Haynes International sees third quarter gains
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Kokomo-based Haynes International Inc. (Nasdaq: HAYN) is reporting fiscal third quarter net income of $15.6 million, compared to $0.4 million during the same period last year. The company says it has a record backlog of $338 million, up 124.1% year-over-year.
Haynes says net revenues were $130.2 million, an increase of 47.7% from the same period of fiscal 2021 due to increases in volume in its key markets, combined with increases in average selling price per pound in all markets. The increase is due to the demand recovery and strong sales in the aerospace market, which increased by 58.2%, as well as the chemical processing market.
“Our core markets are growing and we’ve executed very well on our key initiatives. The result is a quarter that finished with a record backlog, double-digit revenue growth, 25.5% gross margin, rapidly increasing earnings, and an Adjusted EBITDA of $26 million,” said Chief Executive Officer Michael Shor. “As we look forward, we are very encouraged by increasing demand across all of our major markets, including a record $100 million in aerospace order entry in our third quarter. This provides enthusiasm for our future, especially when combined with the bottom line impact of our ongoing relentless focus on innovation, high-value differentiated products and services, and our operational improvements.”
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