Net revenues were US$141.6 million in the third quarter of fiscal 2012, a decrease of 1.1% from US$143.1 million in the same period of fiscal 2011. Operating income in the third quarter of fiscal 2012 was US$21.2 million compared to operating income of US$13.9 million in the same period of fiscal 2011.
Net revenues were US$429.3 million in the first nine months of fiscal 2012, an increase of 10.5% from US$388.6 million in the same period of fiscal 2011. Operating income in the first nine months of fiscal 2012 was US$57.1 million compared to US$31.4 million in the same period of fiscal 2011.
"Our aerospace and land-based gas turbine markets continue to demonstrate solid sales, order entry activity and backlog levels," said Mark Comerford, president and CEO of Haynes. "Our chemical processing and other market categories are experiencing a reluctance by end users to commit to large project-related orders due to the economic turbulence around the world, thereby leading to a reduction in overall order backlog. "The year-over-year and quarter-to-quarter improving performance in sales, gross margin and profitability is the result of our focused marketing effort, capital investments, new alloy development, initiation of operational improvement programs and focused cost management."