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Haynes International, Inc. Reports Third Quarter Fiscal 2014 Financial Results

Stocks in this article: HAYN

  • Net revenues of $126.3 million and net income of $2.1 million, or $0.17 per diluted share, for the three months ended June 30, 2014, compared to net revenues of $123.6 million and net income of $5.3 million, or $0.43 per diluted share, for the same period of fiscal 2013.
  • Capital investments of $9.0 million in the third quarter of fiscal 2014, which brings year-to-date capital investment to $33.3 million.
  • Backlog of $204.7 million at June 30, 2014, an increase of 1.2% from $202.3 million at March 31, 2014.
  • Regular quarterly cash dividend of $0.22 per outstanding share of the Company's common stock declared.

KOKOMO, Ind., Aug. 7, 2014 (GLOBE NEWSWIRE) -- Haynes International, Inc. (Nasdaq:HAYN), a leading developer, manufacturer and marketer of technologically advanced high-performance alloys (the "Company"), today reported financial results for the third quarter of fiscal 2014. The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.22 per outstanding share of common stock payable September 15, 2014 to stockholders of record at the close of business on September 2, 2014.

"Overall, we saw improving conditions in our business during the quarter. Revenues increased sequentially from the second quarter in each of our markets, while backlog remained relatively flat as we are managing our product mix more aggressively," said Mark Comerford, President and Chief Executive Officer. "We still have some lower-priced orders moving through our system which we expect will continue to pressure margins in the near term. However, we're optimistic about the opportunities we're quoting and the business levels being reported by our customers as we move more deeply into calendar 2014. The long-term demand in our markets continues to look favorable, and our capital expansion projects, which are nearing completion, are expected to position us well for future growth."

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