Friday, November 17, 2023
Haynes International, Inc. is a leading developer, manufacturer and marketer of technologically advanced, nickel and cobalt-based high-performance alloys, primarily for use in the aerospace, industrial gas turbine and chemical processing industries.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Fourth quarter and fiscal year 2023 financial results. Haynes International reported fourth quarter net income of $13.1 million or $1.02 per share compared to $16.3 million or $1.30 per share during the prior year period. Fiscal year 2023 net income was $42.0 million or $3.26 per share compared to $45.1 million or $3.57 per share during the prior period. We had forecast fourth quarter and fiscal year 2023 net income of $12.4 million and $41.1 million, respectively, or $0.97 per share and $3.22 per share. Compared to the prior year periods, fourth quarter and fiscal year net revenues increased by 11.7% and 20.3%, respectively, to $160.6 million and $590.0 million. On a year-over year basis, the product average selling price during the fourth quarter and fiscal year increased 11.5% and 14.9%, respectively. Fiscal year 2023 adjusted EBITDA increased to $79.0 million compared to $77.4 million in fiscal year 2022.
Strong order backlog. Compared to the September 2022 quarter, the company’s order backlog increased 23.2% to $460.4 million although it declined by $7.7 million compared to the prior quarter. Haynes added production headcount and invested in inventory to increase shipping levels and net revenue. The strong order backlog has been driven by strength in aerospace and industrial gas turbine demand.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.