board Change And More: Friday&#39;s Top Mining Stories

Universal Stainless&#39; Price Increases; Warrior Met Coal Ups Dividend; Idaho Strategic Buys Butte Gulch Property

Universal Stainless & Alloy Products, Inc. - Common Stock

Universal Stainless & Alloy Products Inc

Top Stories for March 28, 2024:
1. Gold Royalty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GROY#NYSE">GROY</a>) reported <a href="https://www.benzinga.com/news/earnings/24/03/37977542/gold-royalty-for-2024-expects-total-revenue-of-10m-11-2m-vs-11-71m-consensus-sees-positive-operatin">revenue of $5.2 million</a> and a loss of $3.9 million (3 cents per share) from 2,703 gold equivalent ounces (GEO), which was below guidance due to production delays at Canadian Malartic. 
The net loss per share for Q4 was 13 cents with adjusted earnings of one cent per share, an improvement from the previous year.
The company expanded from 18 to 240 royalties, including five in production, with acquisitions like Borborema and Cozamin enhancing growth from key projects like Côté and Odyssey. 
For 2024, it expects 5,000 to 5,600 GEOs. Assuming gold at $2,000/oz, that translates to $10 million to $11.2 million in revenue, doubling GEOs compared to 2023 with stable operating expenses and positive cash flow.
The company also projects about 100% revenue growth in 2024 due to major royalties entering production.&nbsp;
2. Universal Stainless &amp; Alloy Products (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/USAP#NASDAQ">USAP</a>) reported record <a href="https://www.benzinga.com/news/earnings/24/03/37977744/universal-stainless-q4-eps-0-27-misses-0-32-estimate-sales-79-78m-beat-78-65m-estimate">Q4 2023 sales</a> of $79.8 million, a 12% increase from Q3 2023, and record annual sales of $285.9 million in 2023, up 42% from 2022. 
Premium Alloy sales saw significant growth, with Q4 sales up 28% to $21.1 million and annual sales up 74% to $68.1 million. Aerospace sales increased 15% in Q4 and 57% annually.
Despite raw material costs, the company achieved its highest gross margin since Q2 2018 at 16.4%.&nbsp;
Net income for Q4 was $2.6 million, marking a 35% increase from Q3 2023 while annual net income turned from a loss in 2022 to $4.9 million in 2023.&nbsp;
Cash flow from operations was $7.4 million for Q4 and $25.2 million for the year.&nbsp;
President and CEO Chritopher Zimmer said, "The main drivers of our improving profitability in 2023 were a richer product mix and the benefit of price increases implemented over the past three years, which were partially offset by negative surcharge misalignment due to falling commodity prices. The misalignment is expected to lessen by the end of the second quarter of 2024."
Also Read:<a href="https://www.benzinga.com/topic/mining"> </a><a href="https://www.benzinga.com/news/24/03/37948764/bridge-collapse-snarls-consol-energy-coal-exports-from-port-of-baltimore">Bridge Collapse Snarls Consol Energy Coal Exports From Port Of Baltimore</a>
3. Atlas Lithium (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATLX#NASDAQ">ATLX</a>) secured a $30 million investment and offtake agreement from Mitsui &amp; Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MITSF#OTC">MITSF</a>). 
This deal involves Mitsui buying Atlas Lithium shares at a 10% premium and agreeing to purchase up to 75,000 tons of lithium concentrate from Atlas&#8217;s Neves Project in Brazil.&nbsp;
The funds will expedite Atlas Lithium's development toward operating a lithium mine and spodumene concentrating facility by late 2024.&nbsp;
This strategic partnership follows a Memorandum of Understanding and extensive mutual due diligence, reinforcing Mitsui&#8217;s longstanding and profitable mining presence in Brazil since 1960.
4. Solitario Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPL#NYSE">XPL</a>) announced the discovery of a high-grade gold zone, named Sleeping Beauty, at its Golden Crest project, reporting assay results as high as 39.6 grams per ton of gold.
Situated on a limestone plateau adjacent to the Geyer gold zone, Sleeping Beauty has yielded 28 samples exceeding 1 gram per ton of gold and 65 samples above 0.2 grams per ton across a 1,600-meter trend.
The area with the highest grades remains open in all directions, with an average of 7.12 grams per ton of gold from 14 samples.
Now Read:<a href="https://www.benzinga.com/"> </a><a href="https://www.benzinga.com/markets/commodities/24/03/37960632/goldman-sachs-turns-bullish-on-commodities-spotlights-copper-ahead-of-federal-reserve-shift">Goldman Sachs Turns Bullish On Commodities, Spotlights Copper Ahead Of Federal Reserve Shift</a>
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Gold Royalty Projects Revenue To Double; Universal Stainless Sees Record Sales; Atlas Lithium Gets $30M And More: Thursday's Top Mining Stories

