Haynes International, Inc. Reports Third Quarter Fiscal 2023 Financial Results
- Company record backlog of
$468.1 million as of June 30, 2023, up38.4% year-over-year, with continued strength in aerospace and industrial gas turbine demand. - Net revenue of
$143.9 million , reduced by an estimated$18 -$20 million due to a cybersecurity incident. Company is now back to full production and expects to make up the third quarter cyber-related revenue impact over the next few quarters. - Margin compression from the impact of the cybersecurity incident, along with raw material headwinds, resulted in a gross margin of
18.1% of net revenue. - Net income of
$8.8 million , or$0.68 diluted earnings per share, which was reduced by an estimated$0.40 t o$0.45 from the cybersecurity incident and an additional$0.09 from the raw material headwind. This compares to last year’s third quarter net income of$15.6 million , or$1.24 diluted earnings per share, which included a favorable raw material tailwind of$0.25 per diluted share. - Quarter-end revolver balance of
$98.7 million , a decrease of$9.3 million during the third quarter of fiscal 2023. Renewed credit facility for five years and increased to$200 million providing strong liquidity.
- Capital investment in first nine months of fiscal 2023 of
$11.8 million . Total planned capital expenditures for fiscal 2023 expected to be$16 -18 million.
- Regular quarterly cash dividend of
$0.22 per outstanding share of the Company’s common stock declared.
KOKOMO, Ind., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Haynes International, Inc. (NASDAQ GS: HAYN) (the “Company”), a leading developer, manufacturer and marketer of technologically advanced high-performance alloys, today reported financial results for its third fiscal quarter ended June 30, 2023. In addition, the Company announced that its Board of Directors has authorized a regular quarterly cash dividend of
“Based on our team’s rapid response to the June cybersecurity incident, we were able to contain the impact to within our third quarter. We are now producing at very high levels at each of our facilities”, said Michael L. Shor, President and Chief Executive Officer. “We anticipate that our fourth quarter volume shipped will be the best of the fiscal year. A key strength of our Company continues to be our talented and dedicated workforce, and we are pleased with the recently ratified five year labor agreement at our Kokomo facility.”
3rd Quarter Results
Net Revenues. Net revenues were
Cost of Sales. Cost of sales was
Gross Profit. Gross profit was
Selling, General and Administrative Expense. Selling, general and administrative expense was
Research and Technical Expense. Research and technical expense was
Operating Income. The above factors, including the impacts from raw material prices in selling prices differing from raw material prices included in cost of sales and lower volumes due to the cybersecurity incident, led to a decrease in operating income to
Nonoperating retirement benefit expense. Nonoperating retirement benefit expense was a benefit of
Income Taxes. Income tax expense was
Net Income. As a result of the above factors, net income in the third quarter of fiscal 2023 was
Cybersecurity Incident
As previously disclosed, the Company began experiencing a network outage indicative of a cybersecurity incident on June 10, 2023. Upon detection of the incident, the Company engaged third-party specialists to assist in investigating the source of the outage, determine its potential impact on the Company’s systems, and securely restore full system functionality. On June 21, 2023, less than 2 weeks after the incident began, the Company announced that all manufacturing operations were running and that the Company had substantially restored administrative, sales, financial and customer service functions. Nevertheless, during those 11 days many aspects of the Company’s production were substantially disrupted.
