Haynes International Swings to Full-Year Profit
KOKOMO, Ind. -- Kokomo-based Haynes International Inc. (Nasdaq GM: HAYN) is reporting fiscal full-year net income of $9.7 million, compared to a net loss of $21.8 million the previous year. Chief Executive Officer Michael Shor says the results mark a year of "significant improvement" for the manufacturer.
The company is also reporting fiscal fourth quarter net income of $6 million, up from $2.1 million during the same quarter in 2018.
"We made notable progress increasing volumes and pricing, reducing costs and lowering inventory, all of which led to substantial improvements in gross margin percentage, earnings and cash generation," Shor said in a news release. "As fiscal 2020 unfolds, we continue to execute on our operational focus initiatives and enhance our corporate culture, and we anticipate continuing improved results as the year progresses."
Haynes International develops, manufactures and distributes high-performance nickel- and cobalt-based alloys for use in high-temperature and corrosion applications, according to the company's website.
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