Haynes International (HAYN) 10-Q 3 Aug 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover Abstract
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-33288
Entity Registrant Name	HAYNES INTERNATIONAL, INC.
Entity Central Index Key	0000858655
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1185400
Entity Address, Address Line One	1020 West Park Avenue
Entity Address, City or Town	Kokomo
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46904-9013
City Area Code	765
Local Phone Number	456-6000
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	HAYN
Security Exchange Name	NASDAQ
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,731,838
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Current assets:
Cash and cash equivalents	$ 12,931	$ 8,440
Accounts receivable, less allowance for credit losses of $428 and $858 at September 30, 2022 and June 30, 2023, respectively	87,745	94,912
Inventories	411,697	357,556
Income taxes receivable	3,437
Other current assets	3,245	3,514
Total current assets	519,055	464,422
Property, plant and equipment, net	141,919	142,772
Deferred income taxes	6,764	5,680
Other assets	9,933	9,723
Goodwill	4,789	4,789
Other intangible assets, net	5,750	4,909
Total assets	688,210	632,295
Current liabilities:
Accounts payable	56,145	54,886
Accrued expenses	17,066	19,294
Income taxes payable	613	828
Accrued pension and postretirement benefits	3,371	3,371
Deferred revenue-current portion	2,500	2,500
Total current liabilities	79,695	80,879
Revolving credit facilities - Long-term	98,665	74,721
Long-term obligations (less current portion)	7,648	7,848
Deferred revenue (less current portion)	5,954	7,829
Deferred income taxes	3,315	3,103
Operating lease liabilities	370	576
Accrued pension benefits (less current portion)	16,573	21,090
Accrued postretirement benefits (less current portion)	62,489	60,761
Total liabilities	274,709	256,807
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value (40,000,000 shares authorized, 12,854,773 and 13,124,401 shares issued and 12,479,741 and 12,731,838 shares outstanding at September 30, 2022 and June 30, 2023, respectively)	13	13
Preferred stock, $0.001 par value (20,000,000 shares authorized, 0 shares issued and outstanding)
Additional paid-in capital	276,831	266,193
Accumulated earnings	155,450	135,040
Treasury stock, 375,032 shares at September 30, 2022 and 392,563 shares at June 30, 2023	(15,591)	(14,666)
Accumulated other comprehensive loss	(3,202)	(11,092)
Total stockholders' equity	413,501	375,488
Total liabilities and stockholders' equity	$ 688,210	$ 632,295

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 858	$ 428
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	13,124,401	12,854,773
Common stock, shares outstanding (in shares)	12,731,838	12,479,741
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	392,563	375,032

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenues	$ 143,901	$ 130,165	$ 429,360	$ 346,651
Cost of sales	117,839	96,943	349,382	272,239
Gross profit	26,062	33,222	79,978	74,412
Selling, general and administrative expense	11,832	11,847	35,486	34,991
Research and technical expense	1,008	957	3,028	2,806
Operating income	13,222	20,418	41,464	36,615
Nonoperating retirement benefit expense (income)	(366)	(1,088)	(1,097)	(3,264)
Interest income	(17)	(1)	(33)	(15)
Interest expense	2,156	750	5,522	1,564
Income before income taxes	11,449	20,757	37,072	38,330
Provision for income taxes	2,690	5,149	8,225	9,579
Net income	$ 8,759	$ 15,608	$ 28,847	$ 28,751
Net income per share:
Basic (dollars per share)	$ 0.69	$ 1.25	$ 2.28	$ 2.30
Diluted (dollars per share)	$ 0.68	$ 1.24	$ 2.24	$ 2.28
Weighted Average Common Shares Outstanding
Basic (in shares)	12,611,020	12,339,308	12,551,889	12,346,372
Diluted (in shares)	12,795,844	12,459,255	12,775,535	12,506,938
Dividends declared per common share (dollars per share)	$ 0.22	$ 0.22	$ 0.66	$ 0.66

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 8,759	$ 15,608	$ 28,847	$ 28,751
Other comprehensive income (loss), net of tax:
Pension and postretirement	(393)		(1,179)	(1)
Foreign currency translation adjustment	1,330	(5,169)	9,069	(6,029)
Other comprehensive income (loss)	937	(5,169)	7,890	(6,030)
Comprehensive income	$ 9,696	$ 10,439	$ 36,737	$ 22,721

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Sep. 30, 2021	$ 13	$ 262,057	$ 101,015	$ (7,423)	$ (12,341)	$ 343,321
Balance (in shares) at Sep. 30, 2021	12,562,140
Increase (Decrease) in Stockholders' Equity
Net income (loss)			28,751			28,751
Dividends paid and accrued ($0.22 and $0.22 per share for the three months ended June 30, 2022 and 2023, and $0.66 and $0.66 per share for the nine months ended June 30, 2022 and 2023, respectively)			(8,271)			(8,271)
Other comprehensive income (loss)					(6,030)	(6,030)
Exercise of stock options		347				347
Exercise of stock options (in shares)	9,558
Issue restricted stock (less forfeitures) (in shares)	25,682
Vesting of restricted stock (in shares)	32,904
Purchase of treasury stock				(6,795)		(6,795)
Purchase of treasury stock (in shares)	(167,806)
Stock compensation		2,750				2,750
Balance at Jun. 30, 2022	$ 13	265,154	121,495	(14,218)	(18,371)	354,073
Balance (in shares) at Jun. 30, 2022	12,462,478
Balance at Mar. 31, 2022	$ 13	264,098	108,619	(14,218)	(13,202)	345,310
Balance (in shares) at Mar. 31, 2022	12,458,953
Increase (Decrease) in Stockholders' Equity
Net income (loss)			15,608			15,608
Dividends paid and accrued ($0.22 and $0.22 per share for the three months ended June 30, 2022 and 2023, and $0.66 and $0.66 per share for the nine months ended June 30, 2022 and 2023, respectively)			(2,732)			(2,732)
Other comprehensive income (loss)					(5,169)	(5,169)
Exercise of stock options		124				124
Exercise of stock options (in shares)	3,025
Issue restricted stock (less forfeitures) (in shares)	500
Stock compensation		932				932
Balance at Jun. 30, 2022	$ 13	265,154	121,495	(14,218)	(18,371)	354,073
Balance (in shares) at Jun. 30, 2022	12,462,478
Balance at Sep. 30, 2022	$ 13	266,193	135,040	(14,666)	(11,092)	375,488
Balance (in shares) at Sep. 30, 2022	12,479,741
Increase (Decrease) in Stockholders' Equity
Net income (loss)			28,847			28,847
Dividends paid and accrued ($0.22 and $0.22 per share for the three months ended June 30, 2022 and 2023, and $0.66 and $0.66 per share for the nine months ended June 30, 2022 and 2023, respectively)			(8,437)			(8,437)
Other comprehensive income (loss)					7,890	7,890
Exercise of stock options		8,228				8,228
Exercise of stock options (in shares)	218,576
Issue restricted stock (less forfeitures) (in shares)	38,623
Vesting of restricted stock (in shares)	12,429
Purchase of treasury stock				(925)		(925)
Purchase of treasury stock (in shares)	(17,531)
Stock compensation		2,410				2,410
Balance at Jun. 30, 2023	$ 13	276,831	155,450	(15,591)	(3,202)	413,501
Balance (in shares) at Jun. 30, 2023	12,731,838
Balance at Mar. 31, 2023	$ 13	275,962	149,514	(15,591)	(4,139)	405,759
Balance (in shares) at Mar. 31, 2023	12,731,248
Increase (Decrease) in Stockholders' Equity
Net income (loss)			8,759			8,759
Dividends paid and accrued ($0.22 and $0.22 per share for the three months ended June 30, 2022 and 2023, and $0.66 and $0.66 per share for the nine months ended June 30, 2022 and 2023, respectively)			(2,823)			(2,823)
Other comprehensive income (loss)					937	937
Issue restricted stock (less forfeitures) (in shares)	590
Stock compensation		869				869
Balance at Jun. 30, 2023	$ 13	$ 276,831	$ 155,450	$ (15,591)	$ (3,202)	$ 413,501
Balance (in shares) at Jun. 30, 2023	12,731,838

