Haynes International Inc. (HAYN) reported that revenue and earnings for the first fiscal quarter ended December 31, 2012 are expected to be lower than previously anticipated by the company.
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. Analysts polled by Thomson Reuters expect the company to report revenues of $131.98 million for the first-quarter. Analysts' estimates typically exclude special items.
While announcing the fourth-quarter result, the company expected the net income of the first quarter of fiscal 2013 to be similar to the first quarter of fiscal 2012; however, net income could be lower due to customers tightly controlling their inventories and continued uncertainty in the global economic outlook.
HAYN is currently trading at $51.92, down $4.02 or 7.19 percent.
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