Haynes International Inc. (NASDAQ:HAYN) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Haynes International Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 57.72% to $0.52 in the quarter versus EPS of $1.23 in the year-earlier quarter.
Revenue: Decreased 18.68% to $129.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Haynes International Inc. reported adjusted EPS income of $0.52 per share. By that measure, the company missed the mean analyst estimate of $0.57. It beat the average revenue estimate of $125.93 million.
Quoting Management: “In the second quarter of fiscal 2013, we experienced slowing demand in our aerospace engine products market as the supply chain continued its cautious buying and order entry pattern from the first quarter. We saw moderate increases in demand in our land-based gas turbine market as our manufacturing and distribution network enabled us to meet several quick-leadtime customer requirements. We also experienced moderate increases in our chemical processing market due to our technical group’s ability to develop some new application wins,” said Mark Comerford, President and Chief Executive Officer. “Market conditions remain extremely competitive, and market visibility in the near-term is uncertain as to the direction of order entry and how quickly pricing may solidify. Pricing, volumes per order, backlogs and leadtimes are all under competitive pressures as we navigate through this challenging economic environment. We’re pleased with the responsiveness of our operations to recent customer requirements, and we’re focused on our ongoing operational efficiency improvements and capacity growth initiatives. Longer term, we believe we are well-positioned with our value-added products, proprietary alloys and additional capacity to meet the anticipated long-term growth requirements of our core target markets when the economy recovers.”
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