Haynes International Profit Rises Despite Decreased Demand

Kokomo-based Haynes International Inc. (Nasdaq: HAYN) is reporting decrease demand, despite nearly tripling its net income in the second quarter. 

The company implemented a temporary production shutdown on March 23 which it said impacted the last week of the second quarter.

Haynes is reporting net income of $4.1 million, compared to $1.5 million during the same period a year ago.

Haynes said the shutdown continued into the third quarter with operations resuming in mid-April.

The company produces high-performance alloys used in the aerospace and chemical processing industries.

“Looking forward, we see significant decreases in our volumes as COVID-19 impacts demand across our industries, especially aerospace, with many manufacturers announcing shutdowns and reduced production levels,” said Michael Shor, president and chief executive officer. “Based on current knowledge, we are carefully positioned to weather this downturn with strong liquidity and a significantly lower breakeven point vs. a year ago.”

In addition to the pandemic, Haynes said it has also received fewer orders due to the grounding of the Boeing 737 MAX.

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