Full-Year Loss Widens for Haynes International
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Kokomo-based Haynes International Inc. (Nasdaq: HAYN) is reporting a fiscal full-year net loss of $8.7 million, compared to a loss of $6.5 million the previous year. Despite the drop, Chief Executive Officer Michael Shor says the company “saw the first signs of meaningful growth” in its aerospace segment.
Haynes develops and manufactures high-performance alloys used in the aerospace, power generation and chemical processing markets, among others.
The company is also reporting fiscal fourth quarter net income of $2.6 million, compared to a net loss of $5.7 million during the same period a year earlier.
“Also notable is the sizable $92.5 million reduction in our pension and retiree medical liability in fiscal 2021 which has transformed our balance sheet, significantly reduced expected expense in fiscal 2022 and reduced our expected risk and volatility going forward,” Shor said in a news release.
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