Friday, May 05, 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.
Second quarter financial results. Second quarter net income increased 45.6% to $12.3 million, or $0.96 per share (EPS), compared to the prior year period and rose 59.6% compared to the first quarter of fiscal year 2023. We had forecast net income of $12.9 million or $1.02 per share. Revenues of $152.8 million increased 30.5% on a year-over-year basis and grew 15.2% compared to the prior quarter. The estimated impact from raw material volatility during the quarter resulted in a $1.7 million headwind that compressed gross margin by 1.1% to 20.2%. Gross profit of $30.9 million was modestly higher than our estimate of $30.1 million although SG&A and interest expenses were also greater than our projections.
Growing order backlog. Orders during the quarter resulted in a record backlog of $446.7 million as of March 31 and represented a 9.4% increase compared to the prior quarter and a 59.2% increase on a year-over-year basis. Backlog pounds increased 3.9% during the second quarter to approximately 14.1 million pounds and increased 33.1% compared to the prior year period driven by strong demand in the aerospace and industrial gas turbine markets.
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