Published: July 19, 2023 at 9:27 a.m. ET
By Will Feuer
Haynes International, which last month disclosed a “network outage indicative of a cybersecurity incident,” said the episode will hit the manufacturer’s fiscal third-quarter financial results.
The Kokomo, Ind.-based company, which makes advanced nickel and cobalt-based alloys used in various industries including aerospace, said…
By Will Feuer
Haynes International, which last month disclosed a “network outage indicative of a cybersecurity incident,” said the episode will hit the manufacturer’s fiscal third-quarter financial results.
The Kokomo, Ind.-based company, which makes advanced nickel and cobalt-based alloys used in various industries including aerospace, said the incident is expected to lower third-quarter sales by $18 million to $20 million. The company now forecasts quarterly sales of $142 million to $145 million.
The company is targeting earnings of 65 cents a share to 70 cents a share, saying the cybersecurity incident is expected to reduce earnings by 40 cents a share to 45 cents a share. Haynes said its new guidance also accounts for a nine-cent-per-share hit from fluctuating prices tied to Cobalt and other raw materials.
The company said it began experiencing the outage on June 10 and on June 21, Haynes said all manufacturing operations were back up and running. The company also said at the time that it had substantially restored administrative, sales, financial and customer service functions.
“We have regained good momentum and expect to make up the third-quarter cyber-related shortfall over the next few quarters,” Chief Executive Mike Shor said.
Write to Will Feuer at Will.Feuer@wsj.com
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