Universal Stainless (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/USAP#NASDAQ">USAP</a>) reported quarterly earnings of $0.27 per share which missed the analyst consensus estimate of $0.32 by 15.62 percent. This is a 165.85 percent increase over losses of $(0.41) per share from the same period last year. The company reported quarterly sales of $79.78 million which beat the analyst consensus estimate of $78.65 million by 1.44 percent. This is a 41.96 percent increase over sales of $56.20 million the same period last year.

Universal Stainless Q4 EPS $0.27 Misses $0.32 Estimate, Sales $79.78M Beat $78.65M Estimate

<h3>Companies Reporting Before The Bell</h3>
&bull; Universal Stainless (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/USAP#NASDAQ">USAP</a>) is expected to report quarterly earnings at $0.32 per share on revenue of $78.65 million.
&bull; Shimmick (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHIM#NASDAQ">SHIM</a>) is estimated to report quarterly loss at $0.20 per share on revenue of $158.50 million.
&bull; MSC Industrial Direct Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSM#NYSE">MSM</a>) is estimated to report quarterly earnings at $1.16 per share on revenue of $946.55 million.
&bull; Walgreens Boots Alliance (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) is likely to report quarterly earnings at $0.75 per share on revenue of $33.03 billion.
&bull; Data Storage (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DTST#NASDAQ">DTST</a>) is projected to report earnings for its fourth quarter.
&bull; Affimed (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFMD#NASDAQ">AFMD</a>) is likely to report quarterly loss at $1.68 per share on revenue of $1.71 million.
&bull; Atour Lifestyle Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATAT#NASDAQ">ATAT</a>) is expected to report quarterly earnings at $0.19 per share on revenue of $168.26 million.
&bull; CNFinance Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNF#NYSE">CNF</a>) is likely to report quarterly earnings at $0.01 per share on revenue of $65.41 million.
&bull; BRP (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOOO#NASDAQ">DOOO</a>) is estimated to report quarterly earnings at $1.92 per share on revenue of $2.05 billion.
&bull; OptimizeRx (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPRX#NASDAQ">OPRX</a>) is estimated to report quarterly earnings at $0.26 per share on revenue of $26.47 million.
&bull; Azul (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZUL#NYSE">AZUL</a>) is likely to report quarterly earnings at $0.14 per share on revenue of $985.30 million.
&bull; Imunon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMNN#NASDAQ">IMNN</a>) is projected to report earnings for its fourth quarter.
&bull; Iterum Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ITRM#NASDAQ">ITRM</a>) is expected to report earnings for its fourth quarter.
&bull; DarioHealth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DRIO#NASDAQ">DRIO</a>) is projected to report quarterly loss at $0.54 per share on revenue of $3.57 million.
&bull; Cheche Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCG#NASDAQ">CCG</a>) is expected to report earnings for its fourth quarter.
&bull; Telesat (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSAT#NASDAQ">TSAT</a>) is projected to report earnings for its fourth quarter.
&bull; Jiayin Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JFIN#NASDAQ">JFIN</a>) is projected to report earnings for its fourth quarter.
&bull; IM Cannabis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMCC#NASDAQ">IMCC</a>) is estimated to report quarterly loss at $0.17 per share on revenue of $10.45 million.
&bull; Smart Share Glb (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EM#NASDAQ">EM</a>) is expected to report earnings for its fourth quarter.
&bull; 36KR Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KRKR#NASDAQ">KRKR</a>) is projected to report earnings for its fourth quarter.
&bull; 22nd Century Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XXII#NASDAQ">XXII</a>) is estimated to report quarterly loss at $0.55 per share on revenue of $17.10 million.