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended				9 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Dividend paid (in dollars per share)	$ 0.22	$ 0.22	$ 0.22	$ 0.22	$ 0.66	$ 0.66

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 28,847	$ 28,751
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	13,480	13,810
Amortization	479	547
Pension and post-retirement expense - U.S. and U.K.	1,961	1,650
Change in long-term obligations	(50)	(15)
Stock compensation expense	2,410	2,750
Deferred revenue	(1,875)	(1,875)
Deferred income taxes	(549)	4,182
Loss on disposition of property	65	5
Change in assets and liabilities:
Accounts receivable	10,955	(24,312)
Inventories	(47,167)	(98,880)
Other assets	(31)	1,666
Accounts payable and accrued expenses	(4,620)	18,045
Income taxes	(3,685)	2,666
Accrued pension and postretirement benefits	(6,285)	(6,589)
Net cash used in operating activities	(6,065)	(57,599)
Cash flows from investing activities:
Additions to property, plant and equipment	(11,770)	(11,464)
Net cash used in investing activities	(11,770)	(11,464)
Cash flows from financing activities:
Revolving credit facility borrowings	101,294	64,500
Revolving credit facility repayments	(77,350)	(18,000)
Dividends paid	(8,397)	(8,329)
Proceeds from exercise of stock options	8,228	347
Payment for purchase of treasury stock	(925)	(6,795)
Payment for debt issuance cost	(1,320)
Payments on long-term obligations	(211)	(183)
Net cash provided by financing activities	21,319	31,540
Effect of exchange rates on cash	1,007	(765)
Increase (decrease) in cash and cash equivalents:	4,491	(38,288)
Cash and cash equivalents:
Beginning of period	8,440	47,726
End of period	12,931	9,438
Supplemental disclosures of cash flow information:
Interest (net of capitalized interest)	4,890	1,004
Income taxes paid, net	12,245	2,521
Capital expenditures incurred but not yet paid	308	424
Dividends declared but not yet paid	$ 239	$ 152

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jun. 30, 2023
Basis of Presentation
Basis of Presentation	Note 1. Basis of Presentation ​ Interim Financial Statements ​ The accompanying unaudited condensed interim consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), and such principles are applied on a basis consistent with information reflected in the Haynes International, Inc. Annual Report on Form 10-K for the fiscal year ended September 30, 2022 filed with the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations promulgated by the SEC related to interim financial statements. In the opinion of management, the interim financial information includes all adjustments and accruals which are necessary for a fair presentation of results for the respective interim periods. The results of operations for the three and nine months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full fiscal year ending September 30, 2023 or any other interim period. ​ Principles of Consolidation ​ The consolidated financial statements include the accounts of Haynes International, Inc. and directly or indirectly wholly-owned subsidiaries (collectively, the “Company”). All intercompany transactions and balances are eliminated. ​

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Jun. 30, 2023
Recently Issued Accounting Standards
Recently Issued Accounting Standards	Note 2. Recently Issued Accounting Standards ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ​

Revenues from Contracts with Cu

Revenues from Contracts with Customers	9 Months Ended
	Jun. 30, 2023
Revenues from Contracts with Customers
Revenues from Contracts with Customers	Note 3. Revenues from Contracts with Customers ​ Contract Balances ​ As of September 30, 2022 and June 30, 2023, accounts receivable with customers were $95,340 and $88,603 , respectively. Allowance for credit losses as of September 30, 2022 and June 30, 2023 were , respectively, and are presented within accounts receivable, less allowance for credit losses on the Consolidated Balance Sheet. ​ Contract liabilities are recognized when the Company has received consideration from a customer to transfer goods or services at a future point in time when the Company performs under the purchase order or contract. As of September 30, 2022 and June 30, 2023, contract liabilities of $10,329 and $8,454 , respectively, for the Titanium Metals Corporation agreement, as described in Note 8 to the Condensed Consolidated Financial Statement have been recorded. Additionally, contract liabilities of , respectively, were recorded for accrued product returns. ​ Disaggregation of Revenue ​ Revenue is disaggregated by end-use markets. The following table includes a breakdown of net revenues to the markets served by the Company for the three and nine months ended June 30, 2022 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2023 2022 2023 Net revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aerospace ​ $ 60,981 ​ $ 77,456 ​ $ 162,354 ​ $ 208,586 Chemical processing ​ 24,180 ​ 17,696 ​ 64,480 ​ 69,016 Industrial gas turbine ​ 23,991 ​ 28,073 ​ 63,377 ​ 86,518 Other markets ​ 14,518 ​ 13,416 ​ 38,760 ​ 45,688 Total product revenue ​ 123,670 ​ 136,641 ​ 328,971 ​ 409,808 Other revenue ​ 6,495 ​ 7,260 ​ 17,680 ​ 19,552 Net revenues ​ $ 130,165 ​ $ 143,901 ​ $ 346,651 ​ $ 429,360 ​

Inventories

Inventories	9 Months Ended
	Jun. 30, 2023
Inventories
Inventories	Note 4. Inventories ​ The following is a summary of the major classes of inventories: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ June 30, ​ ​ 2022 2023 Raw Materials ​ $ 31,887 ​ $ 35,958 ​ ​ Work-in-process ​ 226,572 ​ 244,156 ​ ​ Finished Goods ​ 97,657 ​ 129,926 ​ ​ Other ​ 1,440 ​ 1,657 ​ ​ ​ ​ $ 357,556 ​ $ 411,697 ​ ​ ​

Income Taxes

Income Taxes	9 Months Ended
	Jun. 30, 2023
Income Taxes
Income Taxes	Note 5. Income Taxes ​ Income tax expense for the three and nine months ended June 30, 2022 and 2023 differed from the U.S. federal statutory rate of 21.0%, primarily due to state income taxes,

Pension and Post-retirement Ben

Pension and Post-retirement Benefits	9 Months Ended
	Jun. 30, 2023
Pension and Post-retirement Benefits
Pension and Post-retirement Benefits	Note 6. Pension and Post-retirement Benefits ​ Components of net periodic pension and post-retirement benefit cost for the three and nine months ended June 30, 2022 and 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Nine Months Ended June 30, ​ ​ ​ Pension Benefits ​ Other Benefits ​ Pension Benefits ​ Other Benefits ​ ​ 2022 2023 2022 2023 2022 2023 2022 2023 Service cost ​ $ 1,182 ​ $ 672 ​ $ 456 ​ $ 348 ​ $ 3,546 ​ $ 2,016 ​ $ 1,368 ​ $ 1,042 ​ Interest cost ​ 1,923 ​ 2,772 ​ 559 ​ 799 ​ 5,769 ​ 8,316 ​ 1,677 ​ ​ 2,399 ​ Expected return ​ (3,561) ​ (3,419) ​ — ​ — ​ (10,683) ​ (10,257) ​ — ​ ​ — ​ Amortizations ​ 51 ​ 52 ​ (60) ​ (569) ​ 153 ​ 154 ​ (180) ​ ​ (1,709) ​ Net periodic benefit cost ​ $ (405) ​ $ 77 ​ $ 955 ​ $ 578 ​ $ (1,215) ​ $ 229 ​ $ 2,865 ​ $ 1,732 ​ ​ The Company contributed $4,500 to Company-sponsored U.S. pension plans and $1,713 to its other post-retirement benefit plans for the nine months ended June 30, 2023. The Company expects to make contributions of $1,500 to its U.S. pension plan and $1,563 to its other post-retirement benefit plan for the remainder of fiscal 2023.

