KOKOMO, Ind. (AP) - Haynes International Inc., maker of alloys used in jet engines, gas turbine and waste incinerators, lost $1.3 million in its fiscal first quarter as demand for its products fell.
Haynes is suffering along with its customers in the aerospace and chemical processing industries.
The company, based in Kokomo, Ind., said Monday that the loss it was reporting for the quarter the ended in December amounted to 11 cents per share. A year earlier, the company earned $4.5 million, or 38 cents per share.
Revenue in the quarter plunged 40 percent to $81 million.
Analysts surveyed by Thomson Reuters had been bracing for an even more dismal performance. They had predicted Haynes International would lose 21 cents per share on revenue of $76 million.
Haynes International expects the slump to extend through June, although management doesn't think the downturn will get any worse. The company forecast fiscal second- and third-quarter revenue in roughly the same range as the first quarter's: either a small loss or a paltry profit.
The company's shares dropped $1.79, or 6.2 percent, to close Monday at $27.17. The stock was unchanged in extended trading. |