Haynes reports Q2 EPS 66c, consensus 81c

Reports Q2 revenue $152.5M, consensus $158.8M. The company says the earnings reduction is largely driven by change in raw material headwind and the remaining volume impacts of the hot mill unplanned outage from Q1. “Our ongoing focus on the aerospace and industrial gas turbine markets resulted in the two being over 83% of volume shipped this quarter. In addition, we continue to gain production momentum after last quarter’s unplanned three-week outage at our Kokomo hot rolling mill, with product flow through our Kokomo facility improving. Significant raw material headwinds persisted through the quarter, but are expected to begin to ease. We continue to make progress towards our proposed merger with North American Stainless, a subsidiary of Acerinox, as our shareholders approved the transaction at our special meeting of shareholders held on April 16th. In addition, the regulatory process is proceeding and we continue to expect to complete the merger in the third calendar quarter,” it added.