Kokomo-based Haynes International Inc. (Nasdaq: HAYN) is reporting a fiscal first quarter net loss of $672,000, compared to net income of $228,000 during the same period the previous year. Chief Executive Officer Mark Comerford says continued soft demand contributed to the decline.
Haynes manufactures and markets high-performance alloys. Comerford says they believe the next quarter or two may continue to be challenging for company, but they are optimistic about the second half of the calendar year.
"The industry headwinds persist with the strong dollar, increasingly competitive pricing for the commodity chemical processing business and continued slowness in industrial gas turbines." said Comerford. "Aerospace continues to be a bright spot as forecasts from engine builders suggest a production ramp up that corresponds well with the completion schedule of our capital investments geared towards the sheet aerospace business. As we navigate these lower demand quarters, we intend to stay focused on spending controls while simultaneously preparing for the market recovery."
Due to the continued struggles, the company expects fiscal second quarter earnings to be similar to the first quarter.