• About
  • Meet The Team
  • Privacy Policy
Monday, March 8, 2021

Stocks Telegraph
  • Login
  • Home
  • Featured
  • Investing
  • Morning News
  • Mid Day Movers
No Result
View All Result
Stocks Telegraph
No Result
View All Result

Haynes International, Inc. (HAYN), net sales dropped amid covid-19 woes

by Hasnain R
November 20, 2020
in Featured
Share on FacebookShare on Twitter

Haynes International, Inc. (HAYN), a leading technologically advanced high-performance alloy developer, manufacturer, and marketer, announced financial results for the fourth quarter ended 30 September 2020.

In the fourth quarter of fiscal 2020, net sales were $79.9 million, a drop of 38.3 percent from $129.6 million in the same period of fiscal 2019. In the fourth quarter of fiscal 2020, production was 2.9 million pounds, a reduction of 45.7 percent from 5.4 million pounds in the same fiscal 2019 period.

In addition to the effects caused by the grounding of the Boeing 737 MAX, the decline in volume is largely attributed to a large slowdown in demand caused by the COVID-19 pandemic.

Furthermore, cash protection practices for several clients have resulted in rather cautious patterns in order entry. In the fourth quarter of fiscal 2020, the average product sale price was $25.03 per pound, an improvement of 10.5 percent from $22.66 per pound in the same timeframe of fiscal 2019.

A higher demand commodity mix and previous price changes, as well as other pricing considerations, primarily reflect the growth in the global retail price per pound, which raised the average selling price per pound by around $2.99. These rises were largely offset by lower raw materials supply rates, which reduced the retail sale price per pound by about $0.62 on average.

In the fourth quarter of fiscal 2020, sales expenses were $76.0 million, or 95.1 percent of net revenues, compared to $108.3 million, or 83.6 percent of net revenues, in the same fiscal 2019 period. The drop in the dollar was largely due to reduced volumes, combined with the company’s steps taken in reaction to COVID-19 to lower prices, which included voluntary and forced layoffs and increases in salaried and hourly labor.

Despite these cost control steps, however, fixed costs did not reduce in line with the existing output rates, which involved the additional spending of a portion of those fixed costs of approximately $4.0 million.

As a consequence of the aforementioned causes, for the fourth quarter of fiscal 2020, gross profit was $4.0 million, a decline of $17.4 million from the same duration of fiscal 2019. In the fourth quarter of fiscal 2020, gross profit as a percentage of net sales declined to 4.9 percent as opposed to 16.4 percent in the same period of fiscal 2019.

Get The Best Stocks To Trade Every Day!

Join now to get the Stockstelegraph.com pre-market morning brief 100% free

Tags: earningsHAYNHaynes International

Related Posts

Marinus Pharmaceuticals (NASDAQ: MRNS) Is Popping Today. Here’s Why
Featured

Apple (AAPL) or Alphabet (GOOGL): Which is the Better Stock Pick?

March 1, 2021
ASML Holding (NASDAQ: ASML) Announces 2020 Q3 Results
Featured

What dragged Vistra Corp (VST) about 25% lower?

February 27, 2021
High Flying Plasma Pharmaceuticals as FDA Approves Plasma-based COVID-19 Treatment
Featured

Three Top Coronavirus Stocks to Buy Anytime Soon

February 27, 2021
Tesla Inc. (NASDAQ: TSLA) Reportedly Discuss Nickel Supply Deal With Top Miner BHP
Featured

AMC Entertainment (AMC) Avoids Bankruptcy as Shares Pop Up

January 27, 2021
Top 3 Health Care Stocks that can attract investors in 2021
Featured

Top 3 Health Care Stocks that can attract investors in 2021

January 27, 2021
Sunworks (NASDAQ: SUNW) Stock Is Soaring Today. Here’s Why
Featured

Overstock.com (OSTK) Set to Convert its blockchain-based subsidiary to a limited partnership “Fund”

January 27, 2021
Next Post

Medigus Ltd. (NASDAQ: MDGS) signed a joint venture with EMuze founders to create and commercialize EV-based micro-mobility vehicles

Early Morning Vibes: Top 4 Stocks To Buy Right Now

GEVO Inc [GEVO]  – A Top Stock To Watch For The Remainder Of 2020
by Hasnain R
March 3, 2021
0

US stock indices closed with growth on Monday. The last week rally in US government bond yields stalled, easing investors'...

Read more

The fundamentals of KemPharm Inc. (KMPH) lend themselves to long-term investors

Why IBIO Inc [IBIO] is the Best Covid-19 Vaccine Stock to Bet On
by Hasnain R
March 3, 2021
0

KemPharm, Inc. (NASDAQ: KMPH)has performed -15.80% so far this year, while over the last seven days it has performed -4.8%....

Read more

Look Out for these Fintech Stocks in 2021

The Three Top Financial Stocks for Investment
by Zoha Fatim
March 1, 2021
0

Fintech stocks are a broad category of stocks consist of stocks which are part technology and part finance. Fintech stock...

Read more

SOS Limited (SOS) Stock Surged 18% In After Hours Trading. Here Is The Reason

Is Consumer Portfolio Services (NASDAQ: CPSS) A Good Stock To Buy?
by Shan Zee
March 2, 2021
0

The emergency rescue services technology company SOS Limited (SOS) saw its shares’ price rising 18.39% in trading after the ring...

Read more

Early Morning Vibes: Don’t Miss On These 4 Growth Stocks

GEVO Inc [GEVO]  – A Top Stock To Watch For The Remainder Of 2020
by Hasnain R
March 1, 2021
0

In the recent times, Aviation stocks have suffered a serious crash. Covid-19 shut down the entire business. But US aviation stocks,...

Read more
  • About
  • Meet The Team
  • Privacy Policy

© 2020 Stocks Telegraph - All Rights Reserved

No Result
View All Result
  • Home
  • Featured
  • Investing
  • Morning News
  • Mid Day Movers

© 2020 Stocks Telegraph - All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Get The Best Stocks To Trade Every Day!

Join now to get the Stockstelegraph.com pre-market morning brief 100% free

We do not sell or share your information with anyone.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.