Boston, MA 05/14/2014 (wallstreetpr) – As per the reports from theflyonthewall,the management at Haynes International, Inc. (NASDAQ:HAYN) is scheduled to meet Topeka officials in Chicago today and in the Mid-Atlantic area tomorrow, that is, on May 14, 2014. Prior to this, the company had already finished its first meeting yesterday in Kansas City. All the meetings are reportedly hosted by Topeka.
Q2 Results
Last week, Haynes International, Inc. (NASDAQ:HAYN) had posted the results of its second quarter, where it recorded net revenues at $115.4 million and net loss of $(91.2) million, which implies a net loss of $(0.10) per share. The company’s net revenue during the same quarter in the previous year stood at $129.2 million, while it net income was recorded at $6.4 million, transalating $0.52 per share. During the reported quarter, the company witnesses 12.4% fall in its average selling price to $20.27 per pound, which is due to excessive pricing competition, lower market prices for raw materials and a lower-value product mix. The weakness in selling price has resulted in the decline of gross profit to $9.1 million, that is 54.9% from that of the previous year.
Haynes International, Inc. (NASDAQ:HAYN)’s management commented that its net revenue came in stronger and backlog too increased, across all of its end markets in the reported quarter as against that of the first quarter. The company witnessed improvement in nickel prices and volume, backlog growth and extension of lead times.
Future Guidance And Dividend Announcement
As far as the forward guidance is concerned, the company anticipated the revenue as well as earnings to improve over the third quarter comparatively. Haynes International, Inc. (NASDAQ:HAYN) is optimistic about the business conditions and future market trends, which are showing improvement at present, and therefore, expects to generate net income in the third quarter. Along with the results, the Board of Directors also announced the distribution of quarterly cash dividend at the rate of $0.22 per share, which is payable on June 16, 2014.
