Kokomo-based Haynes International Inc. (Nasdaq: HAYN) is reporting fiscal second quarter net income of $8.5 million, compared to a loss of $3.6 million during the same period last year. Chief Executive Officer Michael Shor says the company saw a recovery in its three core markets, led by the aerospace industry, during the quarter.
Shor says investment in workforce and inventory increases positions the company well for the future.
“Our business continues to gain momentum,” said Shor. “Sequentially, our second quarter performance included a 17.7% revenue increase, a 210 basis point improvement in gross margin to 20%, and an 82% increase in net income to $8.5M, all with just 4.3 million pounds shipped.”
Haynes develops and manufactures high-performance alloys used in the aerospace, power generation and chemical processing markets.
“We continue to expect our monthly aerospace shipping volumes to reach our fiscal year 2019 company record run rate levels by the end of our fiscal year,” said Shor.
The company says it also implemented multiple price increases in response to higher inflation.
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