Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of metal manufacturer Haynes International
So what: Net revenue jumped 47% to $139.1 million, easily topping estimates of $111.9 million. Earnings per share of $0.51 did fall short of the $0.54 analysts expected, but investors are looking past that today.
Now what: Management sees conditions improving throughout the year, as pricing and mix both improve. It's also positive that backlog increased 44.7% in the quarter to $241.7 million. With conditions improving, I think Haynes has room to run higher despite slightly disappointing profits this quarter.
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