Haynes reports Q3 EPS 63c, consensus 83c

Reports Q3 revenue $153.923M, consensus $158.81M. “Our third-quarter revenue grew 7% year over year, with our sales into the aerospace market hitting a quarterly Company record at $82.6 million, approaching 54% of our total sales. In addition, our focus on generating cash and reducing the revolver balance has built momentum with over $52 million in cash flow from operations year-to-date resulting in debt reduction of over $24 million, which is expected to continue through our fourth quarter. We also continue to make progress with our proposed merger with North American Stainless, a subsidiary of Acerinox, receiving CFIUS approval on June 27, 2024. We continue to expect the transaction to close in the fourth calendar quarter of 2024”, said Michael L. Shor, President and Chief Executive Officer. “As we look forward, we are now experiencing reduced order entry and production volumes primarily due to the Boeing build rate slowdown along with our actions to reduce inventory and generate cash. We believe our reduced order entry levels are temporary and we remain optimistic about the market fundamentals and long term demand outlook.”