ANIOY - Restocking Could Help Universal Stainless & Alloy Products But Leverage Proves Elusive
It's been a long wait for Universal Stainless & Alloy Products (USAP) to gain much leverage with customers, particularly in the high-value premium alloys that would drive significant margin leverage from their higher ASP and better capacity utilization. Unfortunately, the numbers tell the story - revenue has grown only about 3% CAGR over the past five years and gross and operating margins are both lower. Granted, five years is perhaps an arbitrary period to examine, but the best that can be said about USAP's stock market performance is that Allegheny (ATI)