Kokomo-based Haynes International Inc. (Nasdaq: HAYN) is reporting a fiscal full-year net loss of $10.2 million, compared to net income of $5 million the previous year. The high-performance alloy manufacturer says, despite the loss, revenues in the aerospace market reached their highest level of the year during the fourth quarter.
Haynes is also reporting fiscal fourth quarter net loss of $3.7 million, compared with net income of $3.2 million during the same quarter in 2016.
"During the fourth quarter, conditions in the industrial gas turbine and chemical processing markets remained challenging with weak demand, competitive pricing and few specialty application projects," said Chief Executive Officer Mark Comerford. “We also experienced improved project order entry late in the quarter, providing some optimism for project shipments in the chemical processing market in calendar 2018. The aerospace market continues to show solid demand which we expect will continue through 2018. We expect that our capital investments in our flat products area will enable us to meet anticipated aerospace demand in 2018."
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