&bull; China Automotive Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAAS#NASDAQ">CAAS</a>) is estimated to report earnings for its fourth quarter.
&bull; REX American Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REX#NYSE">REX</a>) is expected to report quarterly earnings at $0.68 per share on revenue of $190.26 million.
&bull; D-Wave Quantum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QBTS#NYSE">QBTS</a>) is projected to report quarterly loss at $0.10 per share on revenue of $4.73 million.
&bull; Hut 8 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUT#NASDAQ">HUT</a>) is expected to report quarterly loss at $0.25 per share on revenue of $23.66 million.
&bull; American Oncology Network (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AONC#NASDAQ">AONC</a>) is estimated to report earnings for its fourth quarter.
&bull; Gold Royalty (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/GROY#AMEX">GROY</a>) is estimated to report quarterly loss at $0.01 per share on revenue of $1.90 million.
&bull; Better Home &amp; Finance (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BETR#NASDAQ">BETR</a>) is projected to report earnings for its fourth quarter.
&bull; BOS Better Online Solns (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BOSC#NASDAQ">BOSC</a>) is projected to report earnings for its fourth quarter.
<h3>Companies Reporting After The Bell</h3>
&bull; INmune Bio (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INMB#NASDAQ">INMB</a>) is estimated to report quarterly loss at $0.44 per share on revenue of $40 thousand.
&bull; Dolphin Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLPN#NASDAQ">DLPN</a>) is likely to report quarterly earnings at $0.00 per share on revenue of $11.10 million.
&bull; Ascent Industries (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACNT#NASDAQ">ACNT</a>) is expected to report quarterly loss at $0.08 per share on revenue of $63.50 million.
&bull; Kodiak Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KOD#NASDAQ">KOD</a>) is expected to report earnings for its fourth quarter.
&bull; Pineapple Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEGY#NASDAQ">PEGY</a>) is estimated to report quarterly earnings at $0.00 per share on revenue of $20.40 million.
&bull; Oxford Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXM#NYSE">OXM</a>) is projected to report quarterly earnings at $1.95 per share on revenue of $408.18 million.
&bull; Naas Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NAAS#NASDAQ">NAAS</a>) is estimated to report earnings for its fourth quarter.
&bull; Danimer Scientific (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DNMR#NYSE">DNMR</a>) is projected to report quarterly loss at $0.38 per share on revenue of $11.33 million.
&bull; Dare Bioscience (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DARE#NASDAQ">DARE</a>) is expected to report quarterly loss at $0.10 per share on revenue of $1.79 million.
&bull; Intellinetics (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/INLX#AMEX">INLX</a>) is estimated to report quarterly earnings at $0.04 per share on revenue of $4.10 million.
&bull; Shapeways Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHPW#NASDAQ">SHPW</a>) is expected to report quarterly loss at $0.95 per share on revenue of $9.25 million.
&bull; NRX Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NRXP#NASDAQ">NRXP</a>) is expected to report earnings for its fourth quarter.
&bull; CVD Equipment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CVV#NASDAQ">CVV</a>) is projected to report earnings for its fourth quarter.
&bull; Nuvve Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVVE#NASDAQ">NVVE</a>) is expected to report quarterly loss at $5.60 per share on revenue of $3.00 million.
&bull; NexGel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXGL#NASDAQ">NXGL</a>) is projected to report quarterly loss at $0.11 per share on revenue of $1.38 million.
&bull; ENDRA Life Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDRA#NASDAQ">NDRA</a>) is expected to report earnings for its fourth quarter.
