Haynes International Swings to Quarterly Profit
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowKokomo-based Haynes International Inc. (Nasdaq: HAYN) is reporting fiscal third quarter net income of $400,000, compared to a net loss of $3.6 million during the same period last year. Chief Executive Officer Michael Shor says the company’s focus on improvement initiatives resulted in a return to profitability.
“Our efforts to significantly reduce our breakeven point have been successful. We were profitable at 3.7 million pounds shipped in our third quarter, compared to our previous breakeven point of roughly 5 million pounds,” said Shor. “We are encouraged by the initial indications of recovery in each of our key end markets, however, the aerospace supply chain is not expected to experience significant order increases until later this calendar year. In addition, our cash generation strategy over the past year has resulted in $74.2 million of cash on the balance sheet at June 30th, providing multiple options for us as we execute our value-creating capital allocation strategy.”
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