Based on lost production time, the Company estimates that net revenues for the quarter were impacted by roughly
Volumes and Pricing
Volume shipped in the third quarter of fiscal 2023 was 4.4 million pounds which is
The Company has an ongoing strategy of increasing margins. This is achieved by reducing processing costs as well as increasing pricing for the high-value, differentiated products and services it offers. The Company implemented multiple price increases for contract and non-contract business as market conditions improved and in response to higher inflation. Customer long-term agreements typically have adjustors for specific raw material prices and for changes in the producer price index to help cover general inflationary items. The product average selling price per pound in the third quarter of fiscal 2023 was
Gross Profit Margin Trend Performance
The Company has made a significant strategic effort to improve gross margins over the past few years. As a result of this strategy, the Company reduced the volume breakeven point by over
Gross profit margin was
Backlog
The Company continued to experience high levels of order entry over the past quarter, predominately in the aerospace and industrial gas turbine markets. The Company established another record backlog of
Capital Spending
During the first nine months of fiscal 2023, capital investment was
Working Capital
Controllable working capital, which includes accounts receivable, inventory, accounts payable and accrued expenses, was
Liquidity
The Company had cash and cash equivalents of
Net cash used in operating activities in the first nine months of fiscal 2023 was
Net cash used in investing activities was
Net cash provided by financing activities was
Dividend Declared
On August 3, 2023, the Company announced that the Board of Directors declared a regular quarterly cash dividend of
Guidance
The cyber-related revenue impact is expected to be made up over the next few quarters into fiscal 2024. The Company has regained good momentum with the flow of orders at each of its operating locations and expects fourth quarter fiscal 2023 net revenues and earnings to be the highest of fiscal 2023. Fourth quarter earnings are expected to be unfavorably impacted by additional headwinds from the continued reduction in the price of both nickel and cobalt.
Earnings Conference Call
The Company will host a conference call on Friday, August 4, 2023 to discuss its results for the third quarter of fiscal 2023. Michael Shor, President and Chief Executive Officer, and Daniel Maudlin, Vice President of Finance and Chief Financial Officer, will host the call and be available to answer questions.
To participate, please dial the teleconferencing number shown below five minutes prior to the scheduled conference time.
Date: | Friday, August 4, 2023 | Dial-In Numbers: | 888-506-0062 (Domestic) | |
Time: | 9:00 a.m. Eastern Time | 973-528-0011 (International) | ||
Access Code: | 497969 | |||
A live Webcast of the conference call will be available at www.haynesintl.com.
For those unable to participate, a teleconference replay will be available from Friday, August 4th at 11:00 a.m. ET, through 11:59 p.m. ET on Sunday, September 3, 2023. To listen to the replay, please dial:
Replay: | 877-481-4010 (Domestic) 919-882-2331 (International) |
Replay Passcode: | 48694 |
A replay of the Webcast will also be available for one year at www.haynesintl.com.
Non-GAAP Financial Measures
This press release includes certain financial measures, including Adjusted EBITDA for the fiscal quarters ended June 30, 2022 and 2023 and Adjusted gross profit margin – excluding estimated impact of nickel and cobalt fluctuations for the fiscal quarters ended June 30, 2022 and 2023 that have not been calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).
The Company believes that these non-GAAP measures provide useful information to investors. Among other things, they may help investors evaluate the Company’s ongoing operations. They can assist in making meaningful period-over-period comparisons and in identifying operating trends that would otherwise be masked or distorted by the items subject to adjustments. Management uses these non-GAAP measures internally to evaluate the performance of the business, including to allocate resources. Investors should consider these non-GAAP measures as supplemental and in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP.
Management has chosen to provide this supplemental information to investors, analysts, and other interested parties to enable them to perform additional analyses of our results and to illustrate our results giving effect to the non-GAAP adjustments. Management strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures.
Reconciliations of Adjusted EBITDA and Adjusted gross profit margin – excluding estimated impacts of nickel and cobalt fluctuations to their most directly comparable financial measure prepared in accordance with GAAP, accompanied by reasons why the Company believes the non-GAAP measures are important, are included in the attached schedules.
About Haynes International
Haynes International, Inc. is a leading developer, manufacturer and marketer of technologically advanced, high performance alloys, primarily for use in the aerospace, industrial gas turbine and chemical processing industries.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. All statements other than statements of historical fact, including statements regarding market and industry trends and prospects and future results of operations or financial position, made in this press release are forward-looking. In many cases, you can identify forward-looking statements by terminology, such as “may”, “should”, “expects”, “intends”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of such terms and other comparable terminology. The forward-looking information may include, among other information, statements concerning the Company’s guidance and outlook for fiscal 2023 and beyond, overall volume and pricing trends, cost reduction strategies and their anticipated impact on our results, gross margin and gross margin trends, capital expenditures, demand for our products and operations and dividends. There may also be other statements of expectations, beliefs, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of various factors, many of which are beyond the Company’s control.
