May 9—Haynes International Inc. reported Friday a net profit of $12.3 million and a growing backlog in its second quarter of fiscal year 2023.

The Kokomo-based publicly traded company reported second-quarter revenues of $152.8 million, an increase of 30.5% year-over-year. The company said increases in sales volume in its major industries and average selling price per pound were the reasons for the growing revenues.

The company's backlog, which it defines as "firm commitments from customers for delivery of product at established price," is at a company record high of $446.7 million as of March 31.

To meet the demand, Michael Shor, president and CEO of Haynes, said in the company's earnings call Friday morning that Haynes has hired 113 production and maintenance employees, including 10 maintenance apprenticeships, at its Kokomo facilities over the past year, which Shor said "represents 20% relatively new employees."

"We now believe we are nearly fully staffed at our Kokomo facility to handle the unprecedented demand coming in from our customers," Shor said.

Shor also mentioned the damage some of the buildings Haynes' Kokomo facilities sustained during the recent storms.

As previously reported by the Tribune, two buildings were damaged April 4, likely due to straight line winds the area and state experienced. One building lost much of its roof, while another lost a good chunk of siding. No one was reported injured.

Shor said company operations were back completely a week later and that the company expects "no impact" on shipments because of the storm damage.

Haynes' biggest industry continues to be aerospace, where it reported more than $66 million in second-quarter revenue.

Given Haynes' backlog, the company expects its revenues and earnings in the third quarter of fiscal year 2023 to be higher than the second quarter.

Additionally, the company announced a cash dividend of $0.22 per share of common stock to be payable June 15 to stockholders as of June 1. Haynes' stock price closed at $46.24 a share Friday.

Tyler Juranovich can be reached at 765-454-8577, by email at tyler.juranovich@kokomotribune.com or on Twitter at @tylerjuranovich.