&bull; Zevra Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZVRA#NASDAQ">ZVRA</a>) is estimated to report quarterly loss at $0.27 per share on revenue of $11.74 million.
&bull; American Res (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AREC#NASDAQ">AREC</a>) is projected to report quarterly loss at $0.04 per share on revenue of $2.20 million.
&bull; Vicinity Motor (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VEV#NASDAQ">VEV</a>) is estimated to report quarterly loss at $0.06 per share on revenue of $12.62 million.
&bull; Helius Medical Tech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HSDT#NASDAQ">HSDT</a>) is likely to report quarterly loss at $3.77 per share on revenue of $250 thousand.
&bull; Surf Air Mobility (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRFM#NYSE">SRFM</a>) is likely to report quarterly loss at $0.28 per share on revenue of $25.69 million.
&bull; Emeren Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOL#NYSE">SOL</a>) is likely to report quarterly earnings at $0.00 per share on revenue of $44.98 million.
&bull; P3 Health Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIII#NASDAQ">PIII</a>) is expected to report quarterly loss at $0.11 per share on revenue of $302.97 million.
&bull; Energous (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WATT#NASDAQ">WATT</a>) is estimated to report quarterly loss at $0.85 per share on revenue of $200 thousand.
&bull; Dyadic International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DYAI#NASDAQ">DYAI</a>) is likely to report quarterly loss at $0.06 per share on revenue of $800 thousand.
&bull; Semtech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMTC#NASDAQ">SMTC</a>) is projected to report quarterly loss at $0.03 per share on revenue of $196.46 million.
&bull; Torrid Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CURV#NYSE">CURV</a>) is likely to report quarterly loss at $0.08 per share on revenue of $274.83 million.
&bull; Pulse Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLSE#NASDAQ">PLSE</a>) is likely to report earnings for its fourth quarter.
&bull; Arcadia Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKDA#NASDAQ">RKDA</a>) is projected to report quarterly loss at $2.58 per share on revenue of $1.75 million.
&bull; Achieve Life Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACHV#NASDAQ">ACHV</a>) is projected to report earnings for its fourth quarter.
&bull; Sharecare (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHCR#NASDAQ">SHCR</a>) is expected to report quarterly loss at $0.06 per share on revenue of $114.99 million.
&bull; Expion360 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XPON#NASDAQ">XPON</a>) is projected to report quarterly loss at $0.28 per share on revenue of $980 thousand.
&bull; Cepton (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPTN#NASDAQ">CPTN</a>) is expected to report quarterly loss at $0.74 per share on revenue of $2.46 million.
&bull; Vuzix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VUZI#NASDAQ">VUZI</a>) is estimated to report quarterly loss at $0.15 per share on revenue of $2.14 million.
&bull; Aspira Womens Health (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AWH#NASDAQ">AWH</a>) is estimated to report quarterly loss at $0.45 per share on revenue of $2.54 million.
&bull; Forian (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FORA#NASDAQ">FORA</a>) is estimated to report quarterly loss at $0.03 per share on revenue of $5.56 million.
&bull; Accelerate Diagnostics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AXDX#NASDAQ">AXDX</a>) is estimated to report quarterly loss at $0.62 per share on revenue of $3.45 million.
&bull; Wrap Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WRAP#NASDAQ">WRAP</a>) is likely to report earnings for its fourth quarter.
&bull; Planet Labs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PL#NYSE">PL</a>) is projected to report quarterly loss at $0.06 per share on revenue of $58.19 million.
&bull; Leafly Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LFLY#NASDAQ">LFLY</a>) is likely to report quarterly loss at $1.45 per share on revenue of $9.49 million.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