Legal, Environmental and Other

Legal, Environmental and Other Contingencies	9 Months Ended
	Jun. 30, 2023
Legal, Environmental and Other Contingencies
Legal, Environmental and Other Contingencies	Note 7. Legal, Environmental and Other Contingencies ​ Legal ​ The Company is regularly involved in litigation, both as a plaintiff and as a defendant, relating to its business and operations, including environmental, commercial, asbestos, employment and federal and/or state Equal Employment Opportunity Commission administrative actions. Future expenditures for environmental, employment, intellectual property and other legal matters cannot be determined with any degree of certainty. Environmental The Company has received permits from the Indiana Department of Environmental Management and the North Carolina Department of Environment and Natural Resources to close and provide post-closure environmental monitoring and care for certain areas of its Kokomo, Indiana and Mountain Home, North Carolina facilities, respectively. The Company is required to, among other things, monitor groundwater and continue post-closure maintenance of the former disposal areas at each site. As a result, the Company is aware of elevated levels of certain contaminants in the groundwater, and additional testing and corrective action by the Company could be required. The Company is unable to estimate the costs of any further corrective action at these sites, if required. Accordingly, the Company cannot assure that the costs of any future corrective action at these or any other current or former sites would not have a material effect on the Company’s financial condition, results of operations or liquidity. As of both September 30, 2022 and June 30, 2023, the Company has accrued $407 for post-closure monitoring and maintenance activities, of which $341 is included in long-term obligations as it is not due within one year. Accruals for these costs are calculated by estimating the cost to monitor and maintain each post-closure site and multiplying that amount by the number of years remaining in the post-closure monitoring. Expected maturities of post-closure monitoring and maintenance activities (discounted) included in long-term obligations are as follows at June 30, 2023. ​ ​ ​ ​ ​ Expected maturities of post-closure monitoring and maintenance activities (discounted) ​ Year Ending September 30, ​ ​ ​ 2024 $ 82 ​ 2025 60 ​ 2026 58 ​ 2027 ​ 62 ​ 2028 and thereafter 79 ​ ​ $ 341 ​ ​

Deferred Revenue

Deferred Revenue	9 Months Ended
	Jun. 30, 2023
Deferred Revenue
Deferred Revenue	Note 8. Deferred Revenue ​ On November 17, 2006, the Company entered into a 20-year agreement to provide conversion services to Titanium Metals Corporation (TIMET) for up to ten million pounds of titanium metal annually. TIMET paid the Company a $50,000 up-front fee and will also pay the Company for its processing services during the 20-year term of the agreement at prices established by the terms of the agreement. TIMET may exercise an option to have ten million additional pounds of titanium converted annually, provided that it offers to loan up to $12,000 to the Company for certain capital expenditures which may be required to expand capacity. In addition to the volume commitment, the Company has granted TIMET a first priority security interest in its four-high Steckel rolling mill, along with rights of access if the Company enters into bankruptcy or defaults on any financing arrangements. The Company has agreed not to manufacture titanium products (other than cold reduced titanium tubing). The Company has also agreed not to provide titanium hot-rolling conversion services to any entity other than TIMET for the term of the Conversion Services Agreement. ​ The agreement contains certain default provisions which could result in contract termination and damages, including liquidated damages of $25,000 and the Company being required to return the unearned portion of the up-front fee. The Company considered each provision and the likelihood of the occurrence of a default that would result in liquidated damages. Based on the nature of the events that could trigger the liquidated damages clause, and the availability of the cure periods set forth in the agreement, the Company determined and continues to believe that none of these circumstances are reasonably likely to occur. Therefore, events resulting in liquidated damages have not been factored in as a reduction to the amount of revenue recognized over the life of the contract. The cash received of $50,000 is recognized in income on a straight-line basis over the 20-year term of the agreement. If an event of default occurred and was not cured within any applicable grace period, the Company would recognize the impact of the liquidated damages in the period of default and re-evaluate revenue recognition under the contract for future periods. The portion of the up-front fee not recognized in income is shown as deferred revenue on the Consolidated Balance Sheet. ​

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, Net	9 Months Ended
	Jun. 30, 2023
Goodwill and Other Intangible Assets, Net
Goodwill and Other Intangible Assets, Net	Note 9. Goodwill and Other Intangible Assets, Net ​ The Company has goodwill, trademarks, customer relationships and other intangibles. Customer relationships have a definite life and are amortized over a period of fifteen years . The Company reviews customer relationships for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the assets is measured by a comparison of the carrying amount of the asset to the undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. ​ Goodwill and trademarks (indefinite lived) are tested for impairment at least annually as of January 31 for goodwill and August 31 for trademarks (the annual impairment testing dates), and more frequently if impairment indicators exist. If the carrying value of a trademark exceeds its fair value (determined using an income approach, based upon a discounted cash flow of an assumed royalty rate), impairment of the trademark may exist resulting in a charge to earnings to the extent of the impairment. The impairment test for goodwill is performed by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment loss in the event that the carrying amount is greater than the fair value. Any goodwill impairment loss recognized would not exceed the total carrying amount of goodwill allocated to that reporting unit. No impairment has been recognized as of June 30, 2023 because the fair value exceeds the carrying values. ​ During the first nine months of fiscal 2023, there were no changes in the carrying amount of goodwill. ​ Amortization of customer relationships and other intangibles was $225 and $263 for the three-month periods ended June 30, 2022 and 2023, respectively, and $547 and $479 for the nine-month periods ended June 30, 2022 and 2023, respectively. The following represents a summary of intangible assets at September 30, 2022 and June 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying September 30, 2022 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,128) ​ ​ 972 ​ Other ​ 1,100 ​ ​ (963) ​ ​ 137 ​ ​ ​ $ 7,000 ​ $ (2,091) ​ $ 4,909 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying June 30, 2023 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,225) ​ ​ 875 ​ Other ​ 1,075 ​ ​ — ​ ​ 1,075 ​ ​ ​ $ 6,975 ​ $ (1,225) ​ $ 5,750 ​ ​ ​ ​ ​ ​ ​ Estimated future Aggregate Amortization Expense: ​ Year Ending September 30, ​ ​ ​ 2023 $ 99 ​ 2024 395 ​ 2025 392 ​ 2026 388 ​ 2027 318 ​ Thereafter 358 ​ ​

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Jun. 30, 2023
Net Income (Loss) Per Share
Net Income (Loss) Per Share	Note 10. Net Income (Loss) Per Share ​ The Company accounts for earnings per share using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to participation rights in undistributed earnings. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. Basic earnings per share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. ​ The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands, except share and per share data) 2022 2023 2022 2023 Numerator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ 15,608 ​ $ 8,759 $ 28,751 $ 28,847 ​ Dividends paid and accrued ​ (2,732) ​ (2,823) ​ (8,271) ​ (8,437) ​ Undistributed income (loss) ​ 12,876 ​ 5,936 ​ 20,480 ​ 20,410 ​ Percentage allocated to common shares (a) ​ 99.0 % 99.2 % 99.0 % 99.2 % Undistributed income (loss) allocated to common shares ​ ​ 12,749 ​ ​ 5,890 ​ ​ 20,271 ​ ​ 20,250 ​ Dividends paid on common shares outstanding ​ 2,705 ​ 2,801 ​ 8,187 ​ 8,372 ​ Net income available to common shares ​ 15,454 ​ 8,691 ​ 28,458 ​ 28,622 ​ Denominator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 12,339,308 ​ 12,611,020 ​ 12,346,372 ​ 12,551,889 ​ Adjustment for dilutive potential common shares ​ 119,947 ​ 184,824 ​ 160,566 ​ 223,646 ​ Weighted average shares outstanding - Diluted ​ 12,459,255 ​ 12,795,844 ​ 12,506,938 ​ 12,775,535 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share $ 1.25 $ 0.69 $ 2.30 $ 2.28 ​ Diluted net income per share $ 1.24 $ 0.68 $ 2.28 $ 2.24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of stock option shares excluded as their effect would be anti-dilutive ​ 218,787 ​ 184,868 ​ 254,133 ​ 210,666 ​ Number of restricted stock shares excluded as their effect would be anti-dilutive ​ 51,830 ​ 42,022 ​ 56,536 ​ 43,018 ​ Number of deferred restricted stock shares excluded as their effect would be anti-dilutive ​ ​ 2,976 ​ 5,403 ​ ​ 3,427 ​ ​ 6,268 ​ Number of performance share awards excluded as their effect would be anti-dilutive ​ ​ 47,896 ​ 38,650 ​ ​ 51,466 ​ ​ 41,106 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding ​ 12,339,308 ​ 12,611,020 ​ 12,346,372 ​ 12,551,889 ​ Unvested participating shares ​ 123,336 ​ 99,377 ​ 127,219 ​ 99,050 ​ ​ ​ 12,462,644 ​ 12,710,397 ​ 12,473,591 ​ 12,650,939 ​ ​

