Haynes International Inc - HAYN STOCK NEWS

Haynes International (NASDAQ: HAYN) reported its Q3 fiscal 2024 results, noting a net revenue increase to $153.9M from $152.5M in Q2 and $143.9M last year. Aerospace market sales reached a record $82.6M, accounting for nearly 54% of total revenue. However, gross profit decreased to $25.5M, with a 16.6% gross margin, down from 18.1% last year, affected by raw material headwinds.

Despite a reduction in net income to $8.1M ($0.63 per share) from $8.8M ($0.68 per share) the previous year, the company maintained strong operating cash flow of $52.5M, leading to a $24.2M credit facility paydown. The backlog decreased to $405.7M, a 13.3% decline year-over-year. Capital expenditures reached $17.2M in the first nine months, with a total of $22-26M expected for the year.

Haynes is also progressing with its merger with North American Stainless, expecting final clearances in Q4 2024. The board declared a regular quarterly dividend of $0.22 per share.

Haynes International (NASDAQ: HAYN) has appointed Marlin C. Losch III as the new Chief Operating Officer, effective July 1. Losch, who has been with Haynes for over 35 years, will oversee all commercial and operational activities. He previously served as Vice President of Sales and Distribution.

The company is also searching for Losch’s replacement in his former role, with a transition period ensured. Additionally, David L. Strobel, Vice President of Kokomo Operations, will retire in early 2025 after six years with the company. Haynes is seeking a successor for Strobel, who will aid in the transition to new leadership.

Haynes International has secured CFIUS approval for its planned merger with North American Stainless, expected to close in Q4 2024. The merger, initially announced on February 4, 2024, involves North American Stainless' parent company, Acerinox S.A., and a subsidiary, Warhol Merger Sub. The deal will see Haynes becoming a wholly owned subsidiary of North American Stainless. While most regulatory approvals have been obtained, the merger still requires clearance from UK and Austrian authorities.

Haynes International, Inc. reported second-quarter fiscal 2024 net revenues of $152.5 million, with solid growth in aerospace and industrial gas turbine markets. Gross margin of 17.7% was impacted by raw material costs. Net income was $8.6 million. Backlog decreased by 1.8% year-over-year to $438.6 million. Capital investment for fiscal 2024 estimated at $22-28 million. The Company declared a cash dividend of $0.22 per share. Merger with North American Stainless pending completion in the third quarter. Net income decreased by $3.8 million year-over-year, impacted by raw material costs.

Haynes International, Inc. (HAYN) reported first quarter net revenues of $147.4 million, a company record despite a three-week unplanned outage at the 4-high hot rolling mill in the Kokomo plant. Gross margin was 16.8% of revenue, and net income was $7.7 million, or $0.60 per diluted earnings per share. The backlog was $448.8 million as of December 31, 2023, up 9.9% year-over-year. The company declared a regular quarterly cash dividend of $0.22 per outstanding share of the Company’s common stock.

Haynes International, Inc. (NASDAQ GM:HAYN) has entered into a definitive agreement to be acquired by North American Stainless, a wholly owned subsidiary of Acerinox, in an all-cash transaction valuing the Company at an enterprise value of approximately $970 million. The transaction represents a multiple of 12.3x fiscal 2023 EBITDA. The acquisition will deliver significant and immediate value to Haynes stockholders, with a premium of approximately 22% to the six-month volume-weighted average share price. Acerinox will invest an additional $200 million in U.S. operations, including $170 million in Haynes’ operations. The transaction is expected to close in the third calendar quarter of 2024.

Haynes International, Inc. will host a conference call on February 9, 2024, to discuss its first quarter fiscal year 2024 financial results. The call will be hosted by President and CEO Michael Shor and CFO Daniel Maudlin. A live webcast will be available on the company's website, and a teleconference replay will be accessible for those unable to participate.

Haynes International, Inc. (NASDAQ GS: HAYN) reported fourth quarter net revenues of $160.6 million and fiscal year 2023 net revenues of $590.0 million, up over 20% from last year, with a record year in revenue in Aerospace and Industrial Gas Turbines. The gross margin for the fourth quarter was 18.5% of revenue, and 20.9% when adjusted for raw material headwinds. Fiscal year 2023 gross margin was 18.6% of revenue, adjusted to 20.7%. The unfavorable change in estimated raw material impact between the two fiscal years was $22.0 million pretax. The cyber security incident in the third quarter impacted results by an estimated $7.0 million pretax. The fourth quarter net income was $13.2 million, or $1.02 per diluted earnings per share. Fiscal 2023 net income was $42.0 million, or $3.26 per diluted earnings per share. The backlog as of September 30, 2023, was $460.4 million, up 23.2% year-over-year. The Company also declared a regular quarterly cash dividend of $0.22 per outstanding share of the Company’s common stock.

HAYN: Haynes International, Inc. to Host Conference Call on November 17, 2023 to Discuss Fourth Quarter and Fiscal Year-End Financial Results. President and CEO Michael Shor, along with CFO Daniel Maudlin, will be available to answer questions. Webcast and teleconference replay details provided.