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Earnings Scheduled For March 28, 2024

Universal Stainless & Alloy Products Files For Non Timely 10-K, Plans To Report Total Sales For Q4 Of 2023 Approximated $78M-$80M

Top Stories for March&nbsp;8, 2024: 
1. Cleveland-Cliffs Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/clf#NYSE">CLF</a>) is increasing spot market base prices for all carbon hot-rolled, cold-rolled and <a href="https://www.benzinga.com/topic/steel">coated-steel products.</a>
The minimum base price for hot-rolled steel is $840 per net ton, effective immediately for all new orders.
2. Ramaco Resources Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/metc#NASDAQ">METC</a>) announced fourth-quarter and full-year 2023 financial results.
In the fourth quarter, Ramaco reported $58.5 million in adjusted EBITDA, up from $45.4 million in Q3 2023, and a yearly adjusted EBITDA of $182.1 million, down from $204.6 million in 2022.
Net income for Q4 was $30 million, up from $19.5 million in Q3, and annual net income was $82.3 million, compared to $116 million in 2022.
The fourth quarter marked the strongest financial performance of the year, with a shipment rate of four million tons per annum in H2, notably exceeding the three million tons per annum rate in H1.
Ramaco also repaid its final $10 million debt from the 2022 Ramaco Coal acquisition, reducing its term debt by $55 million in 2023.
The company closed the year with $48 million in term debt, $42 million in cash and a record $91 million in liquidity, which was significantly higher than $49 million at the end of 2022.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/03/37528093/apple-poured-1b-a-year-into-car-project-concocted-by-steve-jobs-for-a-decade-before-realizing-it-nee">Apple Poured $1B A Year Into Car Project Concocted By Steve Jobs For A Decade Before Realizing It &#39;Needed To Be Put Out Of Its Misery,&#39; Report Reveals</a>
3. AngloGold Ashanti Plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/au#NYSE">AU</a>) announced that&nbsp;Maria Ramos, the independent non-executive director and chairman of the board of directors, will not seek re-election at the shareholders&rsquo; annual general meeting on May 28, 2024.
The board unanimously decided to appoint Jochen Tilk as the new chairman, effective from May 28, 2024, contingent on his re-election at the AGM.
Ramos has been a director since June 1, 2019, and chairman since Dec. 5, 2020, while Tilk has served as an independent non-executive director since Jan. 1, 2019, and is currently the chairman of the Investment Committee.
4. Keybanc analyst Philip Gibbs maintained his Overweight rating of Universal Stainless (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/usap#NASDAQ">USAP</a>) and raised the price target from $22 to $26.
5. HC Wainwright &amp; Co. analyst Heiko Ihle reiterated US Goldmining (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/usgo#NASDAQ">USGO</a>) with a Buy and maintained a $23 price target.
Now Read:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37569351/gold-rises-to-all-time-highs-marks-longest-winning-streak-since-july-2000-driven-by">Gold Rises To All-Time Highs: Rate Cut Anticipation Drives Longest Winning Streak Since July 2000</a> 
Photo: Shutterstock

Cleveland-Cliffs Increases Spot Prices; Ramaco Resources Reports Financial Results; AngloGold Announces Board Change And More: Friday's Top Mining Stories

Keybanc analyst Philip Gibbs maintains Universal Stainless (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/USAP#NASDAQ">USAP</a>) with a Overweight and raises the price target from $22 to $26.

Price Target

Analyst Ratings

Keybanc Maintains Overweight on Universal Stainless, Raises Price Target to $26

Top Stories for Feb. 12, 2024:
1. Universal Stainless &amp; Alloy Products, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/usap#NASDAQ">USAP</a>) announced a base price increase of 7% to 12% for its premium products, effective immediately. Current material and energy surcharges <a href="https://www.benzinga.com/topic/mining">will also remain in effect.</a>
Vice President of Sales and Marketing Brian Kane commented, &ldquo;The price adjustment is necessary to continue investments needed to support the demand from specialty steel markets.&rdquo;
2. Warrior Met Coal, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hcc#NYSE">HCC</a>) said its board of directors approved a 14% increase to its quarterly cash dividend.
On Feb. 9, 2024, the board declared a dividend of $0.08 to be paid to all shareholders as of the close of Feb. 20, 2024, on Feb. 26, 2024.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/earnings/24/02/37077872/disney-epic-activist-shareholders-prepare-for-boardroom-blitz">Disney Epic: Activist Shareholders Prepare For Boardroom Blitz</a>
3. Idaho Strategic Resources (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/idr#NYSE">IDR</a>) purchased the Butte Gulch property next to its Golden Chest Mine.
The Butte Gulch property includes approximately 169 acres of private land and mineral rights. Mineralized gold veins have also been reported on the property, suggesting the potential to host additional lode gold deposits.
As Idaho Strategic expands its operations in the Murray Gold Belt district, Butte Gulch could serve as a future shop and/or milling facility site.
Idaho Strategic recently purchased roughly $1 million of equipment for the new mill tailings paste backfill system that will result in cost savings of approximately $20 per ton of ore.
President and CEO John Swallow commented, &ldquo;Our geologists are already making plans to better explore Butte Gulch&rsquo;s lode deposit potential and to expand our exploration focus beyond the Golden Chest Mine across our greater Murray Gold Belt landholdings&hellip;. We consolidated the district for a reason, and strongly feel there are other veins similar to the H-Vein, Paymaster and Klondike in the MGB (comprised of over 7,000 acres), especially given the large number of historic mines and prospects within its borders as a base from which to build.
Now Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37071458/wall-street-loves-bitcoin-says-anthony-pompliano-all-time-high-pretty-much-guaranteed">Wall Street &#39;Loves Bitcoin,&#39; Says Anthony Pompliano: All-Time High &#39;Pretty Much Guaranteed&#39;</a>
Photo: Shutterstock

