Haynes reports Q2 earnings, growing backlog
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Kokomo-based Haynes International Inc. (Nasdaq: HAYN) is reporting second quarter net income of $12.3 million, up 45% from last year’s second quarter profits of $8.5 million. The alloys manufacturer says Q2 net revenues were $152.8 million, an increase of 30.5% from the same period a year ago.
Haynes International President and CEO Michael Shor says demand for its products in the aerospace, industrial gas turbine and other markets remains strong.
“Our robust order entry drove our backlog to a company record of $447 million, up over 59% from last year”, said Shor. “The combination of improved product mix, volume increases, unique products and services, and continued focus on variable cost reduction led to the fourth consecutive quarter of gross margins of at least 21%, excluding the estimated impact of raw material swings.”
Shor says the company’s backlog has increased 23 consecutive months.
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