Haynes’ profits slide as doldrums linger
Feb 01, 2013 | 02:03 PM
| Daniel Fitzgerald
Tags
Haynes International,
earnings report,
Mark Comerford,
steel alloys,
Daniel Fitzgerald
NEW YORK — Haynes International Inc. posted lower-than-anticipated earnings for its fiscal first quarter and the steel alloy manufacturer expects lower volumes and weaker pricing will continue to impact the company in the current quarter.
The Kokomo, Ind.-based company posted net income of $5.84 million for the three months ended Dec. 31, down 30.9 percent from $8.44 million in the same period a year earlier, on sales that fell 11.3 percent to $114.3 million. Sales volumes declined 8.7 percent to 4.7 million pounds from 5.1 million pounds in the same comparison, while the aggregate average selling price slipped 2.8 percent to $24.40 per pound from $25.11 per....
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