Haynes International reports full-year gains
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Kokomo-based Haynes International Inc. (Nasdaq: HAYN) is reporting fiscal full-year net income of $45.1 million, compared to a net loss of $8.7 million during fiscal 2021. CEO Michael Shor says the company, which manufactures high-performance alloys, continues to gain momentum.
“Our revenue and profitability improvement confirm the impact of the fundamental and sustainable changes that our team has implemented,” said Shor. “Our backlog was at a company record $374 million, up 10.5% sequentially and 113% over the past year. In addition, our 4th quarter shipments were the best in a decade, with double digit sequential growth in each of our 3 major markets. Our aerospace business continues to increase, with year-over-year revenue and backlog up 74% and 143%, respectively.”
The company is also reporting fiscal fourth quarter net income of $16.3 million, compared to $2.6 million during the same period last year.
“We achieved over 22% gross margin, despite raw material tailwinds neutralizing faster than expected, had net income of 11.4% of sales, and continued to have an EBITDA annual run rate of approximately $100M, all of which provide optimism for continued strength over the next fiscal year,” said Shor.
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