Haynes International Provides Cybersecurity Update; Estimates $0.40 - $0.45 Impact on Diluted Earnings Per Share in Q3
Estimated Third Quarter Net Sales at $142-$145 Million After Cybersecurity Incident
Haynes International, Inc. (HAYN), a leading developer, manufacturer , and marketer of technologically advanced high-performance alloys, has issued an update regarding the recent cybersecurity incident, detailing its estimated impact on the company's financials for the third quarter of fiscal year 2023.
Net Income/Loss Impact
As previously disclosed, the Company encountered a network outage indicative of a cybersecurity incident on June 10, 2023. In response, the Company swiftly engaged third-party specialists to investigate the source of the outage and secure a full system functionality restoration. Within just 11 days, the Company was able to resume manufacturing operations and substantially restore administrative, sales, financial, and customer service functions.
However, during the 11-day disruption period, various aspects of the Company's production experienced significant disruptions. Based on the lost production time, Haynes International estimates that the net revenues for the third quarter were impacted by approximately $18 - $20 million. As a result, the estimated net sales for the third quarter are projected to be in the range of $142 - $145 million.
