Haynes International, a leading manufacturer of advanced nickel and cobalt-based alloys, has announced that a recent cybersecurity incident will have a significant impact on its fiscal third-quarter financial results.
The Kokomo, Ind.-based company revealed that the incident is expected to decrease third-quarter sales by $18 million to $20 million, resulting in a revised quarterly sales forecast ranging from $142 million to $145 million.
Additionally, Haynes International anticipates that earnings will be affected by the cybersecurity incident, with a projected reduction of 40 cents to 45 cents per share. The company’s new earnings guidance also factors in a nine-cent-per-share impact from fluctuating prices related to Cobalt and other raw materials.
The network outage, discovered on June 10, disrupted various operations. However, by June 21, Haynes announced that all manufacturing operations were fully restored. The company also reported significant progress in reinstating administrative, sales, financial, and customer service functions.
Chief Executive Mike Shor expressed confidence in the company’s ability to recover from the cyber-related setback over the next few quarters. Haynes International aims to regain momentum and make up for the financial shortfall experienced in the third quarter.
