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Updated: November 23, 2022 @ 11:48 pm
The Kokomo-based Haynes International Inc. is continuing to grow its year-over-year revenues and posted a fiscal year profit of just over $45 million, the company announced during its fourth quarter earnings call Friday.
The alloy products maker posted a fiscal fourth-quarter net income of $16.3 million on net revenues of 143.8 million. For the 2022 fiscal year, net income totaled $45.1 million, or $3.57 per share, the best in a decade. That’s up from -$8.83 million in fiscal year 2021, largely caused by lessening demand due to the COVID-19 pandemic.
The company continued to see improved margins after announcing earlier this year it raised prices for its products. Gross margin in the fourth quarter was 21.7%.
As in quarters past, aerospace remained the company’s top market, making up 47% of the company’s fourth quarter shipments for a total of a bit more than $67 million.
Looking into the future, the company’s backlog, which it defines as “ firm commitments from customers for delivery of product at established price,” is currently at a company record high at $374 million.
“Our employees have driven this improvement,” Michael Shore, CEO and president of Haynes, said about the record high backlog during the earnings call. “My sincere thank you for both their efforts to get us to this point and the relentless focus on the actions that will drive — will safely drive the additional volume and profitability improvements that we anticipate in the future.”
Speaking of employees, Haynes reported in their annual 10-K of having a total of 1,223 full-time employees and 32 part-time employees worldwide as of Sept. 30. That’s increased from 2021 and pre-pandemic 2019 when the company reported 1,073 and 1,179 full-time employees, respectively.
Additionally, the company issued a dividend of $.022 per common stock, payable Dec. 19.
Earlier this month, Haynes employee Seth Badger, 32, of Logansport, was killed in a workplace incident at the company’s Kokomo plant. The death is under investigation by the Kokomo Police Department, Howard County Coroner’s Office and the Indiana Occupational Safety and Health Administration (IOSHA).
During its Friday earnings call, Shore offered his condolences to the Badger family.
“We ask that everyone keeps Seth’s family in your thoughts and prayers during this extremely difficult time,” Shor said. “To our Haynes team, we will support and lean on each other and find the strength to together work through our sadness and grief.”
Tyler Juranovich can be reached at 765-454-8577, by email at firstname.lastname@example.org or on Twitter at @tylerjuranovich.
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