Haynes International Inc (HAYN)

Shares of Haynes International (HAYN) dropped by 5.15% from $51.27 to $48.63 in the trading on Monday, November 20, 2023. The reason why HAYN is down today is due to the company's disappointing financial performance in the fourth quarter of fiscal 2023. Earnings per share for the quarter came in at $1.02, down from $1.30 in the same period the previous year and falling short of the expected $1.06 per share. While sales increased by about 12% year-over-year to $160.6 million, this figure missed expectations of $163.8 million. The company cited factors such as increased product prices and improved margins but also mentioned rising operating and administrative expenses. For fiscal 2024, Haynes International anticipates continued growth in volume and revenue, along with better gross margins and positive cash flow from operations.