The Company has based these forward-looking statements on its current expectations and projections about future events. Although the Company believes that the assumptions on which the forward-looking statements contained herein are based are reasonable, any of those assumptions could prove to be inaccurate. As a result, the forward-looking statements based upon those assumptions also could be incorrect. Risks and uncertainties may affect the accuracy of forward-looking statements. Some, but not all, of these risks are described in Item 1A. of Part 1 of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022 and Item 1A of Part II of the Company’s Quarterly Report on form 10-Q for the quarter ended June 30, 2023.
The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Schedule 1 | ||||||||||||||||||
HAYNES INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share data) | ||||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||
2022 | 2023 | 2022 | 2023 | |||||||||||||||
Net revenues | $ | 130,165 | $ | 143,901 | $ | 346,651 | $ | 429,360 | ||||||||||
Cost of sales | 96,943 | 117,839 | 272,239 | 349,382 | ||||||||||||||
Gross profit | 33,222 | 26,062 | 74,412 | 79,978 | ||||||||||||||
Selling, general and administrative expense | 11,847 | 11,832 | 34,991 | 35,486 | ||||||||||||||
Research and technical expense | 957 | 1,008 | 2,806 | 3,028 | ||||||||||||||
Operating income | 20,418 | 13,222 | 36,615 | 41,464 | ||||||||||||||
Nonoperating retirement benefit expense (income) | (1,088 | ) | (366 | ) | (3,264 | ) | (1,097 | ) | ||||||||||
Interest income | (1 | ) | (17 | ) | (15 | ) | (33 | ) | ||||||||||
Interest expense | 750 | 2,156 | 1,564 | 5,522 | ||||||||||||||
Income before income taxes | 20,757 | 11,449 | 38,330 | 37,072 | ||||||||||||||
Provision for income taxes | 5,149 | 2,690 | 9,579 | 8,225 | ||||||||||||||
Net income | $ | 15,608 | $ | 8,759 | $ | 28,751 | $ | 28,847 | ||||||||||
Net income per share: | ||||||||||||||||||
Basic | $ | 1.25 | $ | 0.69 | $ | 2.30 | $ | 2.28 | ||||||||||
Diluted | $ | 1.24 | $ | 0.68 | $ | 2.28 | $ | 2.24 | ||||||||||
Weighted Average Common Shares Outstanding | ||||||||||||||||||
Basic | 12,339 | 12,611 | 12,346 | 12,552 | ||||||||||||||
Diluted | 12,459 | 12,796 | 12,507 | 12,776 | ||||||||||||||
Dividends declared per common share | $ | 0.22 | $ | 0.22 | $ | 0.66 | $ | 0.66 | ||||||||||
Schedule 2 | |||||||||
HAYNES INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share data) | |||||||||
September 30, | June 30, | ||||||||
2022 | 2023 | ||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 8,440 | $ | 12,931 | |||||
Accounts receivable, less allowance for credit losses of | 94,912 | 87,745 | |||||||
Inventories | 357,556 | 411,697 | |||||||
Income taxes receivable | — | 3,437 | |||||||
Other current assets | 3,514 | 3,245 | |||||||
Total current assets | 464,422 | 519,055 | |||||||
Property, plant and equipment, net | 142,772 | 141,919 | |||||||
Deferred income taxes | 5,680 | 6,764 | |||||||
Other assets | 9,723 | 9,933 | |||||||
Goodwill | 4,789 | 4,789 | |||||||
Other intangible assets, net | 4,909 | 5,750 | |||||||
Total assets | $ | 632,295 | $ | 688,210 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 54,886 | $ | 56,145 | |||||
Accrued expenses | 19,294 | 17,066 | |||||||
Income taxes payable | 828 | 613 | |||||||
Accrued pension and postretirement benefits | 3,371 | 3,371 | |||||||
Deferred revenue—current portion | 2,500 | 2,500 | |||||||
