Key Developments For Haynes International, Inc.
Haynes International, Inc. (HAYN.O) (Nasdaq)
Haynes International, Inc. Comments On Q1 2010 Guidance; Issues Q2 2010 Revenue Guidance Below Analysts' Estimates; Comments On Q2 2010 Earnings Guidance
Haynes International, Inc. announced that as a result of continued low demand and the challenging economy, the Company expects that revenues, for at least the first two quarters of 2010, will be below the revenue of the fourth quarter of 2009. The Company believes that its performance through the first two quarters of 2010 will range from break-even to small losses in each quarter. The Company reported revenue of $85.6 million in the fourth quarter of 2009. According to Reuters Estimates, analysts were expecting the Company to report revenue of $84.4 million and net profit of $(5.10) million for the first quarter of 2010; revenue of $91.8 million and net profit of $(2.10) million for the second quarter of 2010.
Haynes International, Inc. Reduces Worldwide Workforce By 6%; Comments On Q4 2009 and Q1, Q2 2010 Revenue Guidance; Issues Q4 2009 and Q1, Q2 2010 Earnings Guidance Below Analysts' Estimates
Haynes International, Inc. announced that it has it has reduced its worldwide workforce by 6%, temporarily reduced salaries between 5% and 15% for salaried employees, and eliminated the cash bonus component of the fiscal 2009 management incentive plan. These measures follow actions on January 16, 2009 which reduced the Company's workforce by 12% and froze salaries for all employees. The Company also announced that it expects a continued low level of revenue as a result of the credit crisis and global recession for at least the remainder of fiscal 2009 and first six months of fiscal 2010. The Company believes performance through the next three quarters to range from break-even to a small loss in each quarter. It is expected that the weakest results in the next three quarters will occur in the first quarter of fiscal 2010, because typically this quarter is impacted by fewer ship days and extended customer shutdowns. The Company expects results in the fourth quarter of 2009 and first half of 2010 to be negatively impacted by continued reduced absorption of fixed manufacturing cost, which inflates cost of goods sold, and the competitive environment, which puts downward pressure on prices. According to Reuters Estimates, analysts were expecting the Company to report revenue of $106.18 million and EPS of $0.26 for the fourth quarter 2009; revenue of $100.10 million and EPS of $0.30 for the first quarter 2010; revenue of $112.40 million and EPS of $0.48 for the second quarter 2009.
Haynes International, Inc. Comments On FY 2009 Profit Outlook
Haynes International, Inc. announced that it expects to achieve profitability for fiscal 2009, excluding the goodwill impairment charge. According to Reuters Estimates, analysts on an average are expecting the Company to report net profit of $18 million for fiscal 2009.
Haynes International, Inc. Comments On FY 2009 Earnings Guidance
Haynes International, Inc. announced that for fiscal 2009, it expects it can maintain profitability.
Haynes International, Inc. Announces Cost Reduction Measures
Haynes International, Inc. announced that it was taking actions to reduce costs by cutting its worldwide workforce by 12% and implementing a salary freeze for salaried employees.
