NEW YORK Haynes
International Inc. expects fiscal fourth-quarter net income to
mirror its solid third-quarter results, the company said
Haynes recorded net income of
$13.7 million for the three months ended June 30, up 63.5
percent from $8.4 million in the same period last year, despite
revenue that eased 1.1 percent to $141.6 million from $143.1
"Net income may exceed this
level (in the fiscal fourth quarter) if improvement occurs in
transactional business," vice president of finance, treasurer
and chief financial officer Marcel Martin said during the
companys quarterly earnings call.
The improved quarterly
performance came even as shipping volumes fell 7.4 percent year
on year to 5.7 million pounds, while average selling prices
rose 6.8 percent to $24.79 per pound in the same comparison due
to a better product mix.
Even as such end markets as
aerospace remain highly favorable, Kokomo, Ind.-based Haynes
saw weakness in project-based segments like chemical processing
during the quarter, leading to the lower shipments.
"Our customers see project work
out in the future, but some of these projects have been delayed
by the economic situation," president and chief executive
officer Mark Comerford said during the call. "When they get the
orders, well get the orders."
Haynes expects to add 3 million
to 4 million pounds of sheet, coil and plate capacity,
Comerford said, which stems from a $24-million expansion
announced in June at the companys flat-rolled facility in
amm.com, June 26). The high-performance alloys
manufacturer is also mulling further expansions.
"On the premium side of the
business, were definitely running up against some
hurdles. Were evaluating a number of options there," he
said during the call.
The company has also said it is
investing $37 million in its Arcadia, La., specialty titanium
and high-performance nickel alloy tubular facility. This will
add two Pilger mills and an annealing furnace, according to
"Arcadia continues to operate
today at near to full capacity," Comerford added.