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Jun. 30, 2023
Stock-Based Compensation
Stock-Based Compensation	Note 11. Stock-Based Compensation ​ Restricted Stock ​ The following table summarizes the activity under the 2016 and 2020 Incentive Compensation Plans with respect to restricted stock for the nine months ended June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2022 96,536 ​ $ 33.23 ​ Granted 30,159 ​ $ 49.23 ​ Forfeited / Canceled (510) ​ $ 30.11 ​ Vested (35,692) ​ $ 37.06 ​ Unvested at June 30, 2023 90,493 ​ $ 37.07 ​ Expected to vest 90,493 ​ $ 37.07 ​ ​ Compensation expense related to restricted stock for the three months ended June 30, 2022 and 2023 was $375 and $298 , respectively and for the nine months ended June 30, 2022 and 2023 was $1,120 and $945 , respectively. The remaining unrecognized compensation expense related to restricted stock at June 30, 2023 was $1,764 , to be recognized over a weighted average period of 1.42 years. During the first nine months of fiscal 2023, the Company repurchased 17,531 shares of stock from employees at an average purchase price of $ 52.74 to satisfy required withholding taxes upon vesting of restricted stock-based compensation. ​ Deferred Restricted Stock ​ The following table summarizes the activity under the 2016 and 2020 Incentive Compensation Plans with respect to deferred restricted stock for the nine months ended June 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested and deferred at September 30, 2022 3,801 ​ $ 44.07 ​ Granted 8,974 ​ $ 49.19 ​ Vested and deferred ​ (3,801) ​ $ 44.07 ​ Unvested and deferred at June 30, 2023 8,974 ​ $ 49.19 ​ Vested and deferred at June 30, 2023 21,351 ​ $ 31.32 ​ ​ Compensation expense related to deferred restricted stock for the three months ended June 30, 2022 and 2023 was $42 and $110 , respectively and for the nine months ended June 30, 2022 and 2023 was $126 and $269 , respectively. The remaining unrecognized compensation expense related to deferred restricted stock at June 30, 2023 was $202 , to be recognized over a weighted average period of 0. 46 years. ​ Performance Shares ​ The following table summarizes the activity under the 2016 and 2020 Incentive Compensation Plans with respect to performance shares for the nine months ended June 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2022 76,420 ​ $ 41.37 ​ Granted 19,555 ​ $ 69.39 ​ Vested ​ (25,226) ​ $ 42.83 ​ Forfeited / Canceled ​ — ​ $ 0.00 ​ Unvested at June 30, 2023 70,749 ​ $ 48.60 ​ ​ During the first nine months of fiscal 2023, 25,226 performance share awards vested which resulted in the issuance of 12,429 shares of stock to certain employees. The Company repurchased 5,474 shares of stock from employees at an average purchase price of $52.41 to satisfy required withholding taxes upon release of performance share awards. Compensation expense related to the performance shares for the three months ended June 30, 2022 and 2023 was $284 and $309 , respectively, and for the nine months ended June 30, 2022 and 2023 was $737 and $915 , respectively. The remaining unrecognized compensation expense related to performance shares at June 30, 2023 was $1,684 to be recognized over a weighted average period of 1.36 years. ​ Stock Options ​ The Company has elected to use the Black-Scholes option pricing model to estimate fair value, which incorporates various assumptions including volatility, expected life, risk-free interest rates and dividend yields. The volatility is based on historical volatility of the Company’s common stock over the most recent period commensurate with the estimated expected term of the stock option granted. The Company uses historical volatility because management believes such volatility is representative of prospective trends. The expected term of an award is based on historical exercise data. The risk-free interest rate assumption is based upon observed interest rates appropriate for the expected term of the awards. The dividend yield assumption is based on the Company’s history and expectations regarding dividend payouts at the time of the grant. The following assumptions were used for grants during fiscal year 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Dividend Risk-free Expected Expected Grant Date ​ Value ​ Yield ​ Interest Rate ​ Volatility ​ Life June 16, 2023 ​ $ 20.82 ​ 1.70 % 3.91 % 48 % 5 years ​ February 7, 2023 ​ $ 22.70 1.65 % 3.81 % 51 % 5 years ​ November 22, 2022 ​ $ 20.52 1.80 % 3.97 % 51 % 5 years ​ ​ The stock-based employee compensation expense for stock options for the three months ended June 30, 2022 and 2023 was $231 and $149 , respectively, and for the nine months ended June 30, 2022 and 2023 was $768 and $500 , respectively. The remaining unrecognized compensation expense at June 30, 2023 was $ 836 , to be recognized over a weighted average vesting period of 1.33 years. ​ The following table summarizes the activity under the 2007, 2016 and 2020 Incentive Compensation Plans with respect to stock options for the nine months ended June 30, 2023 and provides information regarding outstanding stock options: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Aggregate ​ Weighted ​ Average ​ ​ ​ ​ Intrinsic ​ Average ​ Remaining ​ ​ Number of ​ Value ​ Exercise ​ Contractual ​ ​ Shares ​ (000s) ​ Prices ​ Life Outstanding at September 30, 2022 697,220 ​ ​ ​ ​ $ 34.75 ​ ​ ​ ​ Granted 32,985 ​ ​ ​ ​ $ 49.08 ​ ​ ​ ​ Exercised (218,576) ​ ​ ​ ​ $ 37.90 ​ ​ ​ ​ Surrendered ​ (13,081) ​ ​ ​ ​ $ 47.96 ​ ​ ​ ​ Outstanding at June 30, 2023 498,548 ​ $ 8,407 ​ $ 33.96 6.51 yrs. ​ Vested or expected to vest 479,274 ​ $ 8,032 ​ $ 34.07 6.45 yrs. ​ Exercisable at June 30, 2023 399,672 ​ $ 7,031 ​ $ 33.23 6.05 yrs. ​ ​

Dividend

Dividend	9 Months Ended
	Jun. 30, 2023
Dividend
Dividend	Note 12. Dividend ​ In the first, second and third quarters of fiscal 2023, the Company declared and paid quarterly cash dividends of $0.22 per outstanding share of the Company’s common stock. The first quarter dividend was paid on December 19, 2022 to stockholders of record at the close of business on December 5, 2022, the second quarter dividend was paid on March 15, 2023 to stockholders of record at the close of business on March 1, 2023 and the third quarter dividend was paid on June 15, 2023 to stockholders of record at the close of business on June 1, 2023. The dividend cash pay-outs were $2,796, $2,807 and $2,794 for the first, second and third quarters of fiscal 2023, respectively. ​ On August 3, 2023, the Company announced that the Board of Directors declared a regular quarterly cash dividend of $0.22 per outstanding share of the Company’s common stock. The dividend is payable September 15, 2023 to stockholders of record at the close of business on September 1, 2023. ​