Total current liabilities | 80,879 | 79,695 | |||||||
Revolving credit facilities - Long-term | 74,721 | 98,665 | |||||||
Long-term obligations (less current portion) | 7,848 | 7,648 | |||||||
Deferred revenue (less current portion) | 7,829 | 5,954 | |||||||
Deferred income taxes | 3,103 | 3,315 | |||||||
Operating lease liabilities | 576 | 370 | |||||||
Accrued pension benefits (less current portion) | 21,090 | 16,573 | |||||||
Accrued postretirement benefits (less current portion) | 60,761 | 62,489 | |||||||
Total liabilities | 256,807 | 274,709 | |||||||
Commitments and contingencies | — | — | |||||||
Stockholders’ equity: | |||||||||
Common stock, | 13 | 13 | |||||||
Preferred stock, | — | — | |||||||
Additional paid-in capital | 266,193 | 276,831 | |||||||
Accumulated earnings | 135,040 | 155,450 | |||||||
Treasury stock, 375,032 shares at September 30, 2022 and 392,563 shares at June 30, 2023 | (14,666 | ) | (15,591 | ) | |||||
Accumulated other comprehensive loss | (11,092 | ) | (3,202 | ) | |||||
Total stockholders’ equity | 375,488 | 413,501 | |||||||
Total liabilities and stockholders’ equity | $ | 632,295 | $ | 688,210 | |||||
Schedule 3 | |||||||||
HAYNES INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) | |||||||||
Nine Months Ended June 30, | |||||||||
2022 | 2023 | ||||||||
Cash flows from operating activities: | |||||||||
Net income | $ | 28,751 | $ | 28,847 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||
Depreciation | 13,810 | 13,480 | |||||||
Amortization | 547 | 479 | |||||||
Pension and post-retirement expense - U.S. and U.K. | 1,650 | 1,961 | |||||||
Change in long-term obligations | (15 | ) | (50 | ) | |||||
Stock compensation expense | 2,750 | 2,410 | |||||||
Deferred revenue | (1,875 | ) | (1,875 | ) | |||||
Deferred income taxes | 4,182 | (549 | ) | ||||||
Loss on disposition of property | 5 | 65 | |||||||
Change in assets and liabilities: | |||||||||
Accounts receivable | (24,312 | ) | 10,955 | ||||||
Inventories | (98,880 | ) | (47,167 | ) | |||||
Other assets | 1,666 | (31 | ) | ||||||
Accounts payable and accrued expenses | 18,045 | (4,620 | ) | ||||||
Income taxes | 2,666 | (3,685 | ) | ||||||
Accrued pension and postretirement benefits | (6,589 | ) | (6,285 | ) | |||||
Net cash used in operating activities | (57,599 | ) | (6,065 | ) | |||||
Cash flows from investing activities: | |||||||||
Additions to property, plant and equipment | (11,464 | ) | (11,770 | ) | |||||
Net cash used in investing activities | (11,464 | ) | (11,770 | ) | |||||
Cash flows from financing activities: | |||||||||
Revolving credit facility borrowings | 64,500 | 101,294 | |||||||
Revolving credit facility repayments | (18,000 | ) | (77,350 | ) | |||||
Dividends paid | (8,329 | ) | (8,397 | ) | |||||
Proceeds from exercise of stock options | 347 | 8,228 | |||||||
Payment for purchase of treasury stock | (6,795 | ) | (925 | ) | |||||
Payment for debt issuance cost | — | (1,320 | ) | ||||||
Payments on long-term obligations | (183 | ) | (211 | ) | |||||
Net cash provided by financing activities | 31,540 | 21,319 | |||||||
Effect of exchange rates on cash | (765 | ) | 1,007 | ||||||
Increase (decrease) in cash and cash equivalents: | (38,288 | ) | 4,491 | ||||||
Cash and cash equivalents: | |||||||||
Beginning of period | 47,726 | 8,440 | |||||||
End of period | $ | 9,438 | $ | 12,931 | |||||
Schedule 4
Quarterly Data
The unaudited quarterly results of operations of the Company for the most recent five quarters are as follows.
