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Haynes International (HAYN) investor relations material

Haynes International Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Haynes International Inc
Q3 2024 earnings summary1 Aug, 2024

Executive summary

  • Net revenues for Q3 2024 increased 7% year-over-year to $153.9 million, driven by record aerospace sales reaching $82.6 million, nearly 54% of total revenue.

  • Net income for Q3 2024 was $8.1 million ($0.63 diluted EPS), down from $8.8 million ($0.68 EPS) in Q3 2023, mainly due to margin compression from raw material volatility and higher SG&A expenses.

  • The company is being acquired by Acerinox S.A./North American Stainless, with the merger expected to close in Q4 2024, pending UK and Austria regulatory approvals.

Financial highlights

  • Gross profit margin for Q3 2024 was 16.6%, down from 18.1% in Q3 2023, impacted by unfavorable nickel and cobalt price fluctuations; adjusted gross margin was 18.8%.

  • Operating income for Q3 2024 was $11.7 million, a decrease from $13.2 million in Q3 2023.

  • Adjusted EBITDA for Q3 2024 was $17.1 million (11.1% of net revenues), down from $18.7 million (13.0%) last year.

  • Backlog at June 30, 2024 was $405.7 million, down 13.3% year-over-year.

  • Cash provided by operating activities was $52.5 million for the first nine months of 2024, enabling a $24.2 million paydown of the credit facility.

Outlook and guidance

  • The merger with Acerinox S.A./North American Stainless is expected to close in Q4 2024, with all major regulatory approvals except the UK and Austria already obtained.

  • Q4 2024 revenue and earnings are expected to be similar to Q3, with continued impact from lower production volumes due to Boeing build rate slowdown and inventory reduction.

  • Capital spending for fiscal 2024 is projected between $22 million and $26 million.

  • Management anticipates continued inventory reduction and positive cash flow from operations in the last quarter of fiscal 2024.

  • Management remains optimistic about long-term demand fundamentals despite current reduced order entry.

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Frequently asked questions

Haynes International Inc produces and sells nickel- and cobalt-based alloys used in high-temperature and corrosion-resistant applications, serving the aerospace, chemical processing, and industrial gas turbine industries. The company is headquartered in Kokomo, Indiana, and its shares are listed on the NASDAQ.

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