Jul. 31—Haynes International continues to see its revenues and profits increase as it continues its post-pandemic recovery.
The Kokomo-based company reported third quarter net income of $15.6 million on net revenue of $130.2 million. Both were increases year-over-year and were driven by an increase in aerospace sales, which amounted to $100 million in revenue in the third quarter. That, the company noted, was 95% of pre-pandemic average high point.
"We continue to believe based on current order entry levels that our aerospace sales will be at record monthly shipping levels over the next three to six months," Michael Shor, CEO of Haynes, said during the company's earnings call last week. "This quarter, the airline industry generally reported strong demand for travel and all involved believe this will extend beyond this summer."
Additionally, the company has a record backlog of $338 million, up 124.1% year-over-year. As such, the company is forecasting slightly higher revenue in the fourth quarter.