Tuesday, June 27, 2023
Haynes International, Inc. is a leading developer, manufacturer and marketer of technologically advanced, nickel and cobalt-based high-performance alloys, primarily for use in the aerospace, industrial gas turbine and chemical processing industries.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Cyberattack disrupts shipments. On June 10th, Haynes experienced a cyber-driven network outage. By June 21st, the company’s manufacturing operations were restored along with administrative, sales, financial, and customer service functions. While Haynes has not quantified the full financial impact, the event caused some delay in product shipments.
Updating estimates. We have lowered our June quarter adjusted EBITDA and EPS estimates to $22.8 million and $0.97 per share from $26.5 million and $1.19 per share. Our full year fiscal 2023 EBITDA and EPS estimates have been lowered to $89.6 million and $3.82 per share from $93.3 million and $4.04 per share. Our estimates assume 10 days of lost shipments. While these will likely be made up in future quarters, it may take some time for shipments to normalize given that the company has been operating at high capacity driven by a strong order book. We have not adjusted our fourth quarter fiscal year 2023 or fiscal year 2024 estimates.
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