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jun. 30, 2023
Fair Value Measurements
Fair Value Measurements	Note 13. Fair Value Measurements ​ The fair value hierarchy has three levels based on the inputs used to determine fair value. ​ ● Level 1 — Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; ● Level 2 — Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; and ● Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. ​ When available, the Company uses unadjusted quoted market prices to measure fair value. If quoted market prices are not available, fair value is based upon internally-developed models that use, where possible, current market-based or independently-sourced market parameters such as interest rates and currency rates. Items valued using internally-generated models are classified according to the lowest level input or value driver that is significant to the valuation. The valuation model used depends on the specific asset or liability being valued. Fixed income securities are held as individual bonds and are valued as either level 1 assets as they are quoted in active markets or level 2 assets. U.S and International equities, and Other Investments held in the Company’s pension plan are held as individual bonds or in mutual funds and common / collective funds which are valued using net asset value (NAV) provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. These investments are not classified in the fair value hierarchy in accordance with guidance included in ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss) by Component	9 Months Ended
	Jun. 30, 2023
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Changes in Accumulated Other Comprehensive Income (Loss) by Component	Note 14. Changes in Accumulated Other Comprehensive Income (Loss) by Component ​ Comprehensive income (loss) includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss) items, including pension, post-retirement and foreign currency translation adjustments, primarily caused by the strengthening or weakening of the U.S. dollar against the British pound sterling, net of tax when applicable. ​ Accumulated Other Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2022 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of March 31, 2022 ​ $ (14,700) ​ $ 8,925 ​ $ (7,427) ​ $ (13,202) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ (5,169) ​ (5,169) Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 51 ​ ​ — ​ ​ — ​ ​ 51 Actuarial losses (1) ​ ​ 8 ​ ​ (60) ​ ​ — ​ ​ (52) Tax benefit ​ ​ (12) ​ ​ 13 ​ ​ — ​ ​ 1 Net current-period other comprehensive income (loss) ​ 47 ​ (47) ​ (5,169) ​ (5,169) Accumulated other comprehensive income (loss) as of June 30, 2022 ​ $ (14,653) ​ $ 8,878 ​ $ (12,596) ​ $ (18,371) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2023 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of March 31, 2023 ​ $ (17,075) ​ $ 23,581 ​ $ (10,645) ​ $ (4,139) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ 1,330 ​ 1,330 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 51 ​ ​ — ​ ​ — ​ ​ 51 Actuarial losses (1) ​ ​ 7 ​ ​ (570) ​ ​ — ​ ​ (563) Tax benefit ​ ​ (14) ​ ​ 133 ​ ​ — ​ ​ 119 Net current-period other comprehensive income (loss) ​ 44 ​ (437) ​ 1,330 ​ 937 Accumulated other comprehensive income (loss) as of June 30, 2023 ​ $ (17,031) ​ $ 23,144 ​ $ (9,315) ​ $ (3,202) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, 2022 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of September 30, 2021 ​ $ (14,791) ​ $ 9,017 ​ $ (6,567) ​ $ (12,341) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ (6,029) ​ (6,029) Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 154 ​ ​ — ​ ​ — ​ ​ 154 Actuarial losses (1) ​ ​ 25 ​ ​ (180) ​ ​ — ​ ​ (155) Tax provision (benefit) ​ ​ (41) ​ ​ 41 ​ ​ — ​ ​ — Net current-period other comprehensive income (loss) ​ 138 ​ (139) ​ (6,029) ​ (6,030) Accumulated other comprehensive income (loss) as of June 30, 2022 ​ $ (14,653) ​ $ 8,878 ​ $ (12,596) ​ $ (18,371) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, 2023 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of September 30, 2022 ​ $ (17,165) ​ $ 24,457 ​ $ (18,384) ​ $ (11,092) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ 9,069 ​ 9,069 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 154 ​ ​ — ​ ​ — ​ ​ 154 Actuarial losses (1) ​ ​ 21 ​ ​ (1,709) ​ ​ — ​ ​ (1,688) Tax provision (benefit) ​ ​ (41) ​ ​ 396 ​ ​ — ​ ​ 355 Net current-period other comprehensive income (loss) ​ 134 ​ (1,313) ​ 9,069 ​ 7,890 Accumulated other comprehensive income (loss) as of June 30, 2023 ​ $ (17,031) ​ $ 23,144 ​ $ (9,315) ​ $ (3,202) ​ (1) These accumulated other comprehensive income components are included in the computation of net periodic pension c ost.

Long-term Obligations

Long-term Obligations	9 Months Ended
	Jun. 30, 2023
Long-term Obligations
Long-term Obligations	Note 15. Long-term Obligations ​ The following table sets forth the components of the Company’s Long-term obligations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ June 30, ​ ​ 2022 2023 Finance lease obligations ​ $ 7,384 ​ $ 7,187 ​ Environmental post-closure monitoring and maintenance activities ​ ​ 407 ​ ​ 407 ​ Long-term disability ​ ​ 210 ​ ​ 195 ​ Deferred dividends ​ ​ 199 ​ ​ 239 ​ Less amounts due within one year ​ (352) ​ (380) ​ Long-term obligations (less current portion) ​ $ 7,848 ​ $ 7,648 ​ ​

Debt

Debt	9 Months Ended
	Jun. 30, 2023
Debt
Debt	Note 16. Debt ​ U.S. revolving credit facility On June 20, 2023, Haynes International, Inc. and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) entered into Amendment No. 3 to Credit Agreement (the “Amendment”) which amended that certain Credit Agreement, dated October 19, 2020 (as amended by that certain Amendment No. 1 to Credit Agreement dated August 30, 2022, by that certain Increase Joinder Regarding Incremental Revolving Commitments and Amendment No. 2 to Credit Agreement dated October 7, 2022, the “Credit Agreement”). The Amendment provides for revolving loans in the maximum amount of $200,000, subject to a borrowing base and certain reserves. As of June 30, 2023, the amounts borrowed by the Company under the Credit Agreement totaled $98,700 which is classified as long-term on the Consolidated Balance Sheet. Borrowings under the Credit Agreement bear interest at the Company’s option, at either the Prime Rate (as defined in the Credit Agreement), plus 1.00% - 1.50% per annum, or the adjusted daily simple SOFR (as defined in the Credit Agreement) used by the Lenders (as defined in the Credit Agreement), plus 2.00% - 2.50% per annum. This Amendment has a five-year term which matures on June 20, 2028. The Company must pay monthly, in arrears, a commitment fee of 0.375% per annum on the unused amount of the revolving credit facility total commitment. For letters of credit, the Company must pay a fronting fee of 0.125% per annum as well as customary fees for issuance, amendments and processing. The Company is subject to certain covenants as to fixed charge coverage ratios and other customary covenants, including covenants restricting the incurrence of indebtedness, the granting of liens and the sale of assets. The covenant pertaining to fixed charge coverage ratios is only effective in the event the amount of excess availability under the revolver is less than the greater of (i) 15.0% of the maximum credit revolving loan amount and (ii) $25,000. The Company is permitted to pay dividends and repurchase common stock if certain financial metrics are met. The Company may pay quarterly cash dividends up to $3,500 per fiscal quarter so long as the Company is not in default under the Credit Agreement and the related Security Agreement (as defined in the Credit Agreement). As of June 30, 2023, the Company was in compliance with the covenants of the Credit Agreement. Borrowings under the Credit Agreement are collateralized by a pledge of substantially all of the U.S. assets of the Company, including the equity interests in its U.S. subsidiaries, but excluding the four-high Steckel rolling mill and related assets, which are pledged to TIMET to secure the performance of the Company’s obligations under a Conversion Services Agreement with TIMET (see discussion of TIMET at Note 15 in the Company’s Notes to Consolidated Financial Statements in its Annual Report on Form 10-K). Borrowings under the Credit Agreement are also secured by a pledge of a 100% equity interest in each of the Company’s direct foreign subsidiaries. ​

Foreign Currency Forward Contra

Foreign Currency Forward Contracts	9 Months Ended
	Jun. 30, 2023
Foreign Currency Forward Contracts
Foreign Currency Forward Contracts	Note 17. Foreign Currency Forward Contracts ​ The Company enters into foreign currency forward contracts to reduce income statement volatility resulting from foreign currency denominated transactions. The Company has not designated the contracts as hedges, therefore, changes in fair value are recognized in earnings. All of these contracts are designed to be settled within the same fiscal quarter they are entered into and, accordingly, as of June 30, 2023, there were no contracts that remain unsettled. As a result, there was no impact to the balance sheet from those contracts as of September 30, 2022 or June 30, 2023. Foreign exchange contract gains and losses are recorded within selling, general and administrative expenses on the Consolidated Statements of Operations along with foreign currency transactional gains and losses as follows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Nine Months Ended June 30, ​ ​ 2022 2023 2022 2023 Foreign currency transactional gain (loss) ​ $ 1,994 ​ $ (434) ​ $ 2,284 ​ $ (2,763) Foreign exchange forward contract gain (loss) ​ $ (2,183) ​ $ 106 ​ $ (3,642) ​ $ 2,092 Net gain (loss) included in selling, general and administrative expense ​ $ (189) ​ $ (328) ​ $ (1,358) ​ $ (671) ​ ​

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Jun. 30, 2023
Basis of Presentation
Principles of Consolidation	Principles of Consolidation ​ The consolidated financial statements include the accounts of Haynes International, Inc. and directly or indirectly wholly-owned subsidiaries (collectively, the “Company”). All intercompany transactions and balances are eliminated.

