Haynes profit levels off, beats expectations

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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.

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