Haynes International Inc (HAYN) saw its loss widen to $1.89 million, or $0.15 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.16 million, or $0.09 a share. Revenue during the quarter went up marginally by 0.59 percent to $103.11 million from $102.51 million in the previous year period. Gross margin for the quarter expanded 81 basis points over the previous year period to 9.49 percent. Operating margin for the quarter stood at negative 1.69 percent as compared to a negative 1.49 percent for the previous year period.
Operating loss for the quarter was $1.74 million, compared with an operating loss of $1.53 million in the previous year period.
“Second quarter sales increased sequentially 10.5%, and backlog volume increased sequentially 2.4%, led by strength in aerospace, industrial gas turbines and our other markets. Chemical process shipments increased off last quarter’s historically low levels but remain weak. We started the quarter off slowly with volumes and pricing improving as the quarter progressed, however the poor start to the quarter in combination with some tax adjustments resulted in a net loss,” said Mark Comerford, president and chief executive officer. “Demand in our major markets is showing signs of improvement with overall order entry rates increasing nearly 14% from first quarter levels. While we still have low visibility into the pace of the market recovery, we are beginning to see favorable signs, and believe that we are well positioned to capitalize on the recovery.”
Operating cash flow drops significantly
Haynes International Inc has generated cash of $11.23 million from operating activities during the first half, down 38.96 percent or $7.17 million, when compared with the last year period. The company has spent $9.78 million cash to meet investing activities during the first six months as against cash outgo of $13.69 million in the last year period.
The company has spent $5.85 million cash to carry out financing activities during the first six months as against cash outgo of $5.95 million in the last year period.
Cash and cash equivalents stood at $54.36 million as on Mar. 31, 2017, up 13.76 percent or $6.57 million from $47.79 million on Mar. 31, 2016.
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