Haynes International Swings to Quarterly Loss

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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowKokomo-based Haynes International Inc. (Nasdaq: HAYN) is reporting a fiscal second quarter net loss of $3.6 million, compared to net income of $4.1 million during the same period last year. The alloy manufacturer says, despite the loss, industry data points in its key markets are beginning to turn favorable.
“We are encouraged by the improvement in our results this quarter. Sequentially, revenue grew 13.7% and gross margins improved by 880 basis points. In addition, working capital improvements, led by inventory, along with cost reductions over the past 12 months have resulted in $70 million of cash on our balance sheet,” said Chief Executive Officer Michael Shor. “We are pleased with our market share driven growth in our IGT market and we expect meaningful improvement in the commercial aerospace market later this calendar year.”
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