Haynes International, Inc. (HAYN) reported Monday that net income in the first quarter declined to $7.70 million or $0.60 per share from $7.74 million or $0.62 per share in the prior-year quarter.
Net revenues for the quarter increased 11.1 percent to $147.4 million from $132.67 million in the same quarter last year.
On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share on revenues of $151.94 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead, the company said it believes that revenue and earnings are expected to be higher in the second quarter compared to the first quarter of fiscal 2024, despite the continued raw material headwinds resulting from falling nickel prices.
On February 5, 2024, the Company announced that the Board of Directors declared a regular quarterly cash dividend of $0.22 per outstanding share of the Company's common stock, payable March 15, 2024 to stockholders of record at the close of business on March 1, 2024.
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