Haynes profit levels off, beats expectations

Haynes International Inc., a Kokomo company that makes specialized alloy parts used in corrosive and high-temperature conditions, late yesterday reported $17.6 million in fiscal third-quarter net profit.

The $1.46 per share in earnings for the period ended June 30 was nearly identical to a year earlier, but well over the $1.20 anticipated by analysts surveyed by Thomson Financial.

Haynes benefited from attempts to diversify and expand its markets and from efficiencies gained from capital upgrades, CEO Francis Petro said in a statement.

The upgrades will allow Haynes to increase production to take advantage of expected market growth next year, Petro said.

Revenue rose nearly 18 percent to $25.3 million on increases across its product mix.

Haynes went public in March last year at $65 per share. The shares closed at $43.39 yesterday.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.

{{ articles_remaining }}
Free {{ article_text }} Remaining
{{ articles_remaining }}
Free {{ article_text }} Remaining Article limit resets on
{{ count_down }}