Universal Stainless' Price Increases; Warrior Met Coal Ups Dividend; Idaho Strategic Buys Butte Gulch Property

General

Universal Stainless & Alloy Products Announced A Base Price Increase Of 7%–12% On Premium Products. The Increase Goes Into Effect Immediately. Current Material And Energy Surcharges Will Remain In Effect

Top Stories for Jan. 25, 2024:
1. Keybanc analyst Philip Gibbs maintained an Overweight rating on Universal Stainless &amp; Alloy Products Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/usap#NASDAQ">USAP</a>) and raised his price <a href="https://www.benzinga.com/quote/USAP/analyst-ratings">target from $21 to $22.</a>
2. UBS analyst Andreas Bokkenheuser maintained a Neutral rating on Steel Dynamics Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/stld#NASDAQ">STLD</a>) and lowered his price target from $120 to $119.
3. Director of Compass Minerals International, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cmp#NYSE">CMP</a>) Joseph Reece disclosed an insider purchase of 5,000 shares at an average price of $21.24 on Jan. 24 for a total of $106,199.
4. The specialty alloy-based materials company Carpenter Technology Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/crs#NYSE">CRS</a>) reported second-quarter fiscal 2024 earnings of 85 cents​​ per share and revenue of $624.20 million (+7.8% YoY).
Overall operating income was $69.8 million (+1.16% YoY) while operating income for its Specialty Alloys Operations segment was $83.3 million (+3.1% YoY) with an adjusted operating margin of 20%.
President and CEO Tony R. Thene said,&nbsp;&ldquo;Looking ahead, we are projecting $171 million to $191 million in operating income in the second half of fiscal year 2024. This would result in the most profitable year on record with $310 million to $330 million of operating income.&rdquo;
5. Newmont Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>) appointed Peter Wexler as its chief legal officer.
CEO Tom Palmer said,&nbsp;&ldquo;Peter brings decades of world-class legal and risk management experience at global organizations, which will be invaluable as Newmont continues to grow, building on its position as the world&#39;s leading gold mining company and robust copper producer.&rdquo;
Now Read:<a href="https://www.benzinga.com/news/earnings/24/01/36790763/intel-q4-earnings-highlights-revenue-beat-eps-beat-guidance-disappoints-executing-our-mission-to-br">&nbsp;Intel Q4 Earnings Highlights: Revenue Beat, EPS Beat, Guidance Disappoints, &#39;Executing Our Mission To Bring AI Everywhere&#39;</a>
Photo: Shutterstock

STLD

Keybanc Ups Universal Stainless; UBS Cuts Steel Dynamics; Compass Insider Buys; Carpenter Q2 Earnings; Newmont's New Legal Chief

Keybanc analyst Philip Gibbs maintains Universal Stainless (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/USAP#NASDAQ">USAP</a>) with a Overweight and raises the price target from $21 to $22.

Keybanc Maintains Overweight on Universal Stainless, Raises Price Target to $22

Guidance

Universal Stainless Plans To Report Total Q4 Sales $78M-$80M And FY23 Sales $284M-$286M