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	9 Months Ended
	Jun. 30, 2023
Revenues from Contracts with Customers
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2023 2022 2023 Net revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aerospace ​ $ 60,981 ​ $ 77,456 ​ $ 162,354 ​ $ 208,586 Chemical processing ​ 24,180 ​ 17,696 ​ 64,480 ​ 69,016 Industrial gas turbine ​ 23,991 ​ 28,073 ​ 63,377 ​ 86,518 Other markets ​ 14,518 ​ 13,416 ​ 38,760 ​ 45,688 Total product revenue ​ 123,670 ​ 136,641 ​ 328,971 ​ 409,808 Other revenue ​ 6,495 ​ 7,260 ​ 17,680 ​ 19,552 Net revenues ​ $ 130,165 ​ $ 143,901 ​ $ 346,651 ​ $ 429,360

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Jun. 30, 2023
Inventories
Summary of major classes of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ June 30, ​ ​ 2022 2023 Raw Materials ​ $ 31,887 ​ $ 35,958 ​ ​ Work-in-process ​ 226,572 ​ 244,156 ​ ​ Finished Goods ​ 97,657 ​ 129,926 ​ ​ Other ​ 1,440 ​ 1,657 ​ ​ ​ ​ $ 357,556 ​ $ 411,697 ​ ​

Pension and Post-retirement B_2

Pension and Post-retirement Benefits (Tables)	9 Months Ended
	Jun. 30, 2023
Pension and Post-retirement Benefits
Schedule of components of net periodic pension and postretirement benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Nine Months Ended June 30, ​ ​ ​ Pension Benefits ​ Other Benefits ​ Pension Benefits ​ Other Benefits ​ ​ 2022 2023 2022 2023 2022 2023 2022 2023 Service cost ​ $ 1,182 ​ $ 672 ​ $ 456 ​ $ 348 ​ $ 3,546 ​ $ 2,016 ​ $ 1,368 ​ $ 1,042 ​ Interest cost ​ 1,923 ​ 2,772 ​ 559 ​ 799 ​ 5,769 ​ 8,316 ​ 1,677 ​ ​ 2,399 ​ Expected return ​ (3,561) ​ (3,419) ​ — ​ — ​ (10,683) ​ (10,257) ​ — ​ ​ — ​ Amortizations ​ 51 ​ 52 ​ (60) ​ (569) ​ 153 ​ 154 ​ (180) ​ ​ (1,709) ​ Net periodic benefit cost ​ $ (405) ​ $ 77 ​ $ 955 ​ $ 578 ​ $ (1,215) ​ $ 229 ​ $ 2,865 ​ $ 1,732 ​

Legal, Environmental and Othe_2

Legal, Environmental and Other Contingencies (Tables)	9 Months Ended
	Jun. 30, 2023
Legal, Environmental and Other Contingencies
Schedule of expected maturities of post-closure monitoring and maintenance activities (discounted)	​ ​ ​ ​ ​ Expected maturities of post-closure monitoring and maintenance activities (discounted) ​ Year Ending September 30, ​ ​ ​ 2024 $ 82 ​ 2025 60 ​ 2026 58 ​ 2027 ​ 62 ​ 2028 and thereafter 79 ​ ​ $ 341 ​

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets, Net (Tables)	9 Months Ended
	Jun. 30, 2023
Goodwill and Other Intangible Assets, Net
Summary of finite-lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying September 30, 2022 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,128) ​ ​ 972 ​ Other ​ 1,100 ​ ​ (963) ​ ​ 137 ​ ​ ​ $ 7,000 ​ $ (2,091) ​ $ 4,909 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying June 30, 2023 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,225) ​ ​ 875 ​ Other ​ 1,075 ​ ​ — ​ ​ 1,075 ​ ​ ​ $ 6,975 ​ $ (1,225) ​ $ 5,750 ​
Schedule of indefinite-lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying September 30, 2022 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,128) ​ ​ 972 ​ Other ​ 1,100 ​ ​ (963) ​ ​ 137 ​ ​ ​ $ 7,000 ​ $ (2,091) ​ $ 4,909 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying June 30, 2023 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,225) ​ ​ 875 ​ Other ​ 1,075 ​ ​ — ​ ​ 1,075 ​ ​ ​ $ 6,975 ​ $ (1,225) ​ $ 5,750 ​
Schedule of estimated future aggregate amortization expense	​ ​ ​ ​ ​ Estimated future Aggregate Amortization Expense: ​ Year Ending September 30, ​ ​ ​ 2023 $ 99 ​ 2024 395 ​ 2025 392 ​ 2026 388 ​ 2027 318 ​ Thereafter 358 ​

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
	Jun. 30, 2023
Net Income (Loss) Per Share
Schedule of basic and diluted net earnings (losses) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands, except share and per share data) 2022 2023 2022 2023 Numerator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ 15,608 ​ $ 8,759 $ 28,751 $ 28,847 ​ Dividends paid and accrued ​ (2,732) ​ (2,823) ​ (8,271) ​ (8,437) ​ Undistributed income (loss) ​ 12,876 ​ 5,936 ​ 20,480 ​ 20,410 ​ Percentage allocated to common shares (a) ​ 99.0 % 99.2 % 99.0 % 99.2 % Undistributed income (loss) allocated to common shares ​ ​ 12,749 ​ ​ 5,890 ​ ​ 20,271 ​ ​ 20,250 ​ Dividends paid on common shares outstanding ​ 2,705 ​ 2,801 ​ 8,187 ​ 8,372 ​ Net income available to common shares ​ 15,454 ​ 8,691 ​ 28,458 ​ 28,622 ​ Denominator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 12,339,308 ​ 12,611,020 ​ 12,346,372 ​ 12,551,889 ​ Adjustment for dilutive potential common shares ​ 119,947 ​ 184,824 ​ 160,566 ​ 223,646 ​ Weighted average shares outstanding - Diluted ​ 12,459,255 ​ 12,795,844 ​ 12,506,938 ​ 12,775,535 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share $ 1.25 $ 0.69 $ 2.30 $ 2.28 ​ Diluted net income per share $ 1.24 $ 0.68 $ 2.28 $ 2.24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of stock option shares excluded as their effect would be anti-dilutive ​ 218,787 ​ 184,868 ​ 254,133 ​ 210,666 ​ Number of restricted stock shares excluded as their effect would be anti-dilutive ​ 51,830 ​ 42,022 ​ 56,536 ​ 43,018 ​ Number of deferred restricted stock shares excluded as their effect would be anti-dilutive ​ ​ 2,976 ​ 5,403 ​ ​ 3,427 ​ ​ 6,268 ​ Number of performance share awards excluded as their effect would be anti-dilutive ​ ​ 47,896 ​ 38,650 ​ ​ 51,466 ​ ​ 41,106 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding ​ 12,339,308 ​ 12,611,020 ​ 12,346,372 ​ 12,551,889 ​ Unvested participating shares ​ 123,336 ​ 99,377 ​ 127,219 ​ 99,050 ​ ​ ​ 12,462,644 ​ 12,710,397 ​ 12,473,591 ​ 12,650,939 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Jun. 30, 2023
Stock-Based Compensation
Summary of activity under the restricted stock plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2022 96,536 ​ $ 33.23 ​ Granted 30,159 ​ $ 49.23 ​ Forfeited / Canceled (510) ​ $ 30.11 ​ Vested (35,692) ​ $ 37.06 ​ Unvested at June 30, 2023 90,493 ​ $ 37.07 ​ Expected to vest 90,493 ​ $ 37.07 ​
Summary of activity under the deferred restricted stock plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested and deferred at September 30, 2022 3,801 ​ $ 44.07 ​ Granted 8,974 ​ $ 49.19 ​ Vested and deferred ​ (3,801) ​ $ 44.07 ​ Unvested and deferred at June 30, 2023 8,974 ​ $ 49.19 ​ Vested and deferred at June 30, 2023 21,351 ​ $ 31.32 ​
Summary of activity under the 2016 Incentive Compensation Plan with respect to performance shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2022 76,420 ​ $ 41.37 ​ Granted 19,555 ​ $ 69.39 ​ Vested ​ (25,226) ​ $ 42.83 ​ Forfeited / Canceled ​ — ​ $ 0.00 ​ Unvested at June 30, 2023 70,749 ​ $ 48.60 ​
Schedule of fair value assumptions used for grants under the stock option plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Dividend Risk-free Expected Expected Grant Date ​ Value ​ Yield ​ Interest Rate ​ Volatility ​ Life June 16, 2023 ​ $ 20.82 ​ 1.70 % 3.91 % 48 % 5 years ​ February 7, 2023 ​ $ 22.70 1.65 % 3.81 % 51 % 5 years ​ November 22, 2022 ​ $ 20.52 1.80 % 3.97 % 51 % 5 years ​ ​
Summary of activity under the stock option plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Aggregate ​ Weighted ​ Average ​ ​ ​ ​ Intrinsic ​ Average ​ Remaining ​ ​ Number of ​ Value ​ Exercise ​ Contractual ​ ​ Shares ​ (000s) ​ Prices ​ Life Outstanding at September 30, 2022 697,220 ​ ​ ​ ​ $ 34.75 ​ ​ ​ ​ Granted 32,985 ​ ​ ​ ​ $ 49.08 ​ ​ ​ ​ Exercised (218,576) ​ ​ ​ ​ $ 37.90 ​ ​ ​ ​ Surrendered ​ (13,081) ​ ​ ​ ​ $ 47.96 ​ ​ ​ ​ Outstanding at June 30, 2023 498,548 ​ $ 8,407 ​ $ 33.96 6.51 yrs. ​ Vested or expected to vest 479,274 ​ $ 8,032 ​ $ 34.07 6.45 yrs. ​ Exercisable at June 30, 2023 399,672 ​ $ 7,031 ​ $ 33.23 6.05 yrs. ​

