Investors are selling off stock in Kokomo-based Haynes International Inc. despite a glowing earnings report yesterday.
Shares in the maker of precision alloy parts for aerospace and chemical processing are down to $78.88 each this afternoon from $84.50 at yesterday’s close.
The sell off came after Haynes reported fiscal fourth-quarter profit shooting up 73.8 percent on “solid demand in the markets we serve.”
Haynes said profit for its fiscal year ended Sept. 30 increased to $66.1 million from $35.5 million.
The earnings amounted to $1.50 cents per share in the first quarter and $5.89 for the fiscal year, beating analysts’ expectations. Analysts surveyed by Thomson Financial expected $1.44 cents per share in the fourth quarter and $5.82 for the fiscal year.
Haynes went public in March at $65 per share, raising $136.5 million to pay down debt and buy capital equipment. The stock escalated to $97 in July and this fall has leveled out between $80 and $90.