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Haynes International, Inc. (symbol: HAYN) is a prominent developer, manufacturer, and distributor of high-performance alloys. These alloys, primarily branded as Hastelloy® and Haynes®, are engineered for use in high-temperature and corrosion-resistant applications. The company serves critical markets such as aerospace, chemical processing, and industrial gas turbines.
Founded in 1912 in Kokomo, Indiana, Haynes International boasts over a century of continuous operation. This long history includes significant contributions to the development of nickel- and cobalt-based superalloys, which have been utilized in a variety of historical and modern applications, from world wars to space exploration missions, and even the restoration of the Statue of Liberty.
Alloy development is central to Haynes International's mission. Since the fiscal year 2000, the company's technical programs have introduced nine new proprietary alloys. Of these, five are currently available commercially, while four are being scaled up for market introduction. This relentless focus on innovation underscores the company's commitment to meeting the evolving demands of its diverse clientele.
Financially, Haynes International operates in a single segment dedicated to the design, manufacture, marketing, and distribution of technologically advanced, high-performance alloys. The company derives most of its revenue from the United States, with substantial market presence in Europe, China, and other regions.
Additionally, Haynes International's highly-trained staff and cutting-edge facilities enable it to maintain a leading position in its industry. By continuously improving its processes and expanding its product offerings, the company ensures it remains at the forefront of alloy technology and meets the stringent requirements of its customers.
Haynes International (HAYN) will be removed from the S&P SmallCap 600 index due to its pending acquisition. Dream Finders Homes (DFH) will replace HAYN in the index effective prior to market opening on Monday, November 25, 2024. The change comes as Haynes International's acquisition is expected to close soon, pending final conditions. Dream Finders Homes will be classified under the Consumer Discretionary sector, while Haynes International was previously listed under Materials.
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.
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