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)	9 Months Ended
	Jun. 30, 2023
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Schedule of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2022 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of March 31, 2022 ​ $ (14,700) ​ $ 8,925 ​ $ (7,427) ​ $ (13,202) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ (5,169) ​ (5,169) Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 51 ​ ​ — ​ ​ — ​ ​ 51 Actuarial losses (1) ​ ​ 8 ​ ​ (60) ​ ​ — ​ ​ (52) Tax benefit ​ ​ (12) ​ ​ 13 ​ ​ — ​ ​ 1 Net current-period other comprehensive income (loss) ​ 47 ​ (47) ​ (5,169) ​ (5,169) Accumulated other comprehensive income (loss) as of June 30, 2022 ​ $ (14,653) ​ $ 8,878 ​ $ (12,596) ​ $ (18,371) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2023 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of March 31, 2023 ​ $ (17,075) ​ $ 23,581 ​ $ (10,645) ​ $ (4,139) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ 1,330 ​ 1,330 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 51 ​ ​ — ​ ​ — ​ ​ 51 Actuarial losses (1) ​ ​ 7 ​ ​ (570) ​ ​ — ​ ​ (563) Tax benefit ​ ​ (14) ​ ​ 133 ​ ​ — ​ ​ 119 Net current-period other comprehensive income (loss) ​ 44 ​ (437) ​ 1,330 ​ 937 Accumulated other comprehensive income (loss) as of June 30, 2023 ​ $ (17,031) ​ $ 23,144 ​ $ (9,315) ​ $ (3,202) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, 2022 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of September 30, 2021 ​ $ (14,791) ​ $ 9,017 ​ $ (6,567) ​ $ (12,341) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ (6,029) ​ (6,029) Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 154 ​ ​ — ​ ​ — ​ ​ 154 Actuarial losses (1) ​ ​ 25 ​ ​ (180) ​ ​ — ​ ​ (155) Tax provision (benefit) ​ ​ (41) ​ ​ 41 ​ ​ — ​ ​ — Net current-period other comprehensive income (loss) ​ 138 ​ (139) ​ (6,029) ​ (6,030) Accumulated other comprehensive income (loss) as of June 30, 2022 ​ $ (14,653) ​ $ 8,878 ​ $ (12,596) ​ $ (18,371) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, 2023 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of September 30, 2022 ​ $ (17,165) ​ $ 24,457 ​ $ (18,384) ​ $ (11,092) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ 9,069 ​ 9,069 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 154 ​ ​ — ​ ​ — ​ ​ 154 Actuarial losses (1) ​ ​ 21 ​ ​ (1,709) ​ ​ — ​ ​ (1,688) Tax provision (benefit) ​ ​ (41) ​ ​ 396 ​ ​ — ​ ​ 355 Net current-period other comprehensive income (loss) ​ 134 ​ (1,313) ​ 9,069 ​ 7,890 Accumulated other comprehensive income (loss) as of June 30, 2023 ​ $ (17,031) ​ $ 23,144 ​ $ (9,315) ​ $ (3,202) ​ (1) These accumulated other comprehensive income components are included in the computation of net periodic pension c ost.

Long-term Obligations (Tables)

Long-term Obligations (Tables)	9 Months Ended
	Jun. 30, 2023
Long-term Obligations
Schedule of long-term obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ June 30, ​ ​ 2022 2023 Finance lease obligations ​ $ 7,384 ​ $ 7,187 ​ Environmental post-closure monitoring and maintenance activities ​ ​ 407 ​ ​ 407 ​ Long-term disability ​ ​ 210 ​ ​ 195 ​ Deferred dividends ​ ​ 199 ​ ​ 239 ​ Less amounts due within one year ​ (352) ​ (380) ​ Long-term obligations (less current portion) ​ $ 7,848 ​ $ 7,648 ​

Foreign Currency Forward Cont_2

Foreign Currency Forward Contracts (Tables)	9 Months Ended
	Jun. 30, 2023
Foreign Currency Forward Contracts
Schedule of foreign exchange hedging gains and losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Nine Months Ended June 30, ​ ​ 2022 2023 2022 2023 Foreign currency transactional gain (loss) ​ $ 1,994 ​ $ (434) ​ $ 2,284 ​ $ (2,763) Foreign exchange forward contract gain (loss) ​ $ (2,183) ​ $ 106 ​ $ (3,642) ​ $ 2,092 Net gain (loss) included in selling, general and administrative expense ​ $ (189) ​ $ (328) ​ $ (1,358) ​ $ (671) ​

Revenues from Contracts with _3

Revenues from Contracts with Customers - Other Information (Details) $ in Thousands, lb in Millions		9 Months Ended
	Nov. 17, 2006 USD ($)	Jun. 30, 2023 USD ($) lb	Sep. 30, 2022 USD ($)
Revenues from Contracts with Customers
Accounts receivable, gross		$ 88,603	$ 95,340
Accounts receivable, allowance for doubtful accounts		858	428
Contract liabilities		8,454	10,329
Estimated product returns		$ 790	$ 700
Conversion Services Arrangement
Revenues from Contracts with Customers
Revenue recognition period		20 years
Advance payments received	$ 50,000
Conversion Services Arrangement | Maximum
Revenues from Contracts with Customers
Annual volume of titanium metal to be converted (in pounds) | lb		10

Revenues from Contracts with _4

Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contracts with Customers
Net revenues	$ 143,901	$ 130,165	$ 429,360	$ 346,651
Product
Revenue from Contracts with Customers
Net revenues	136,641	123,670	409,808	328,971
Aerospace
Revenue from Contracts with Customers
Net revenues	77,456	60,981	208,586	162,354
Chemical processing
Revenue from Contracts with Customers
Net revenues	17,696	24,180	69,016	64,480
Industrial gas turbine
Revenue from Contracts with Customers
Net revenues	28,073	23,991	86,518	63,377
Other markets
Revenue from Contracts with Customers
Net revenues	13,416	14,518	45,688	38,760
Others
Revenue from Contracts with Customers
Net revenues	$ 7,260	$ 6,495	$ 19,552	$ 17,680