Top Stories for Jan. 23, 2024:
1. BHP Xplor announced a second accelerator program to assist early-stage mineral exploration companies necessary to support the broader energy transition.
The program includes six companies pulled from over 500 applicants that will receive a grant of up to $500,000 and access to a network of internal and external industry experts to support their development across technical, business and operational facets.
The six companies chosen are:
<ol>
<li>Longreach Mineral: A private company innovating in mineral exploration using petroleum expertise and AI for new tier 1 deposits.</li>
<li>East Star Resources (LSE: EST): A U.K.-based company exploring copper and metals in Kazakhstan.</li>
<li>Pallas Resources: A private firm focusing on large-scale copper, gold, nickel sulfide and lithium in Kazakhstan.</li>
<li>Hamelin Gold Limited (ASX: HMG): An Australian mineral exploration firm targeting the West Tanami Gold Project in Western Australia.</li>
<li>Cobre Limited (ASX: CBE): An Australian-listed company specializing in copper and base metals exploration in Botswana.</li>
<li>Equivest Minerals: A private company utilizing technology and machine learning for locating major metal deposits.</li>
</ol>
2. Golden Minerals Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aumn#NYSE">AUMN</a>) announced that it began silver-gold mining operations at its Velarde&ntilde;a Properties in Mexico.
The company started mining six stopes and will steadily increase production to roughly 150 tons per day in March and approximately 325 tons per day in Q2.
The news follows an announcement in November that the Velarde&ntilde;a Properties began producing gold-rich pyrite flotation concentrates from material that had been stockpiled at the end of 2015.
3. Ramaco Resources, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/metc#NASDAQ">METC</a>) announced that it hired Dr. Alex Moyes as director of Critical Minerals and Planning to oversee its rare earth element operations and manage the geological and chemical assessment at Ramaco&#39;s Brook Mine in Wyoming.
Last year, the company said the mine could contain the largest unconventional deposit of rare earth elements discovered in the United States, and initial findings determined that it contains high concentrations of heavy and medium magnetic rare earth elements.
Chairman and CEO Randall Atkins: &quot;The Brook Mine will potentially be the first magnetic rare earth element mine opened in the United States in decades, and therefore presents an exciting but formidable opportunity.&hellip; Alex Moyes is a brilliant geologist, manager and engineer. We&#39;re proud he will be joining us to work alongside the Department of Energy&#39;s national laboratories to ensure the development path forward is built on a solid scientific, geological and techno-economic foundation.&quot;
4. Keybanc analyst Philip Gibbs <a href="https://www.benzinga.com/quote/USAP/analyst-ratings">maintained an Overweight rating</a> on Universal Stainless (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/usap#NASDAQ">USAP</a>) and raised his price target from $19 to $21.
Now Read:&nbsp;<a href="https://www.benzinga.com/markets/asia/24/01/36745956/alibaba-springs-back-to-life-as-co-founders-scoop-up-shares-its-jack-ma-hot-for-his-stock">Alibaba Springs Back To Life As Co-Founders Scoop Up Shares: &#39;It&#39;s Jack Ma &mdash; Hot For His Stock&#39;</a>
Photo: Shutterstock

AUMN

BHP Xplor's Second Accelerator; Golden Minerals Mines In Mexico; Ramaco Hires Director; Universal Stainless's Price Boost

Keybanc analyst Philip Gibbs maintains Universal Stainless (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/USAP#NASDAQ">USAP</a>) with a Overweight and raises the price target from $19 to $21.

Keybanc Maintains Overweight on Universal Stainless, Raises Price Target to $21

Top Stories for Jan. 17, 2024:
1. BMO Capital analyst Jackie Przybylowski maintained an Outperform rating on Newmont Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>) but lowered her price target <a href="https://www.benzinga.com/quote/NEM/analyst-ratings">from $62 to $59.</a>
2. Compass Minerals (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cmp#NYSE">CMP</a>) appointed Edward Dowling to succeed Kevin Crutchfield as president and CEO, effective Jan.&nbsp;18.
Dowling was a former petty officer in the U.S. Navy with a Bachelor of Science in mining engineering and mineral processing, a Master of Science in mineral processing and a Doctorate in mineral processing.
&ldquo;I am honored and excited by the opportunity to lead Compass Minerals,&rdquo; Dowling said. &ldquo;I look forward to the continued shared efforts of our board and leadership team as we work tirelessly to enhance the profitability of our essential minerals portfolio through safe, efficient and fiscally disciplined operations.&rdquo;
3. Universal Stainless &amp; Alloy Products, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/usap#NASDAQ">USAP</a>) announced that it will provide a business update in a conference call scheduled for Jan. 24&nbsp;at 10&nbsp;a.m. EST.
President and Chief Executive Officer Christopher M. Zimmer said,&nbsp;&ldquo;We look forward to providing a review and update on our markets and sharing certain financial metrics on January 24, in advance of our earnings report in March.&rdquo;
4. A new report from the Rosario Stock Exchange (RSE) predicts lithium production in Argentina will grow six times more than in Chile and three times more than in Australia by 2027.
&quot;In a context where lithium production is expected to grow 8% annually in Chile and 16% in Australia by 2027, the average annual increase in Argentina aims to be 50%...[Argentina&rsquo;s] wealth in lithium reserves and resources, as well as its commitment to sustainable production, make it a crucial player in the global market for batteries,&quot; the report reads. &quot;Furthermore, the mining sector as a whole is contributing significantly to economic growth and employment in Argentina.&quot;
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/01/36667481/courts-reinstate-ban-on-apple-watches-with-blood-oxygen-sensors">Courts Reinstate Ban On Apple Watches With Blood Oxygen Sensors</a> 
Photo: Shutterstock