Quarter Ended | ||||||||||||||||||||
June 30, | September 30, | December 31, | March 31, | June 30, | ||||||||||||||||
(dollars in thousands) | 2022 | 2022 | 2022 | 2023 | 2023 | |||||||||||||||
Net revenues | $ | 130,165 | $ | 143,810 | $ | 132,673 | $ | 152,786 | $ | 143,901 | ||||||||||
Gross profit margin | 33,222 | 31,921 | 23,038 | 30,878 | 26,062 | |||||||||||||||
Gross profit margin % | 25.5 | % | 22.2 | % | 17.4 | % | 20.2 | % | 18.1 | % | ||||||||||
Adjusted gross profit margin(1) | 29,122 | 30,921 | 28,638 | 32,578 | 27,562 | |||||||||||||||
Adjusted gross profit margin %(1) | 22.4 | % | 21.5 | % | 21.6 | % | 21.3 | % | 19.2 | % | ||||||||||
Net income | 15,608 | 16,336 | 7,739 | 12,349 | 8,759 | |||||||||||||||
Net income per share: | ||||||||||||||||||||
Basic | $ | 1.25 | $ | 1.31 | $ | 0.62 | $ | 0.98 | $ | 0.69 | ||||||||||
Diluted | $ | 1.24 | $ | 1.30 | $ | 0.61 | $ | 0.96 | $ | 0.68 | ||||||||||
(1) | Adjusted gross profit margin and adjusted gross profit margin percentage exclude estimated impact of nickel and cobalt fluctuations (See Schedule 6 for reconciliation to Gross profit margin). |
Schedule 5
Sales by Market
The unaudited revenues, pounds shipped and average selling price per pound of the Company for the most recent five quarters are as follows.
Quarter Ended | |||||||||||||||
June 30, | September 30, | December 31, | March 31, | June 30, | |||||||||||
2022 | 2022 | 2022 | 2023 | 2023 | |||||||||||
Net revenues (in thousands) | |||||||||||||||
Aerospace | $ | 60,981 | $ | 67,647 | $ | 64,518 | $ | 66,612 | $ | 77,456 | |||||
Chemical processing | 24,180 | 27,185 | 22,715 | 28,605 | 17,696 | ||||||||||
Industrial gas turbines | 23,991 | 28,501 | 26,025 | 32,420 | 28,073 | ||||||||||
Other markets | 14,518 | 14,946 | 14,722 | 17,550 | 13,416 | ||||||||||
Total product revenue | 123,670 | 138,279 | 127,980 | 145,187 | 136,641 | ||||||||||
Other revenue | 6,495 | 5,531 | 4,693 | 7,599 | 7,260 | ||||||||||
Net revenues | $ | 130,165 | $ | 143,810 | $ | 132,673 | $ | 152,786 | $ | 143,901 | |||||
Shipments by markets (in thousands of pounds) | |||||||||||||||
Aerospace | 2,142 | 2,402 | 2,187 | 1,982 | 2,376 | ||||||||||
Chemical processing | 882 | 921 | 786 | 845 | 462 | ||||||||||
Industrial gas turbines | 1,090 | 1,242 | 1,289 | 1,430 | 1,311 | ||||||||||
Other markets | 427 | 318 | 290 | 410 | 278 | ||||||||||
Total shipments | 4,541 | 4,883 | 4,552 | 4,667 | 4,427 | ||||||||||
Average selling price per pound | |||||||||||||||
Aerospace | $ | 28.47 | $ | 28.16 | $ | 29.50 | $ | 33.61 | $ | 32.60 | |||||
Chemical processing | 27.41 | 29.52 | 28.90 | 33.85 | 38.30 | ||||||||||
Industrial gas turbines | 22.01 | 22.95 | 20.19 | 22.67 | 21.41 | ||||||||||
Other markets | 34.00 | 47.00 | 50.77 | 42.80 | 48.26 | ||||||||||
Total product (product only; excluding other revenue) | 27.23 | 28.32 | 28.12 | 31.11 | 30.87 | ||||||||||
Total average selling price (including other revenue) | $ | 28.66 | $ | 29.45 | $ | 29.15 | $ | 32.74 | $ | 32.51 | |||||
Schedule 6
