Nov. 25—Haynes International Inc. reported quarterly and fiscal year profits that were both down year-over-year.
The Kokomo-based publicly traded company reported earlier this month a fiscal fourth quarter profit of $13.1 million, or $1.03 per share, on revenues of $160.6 million. The alloy manufacturer's quarterly profits were lower year-over-year, though revenues were up year-over-year.
Both, though, missed analysts expectations. The company's stock price has fallen a few dollars since the earnings report, from around $51 to around $48 as of closing Wednesday.
Fiscal year 2023 profits totaled $42 million. That is a slight decrease from fiscal year 2022's profits of $45.1 million.
Fiscal year 2023 revenue totaled $590 million, up over 20% from fiscal year 2022.
The company's backlog, "firm commitments from customers for delivery of product at established price," is currently $460.4 million. That's up 23.2% year-over-year.
Notably, the company says it expects capital expenditures to increase in fiscal year 2024 to between $25 million to $35 million and is planning on making upgrades this quarter to the Kokomo Anneal and Kolene line.
During the earnings report Nov. 16, company executives highlighted the positives, including six consecutive quarters of adjusted gross margins of 21% or higher and record fiscal year revenues in the aerospace and industrial gas turbine markets.
Haynes President and CEO Michael Shor said the company's increasing revenues and gross margins are due in large part to price increases and cost-cutting.
"Based on this performance and our ongoing improvement initiatives, we believe that we have positioned Haynes very well for the future," Shor said during the earnings call. "We anticipate that our ability to continue to reduce costs and provide exceptional value will continue, leading to incremental gains in what is already top-tier gross margins in our slice of the industry."
The company also announced a quarterly dividend of $0.22 per share to be paid Dec. 15 to shareholders as of Dec. 1.
Tyler Juranovich can be reached at 765-454-8577, by email at tyler.juranovich@kokomotribune.com or on Twitter at @tylerjuranovich.