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UPDATE: Haynes stock soar on report, upgrade

August 7, 2008
Haynes International Inc., a Kokomo company that makes specialized alloy parts used in corrosive and high-temperature conditions, saw its stock price explode this morning after it reported a jump in profit late yesterday and an analyst upgraded his recommendation.

The shares traded up 25 percent, to $54.25 each.

Haynes said profit in its third fiscal quarter ended June 30 came to $17.6 million, nearly identical to a year earlier. However, the $1.46 per share in earnings was well over the $1.20 anticipated by analysts surveyed by Thomson Financial.

Also, a JPMorgan analyst upgraded the stock to "Overweight" from "Neutral."

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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