Analyst Cuts Newmont Target; Compass Minerals Appoints CEO; Universal Stainless Update; Argentina's Lithium Surge

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Earnings Scheduled For October 25, 2023

Universal Stainless Appoints Christopher M. Zimmer as President And Chief Executive Officer Effective November 1; Zimmer succeeds Dennis M. Oates In Those Roles

Universal Stainless (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/USAP#NASDAQ">USAP</a>) reported quarterly earnings of $0.20 per share which beat the analyst consensus estimate of $0.15 by 33.33 percent. This is a 242.86 percent increase over losses of $(0.14) per share from the same period last year. The company reported quarterly sales of $71.28 million which beat the analyst consensus estimate of $70.88 million by 0.57 percent. This is a 54.31 percent increase over sales of $46.20 million the same period last year.

Universal Stainless Q3 EPS $0.20 Beats $0.15 Estimate, Sales $71.28M Beat $70.88M Estimate

The increase goes into effect immediately. Current material and energy surcharges will remain in effect.

Universal Stainless & Alloy Products Announces Base Price Increase Of 5% To 10% On Premium Products

The new five-year agreement has been ratified by the bargaining unit and is effective as of September 1, 2023 when the prior labor agreement was scheduled to expire.

Universal Stainless Reaches New Five-Year Collective Bargaining Agreement With Hourly Employees At Its Bridgeville Facility

Universal Stainless (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/USAP#NASDAQ">USAP</a>) reported quarterly earnings of $0.10 per share which beat the analyst consensus estimate of $0.05 by 100 percent. This is a 162.5 percent increase over losses of $(0.16) per share from the same period last year. The company reported quarterly sales of $69.02 million which beat the analyst consensus estimate of $66.46 million by 3.85 percent. This is a 32.33 percent increase over sales of $52.16 million the same period last year.

Universal Stainless Q2 EPS $0.10 Beats $0.05 Estimate, Sales $69.02M Beat $66.46M Estimate

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Universal Stainless (NASDAQ:<a href="https://investorplace.com/stock-quotes/usap-stock-quote/">USAP</a>) just reported results for the fourth quarter of 2023.<ul><li>Universal Stainless reported earnings per share of 27 cents. This was below the analyst estimate for EPS of 32 cents.</li><li>The company reported revenue of $79.78 million.</li><li>This was 1.44% better than the analyst estimate for revenue of $78.65 million.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/earning-results/2024/03/usap-stock-earnings-universal-stainless-for-q4-of-2023/">USAP Stock Earnings: Universal Stainless Misses EPS, Beats Revenue for Q4 2023</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

USAP Stock Earnings: Universal Stainless Misses EPS, Beats Revenue for Q4 2023

These Basic Materials stocks are trading higher:-REX American Resources Corp (REX) stock is trading at $57.37, a gain of $13.5, or 30.77%, on high volume.  Rex American Resources Corp gets a Sentiment Score of Very Bearish from InvestorsObserver and receives an average analyst recommendation of Strong Buy with a price targ

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Universal Stainless & Alloy Products, Inc. (USAP) Q4 2023 Earnings Call Transcript

Commodity Roundup: Gold hits record high; oil rigs rise by six in the first quarter

USAP, HYMC and ATLX are among materials movers

These Basic Materials stocks are trading higher:-Hycroft Mining Holding Corporation (HYMC) stock is trading at $2.67, a gain of $0.46, or 20.01%, on high volume.  Hycroft Mining Holding Corporation gets a Sentiment Score of Bearish from InvestorsObserver.  -Universal Stainless and Alloy Products Inc (USAP) stock is trading

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Commodity Roundup: ANZ keeps yr-end gold price target of $2,300; WTI futures top $85

Commodity Roundup: ANZ keeps yr-end gold PT of $2,300; WTI futures top $85

Universal Stainless: It Was Profitable In 2023 Due To High Prices, But This Is Not Sustainable