Haynes International, Inc. (NASDAQ:HAYN), a leading developer and manufacturer of nickel and cobalt-based high performance alloys, has announced, that its first fiscal quarter revenue and earnings is expected to be lower than what was previously expected.
The Company currently expects first quarter revenue to be $114.3 million and first quarter net income to be in the range of $5.5 million to $6.0 million. Mark Comerford, President and Chief Executive Officer, said, “During our first quarter, our customers exercised increased caution in making purchases, which we attribute to ongoing uncertain economic conditions. As a result, earnings for the quarter ended December 31, 2012 will be lower than previously anticipated and we expect earnings will be uncertain in the near future due to lack of visibility. We continue to believe in the long-term growth potential of the aerospace, land-based gas turbine and chemical processing markets and we will continue to implement our capital spending projects in line with our plans to meet the growth requirements of those target markets.
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