HAYNES INTERNATIONAL, INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES - ADJUSTED EBITDA AND ADJUSTED GROSS PROFIT MARGIN – EXCLUDING ESTIMATED IMPACTS OF NICKEL AND COBALT FLUCTUATIONS
(Unaudited)
(in thousands, except share data)
Adjusted EBITDA
Adjusted EBITDA as reported herein refers to a financial measure that excludes from consolidated operating income (loss) non-cash charges for depreciation, amortization and stock compensation expense. Management believes that Adjusted EBITDA provides a relevant indicator of the Company’s value by eliminating the impact of financing and other non-cash impacts of past investments. Management uses its results excluding these non-cash amounts to evaluate its operating performance.
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||
2022 | 2023 | 2022 | 2023 | ||||||||||
Operating income | $ | 20,418 | $ | 13,222 | $ | 36,615 | $ | 41,464 | |||||
Depreciation | 4,558 | 4,548 | 13,810 | 13,480 | |||||||||
Amortization (excluding debt issuance costs recorded in interest expense) | 33 | 32 | 100 | 97 | |||||||||
Stock compensation expense | 933 | 869 | 2,750 | 2,410 | |||||||||
Adjusted EBITDA | $ | 25,942 | $ | 18,671 | $ | 53,275 | $ | 57,451 | |||||
Adjusted EBITDA as a percentage of Net revenues | 19.9 | % | 13.0 | % | 15.4 | % | 13.4 | % | |||||
Adjusted Gross Profit Margin – Excluding estimated impact of nickel and cobalt fluctuations
Management believes that Gross profit margin – Excluding estimated impact of nickel and cobalt fluctuations provides a relevant indicator of the Company’s profitability by eliminating the impact of fluctuating impacts of nickel and cobalt prices which can compress or expand gross profit margin. The estimated gross margin impact from nickel and cobalt price fluctuations is derived from a model developed by the Company to measure how the price changes flow through net revenues and cost of sales. This model incorporates flow across each different type of pricing mechanism and the timing of how cost of nickel and cobalt flow to cost of sales including the impacts of the commodity price exposure of our scrap cycle. Management uses its results excluding these nickel and cobalt impacts to evaluate its operating performance.
Quarter Ended | ||||||||||||||||||
June 30, | September 30, | December 31, | March 31, | June 30, | ||||||||||||||
(dollars in thousands) | 2022 | 2022 | 2022 | 2023 | 2023 | |||||||||||||
Gross profit margin | $ | 33,222 | $ | 31,921 | $ | 23,038 | $ | 30,878 | $ | 26,062 | ||||||||
Gross profit margin % | 25.5 | % | 22.2 | % | 17.4 | % | 20.2 | % | 18.1 | % | ||||||||
Estimated impact of nickel and cobalt fluctuations | (4,100 | ) | (1,000 | ) | 5,600 | 1,700 | 1,500 | |||||||||||
Adjusted gross profit margin - excluding estimated impact of nickel and cobalt fluctuations | $ | 29,122 | $ | 30,921 | $ | 28,638 | $ | 32,578 | $ | 27,562 | ||||||||
Adjusted gross profit margin % - excluding estimated impact of nickel and cobalt fluctuations | 22.4 | % | 21.5 | % | 21.6 | % | 21.3 | % | 19.2 | % |
Contact: | Daniel Maudlin | ||
Vice President of Finance and Chief Financial Officer | |||
Haynes International, Inc. | |||
765-456-6102 |