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

Stocks in this article: HAYN

  • Net revenues of $129.2 million and net income of $6.4 million, or $0.52 per diluted share, for the three months ended March 31, 2013, compared to net revenues of $158.9 million and net income of $15.2 million, or $1.23 per diluted share, for the same period of fiscal 2012.
  • In the second quarter of fiscal 2013, the Company invested $13.7 million in capital projects, which brings year-to-date capital investment to $22.7 million.
  • Backlog was $207.0 million at March 31, 2013, a decrease of 2.2% from $211.7 million at December 31, 2012.
  • Regular quarterly cash dividend of $0.22 per outstanding share of the Company's common stock declared.

KOKOMO, Ind., May 2, 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 second 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 June 17, 2013 to stockholders of record as of June 3, 2013.

"In the second quarter of fiscal 2013, we experienced slowing demand in our aerospace engine products market as the supply chain continued its cautious buying and order entry pattern from the first quarter. We saw moderate increases in demand in our land-based gas turbine market as our manufacturing and distribution network enabled us to meet several quick-leadtime customer requirements. We also experienced moderate increases in our chemical processing market due to our technical group's ability to develop some new application wins," said Mark Comerford, President and Chief Executive Officer. "Market conditions remain extremely competitive, and market visibility in the near-term is uncertain as to the direction of order entry and how quickly pricing may solidify. Pricing, volumes per order, backlogs and leadtimes are all under competitive pressures as we navigate through this challenging economic environment. We're pleased with the responsiveness of our operations to recent customer requirements, and we're focused on our ongoing operational efficiency improvements and capacity growth initiatives. Longer term, we believe we are well-positioned with our value-added products, proprietary alloys and additional capacity to meet the anticipated long-term growth requirements of our core target markets when the economy recovers."

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