Haynes International Swings to Profit
Kokomo-based Haynes International Inc. (Nasdaq: HAYN) is reporting fiscal first quarter net income of $4.7 million, up from $2.6 million during the same period the previous year. Chief Executive Officer Michael Shor says the company’s aerospace business showed significant strength during the quarter.
The company also reported net revenues of $99.4 million in the first quarter, an increase of 37.8% from $72.2 million in the same period of fiscal 2021.
“Based on this backlog growth and published industry build rates, we expect to be back to pre-pandemic monthly shipment levels in aerospace by the end of this fiscal year,” said Shor. “Our recovery is well underway and we believe that our pricing and variable cost improvements will continue to expand both gross margin and profitability as we leverage the 25% reduction in our breakeven point. Our team has also increased our labor force and invested in the working capital required to meet the anticipated increases in demand across our key markets.”
Haynes develops and manufactures high-performance alloys used in the aerospace, power generation and chemical processing markets, among others.
You can connect to the full earnings report by clicking here.