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Haynes International, Inc. Reports First Quarter Fiscal 2013 Financial Results

Stocks in this article: HAYN

  • Net revenues of $114.3 million and net income of $5.8 million, or $0.47 per diluted share, for the three months ended December 31, 2012, compared to net revenues of $128.9 million and net income of $8.4 million, or $0.68 per diluted share, for the same period of fiscal 2012.
  • In the first quarter of fiscal 2013, the Company spent $9.0 million on capital projects and the anticipated full year spending is expected to be $70.0 million.
  • Backlog was $211.7 million at December 31, 2012, a decrease of 5.0% from $222.9 million at September 30, 2012.
  • Regular quarterly cash dividend of $0.22 per outstanding share of the Company's common stock declared.

KOKOMO, Ind., Jan. 31, 2013 (GLOBE NEWSWIRE) -- Haynes International, Inc. (Nasdaq:HAYN), a leading developer, manufacturer and marketer of technologically advanced high-performance alloys, today reported financial results for the first quarter of fiscal 2013. The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.22 per outstanding share payable March 15, 2013 to stockholders of record as of March 1, 2013.

"As previously announced, first quarter results were negatively impacted by lower demand as customers exercised increased caution in making purchases, which we attribute to ongoing uncertain economic conditions. Customers continued to manage their inventories aggressively, and as a result our transactional business slowed significantly in our first quarter," said Mark Comerford, President and Chief Executive Officer. "Business conditions in January are still soft, similar to first quarter. However, looking beyond these near-term headwinds, commercial aircraft manufacturers and engine manufacturers continue to report strong conditions and excellent long term growth projections. We also expect our land-based gas turbine and chemical processing markets to gain strength when global economic concerns abate. We continue to focus on the implementation of our capital spending projects in line with our plans to meet the expected long-term growth requirements of those target markets." 

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