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May 5, 2012

Haynes profits $15.2 million

Earnings up as company makes up for prior quarter’s equipment outages.

Haynes International Inc. picked up its profits to $15.2 million during its second fiscal quarter as the alloy manufacturer made up for equipment-related delays in the previous quarter.

Profits for the quarter more than doubled the $6.2 million profit Haynes reported a year earlier as revenues increased 14 percent to $158.9 million, the company reported Friday.

Haynes reported an $8.4 million profit for the first quarter of fiscal 2012. Those profits dipped from $11.3 million the previous quarter.

Equipment outages caused the first quarter’s earnings slump, which Haynes made up for in the second quarter, CEO Mark Comerford said during a teleconference Friday.

The company, which ended its second quarter on March 31, has netted a $23.6 million profit for the first half of its fiscal year.

Overall financial environments have improved among Haynes’ major markets — aerospace, chemical processing and land-based gas turbines — but the economic situations remain a concern for Haynes, said Marcel Martin, chief financial officer.

Revenues in all three primary markets increased compared to a year earlier: aerospace by 26.4 percent, chemical processing by 1.6 percent and land-based gas turbines by 16 percent. Revenues in all other markets increased by 5 percent.

• Daniel Human is the Kokomo Tribune business reporter. He can be reached at 765-454-8570 or at daniel.human@kokomotribune.com.

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