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Inventories
Raw Materials	$ 35,958	$ 31,887
Work-in-process	244,156	226,572
Finished Goods	129,926	97,657
Other	1,657	1,440
Total	$ 411,697	$ 357,556

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes
Statutory federal tax rate (as a percent)	21%	21%	21%	21%
Effective tax rate (as a percent)	23.50%	24.80%	22.20%	25%
Income (loss) before income taxes	$ 11,449	$ 20,757	$ 37,072	$ 38,330

Pension and Post-retirement B_3

Pension and Post-retirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Pension Plan
Pension Plan and Retirement Benefits
Service cost	$ 672	$ 1,182	$ 2,016	$ 3,546
Interest cost	2,772	1,923	8,316	5,769
Expected return	(3,419)	(3,561)	(10,257)	(10,683)
Amortizations	52	51	154	153
Net periodic benefit cost	77	(405)	229	(1,215)
Contribution to plan			4,500
Expected future employer contribution	1,500		1,500
Defined Benefit Other Postretirement Benefit Plan
Pension Plan and Retirement Benefits
Service cost	348	456	1,042	1,368
Interest cost	799	559	2,399	1,677
Amortizations	(569)	(60)	(1,709)	(180)
Net periodic benefit cost	578	$ 955	1,732	$ 2,865
Contribution to plan			1,713
Expected future employer contribution	$ 1,563		$ 1,563

Legal, Environmental and Othe_3

Legal, Environmental and Other Contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Environmental post-closure monitoring and maintenance activities	$ 407	$ 407
Maturities of long-term obligations (discounted)
Long-term obligations (less current portion)	341	$ 407
Long Term Obligations
Maturities of long-term obligations (discounted)
2024	82
2025	60
2026	58
2027	62
2028 and thereafter	79
Long-term obligations (less current portion)	$ 341

Deferred Revenue (Details)

Deferred Revenue (Details) - Conversion Services Arrangement $ in Thousands, lb in Millions		9 Months Ended
	Nov. 17, 2006 USD ($)	Jun. 30, 2023 USD ($) lb
Deferred revenue
Term of agreement to provide conversion services	20 years
Up-front/advance payment received	$ 50,000
Up Front Fees Received	$ 50,000
Additional volume of titanium metal to be converted on exercise of option by service receiver (in pounds) | lb		10
Liquidated damages		$ 25,000
Revenue recognition period		20 years
Maximum
Deferred revenue
Annual volume of titanium metal to be converted (in pounds) | lb		10
Amount of loan offered by counterparty		$ 12,000

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets, Net - Overview (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill and Other Intangible Assets, Net
Goodwill impairment loss	$ 0
Change to goodwill	$ 0
Customer relationships
Goodwill and Other Intangible Assets, Net
Useful life	15 years

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Intangible Assets
Amortization of customer relationships, patents, non-competes and other intangibles	$ 263	$ 225	$ 479	$ 547
Total intangible assets, Gross Amount	6,975		6,975		$ 7,000
Finite-lived intangible assets, Accumulated Amortization	(1,225)		(1,225)		(2,091)
Carrying Amount	5,750		5,750		4,909
Customer relationships
Intangible Assets
Finite-Lived Intangible Assets, Gross	2,100		2,100		2,100
Finite-lived intangible assets, Accumulated Amortization	(1,225)		(1,225)		(1,128)
Finite-lived intangible assets, Carrying Amount	875		875		972
Other Intangible Assets
Intangible Assets
Finite-Lived Intangible Assets, Gross	1,075		1,075		1,100
Finite-lived intangible assets, Accumulated Amortization					(963)
Finite-lived intangible assets, Carrying Amount	1,075		1,075		137
Trademarks
Intangible Assets
Indefinite-lived intangible assets	$ 3,800		$ 3,800		$ 3,800

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets, Net - Amortization Expense (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Estimate of Aggregate Amortization Expense:
2023	$ 99
2024	395
2025	392
2026	388
2027	318
Thereafter	$ 358

Net Income (Loss) Per Share - C

Net Income (Loss) Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator: Basic and Diluted
Net income - Basic	$ 8,759	$ 15,608	$ 28,847	$ 28,751
Net income - Diluted	8,759	15,608	28,847	28,751
Dividends paid and accrued ($0.22 and $0.22 per share for the three months ended June 30, 2022 and 2023, and $0.66 and $0.66 per share for the nine months ended June 30, 2022 and 2023, respectively)	(2,823)	(2,732)	(8,437)	(8,271)
Undistributed income (loss) - Basic	5,936	12,876	20,410	20,480
Undistributed income (loss) - Diluted	$ 5,936	$ 12,876	$ 20,410	$ 20,480
Percentage allocated to common shares - Basic	99.20%	99%	99.20%	99%
Percentage allocated to common shares - Diluted	99.20%	99%	99.20%	99%
Undistributed income (loss) allocated to common shares - Basic	$ 5,890	$ 12,749	$ 20,250	$ 20,271
Undistributed income (loss) allocated to common shares - Diluted	5,890	12,749	20,250	20,271
Dividends paid on common shares outstanding	2,801	2,705	8,372	8,187
Net income available to common shares - Basic	8,691	15,454	28,622	28,458
Net income available to common shares - Diluted	$ 8,691	$ 15,454	$ 28,622	$ 28,458
Denominator: Basic and Diluted
Weighted average shares outstanding - Basic (in shares)	12,611,020	12,339,308	12,551,889	12,346,372
Adjustment for dilutive potential common shares (in shares)	184,824	119,947	223,646	160,566
Weighted average shares outstanding - Diluted (in shares)	12,795,844	12,459,255	12,775,535	12,506,938
Basic net income per share (in dollars per share)	$ 0.69	$ 1.25	$ 2.28	$ 2.30
Diluted net income per share (in dollars per share)	$ 0.68	$ 1.24	$ 2.24	$ 2.28

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Anti-dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee and Directors Stock Options
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	184,868	218,787	210,666	254,133
Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	42,022	51,830	43,018	56,536
Deferred Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	5,403	2,976	6,268	3,427
Performance Shares
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	38,650	47,896	41,106	51,466

Net Income (Loss) Per Share - W

Net Income (Loss) Per Share - Weighted Average Common Shares (Details) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Percentage allocated to common shares - weighted average
Weighted average shares outstanding - Basic (in shares)	12,611,020	12,339,308	12,551,889	12,346,372
Unvested participating shares	99,377	123,336	99,050	127,219
Total	12,710,397	12,462,644	12,650,939	12,473,591

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Plan and Performance Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restricted Stock | 2009 Restricted Stock Plan
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)			96,536
Granted (in shares)			30,159
Forfeited / Canceled (in shares)			(510)
Vested and deferred (in shares)			(35,692)
Unvested and deferred at end of the period (in shares)	90,493		90,493
Expected to vest (in shares)	90,493		90,493
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested and deferred at beginning of the period (in dollars per share)			$ 33.23
Granted (in dollars per share)			49.23
Forfeited / Canceled (in dollars per share)			30.11
Vested and deferred (in dollars per share)			37.06
Unvested and deferred at end of the period (in dollars per share)	$ 37.07		37.07
Expected to vest (in dollars per share)	$ 37.07		$ 37.07
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)			35,692
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)			$ 37.06
Restricted stock plan activity, other disclosures
Compensation expense	$ 298	$ 375	$ 945	$ 1,120
Remaining unrecognized compensation expense	$ 1,764		$ 1,764
Weighted average period for recognition			1 year 5 months 1 day
Restricted Stock | 2009 Restricted Stock Plan | Employee
Restricted stock plan activity, other disclosures
Repurchase of stock from employees (in shares)			17,531
Average purchase price (in dollars per share)	$ 52.74		$ 52.74
Deferred Restricted Stock | 2016 Restricted Stock Plan
Restricted stock plan activity, number of shares
Vested and deferred (in shares)			(21,351)
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)			$ 31.32
Deferred Restricted Stock plan activity, number of shares
Outstanding at beginning of period (in shares)			3,801
Granted (in shares)			8,974
Vested and deferred (in shares)			(3,801)
Outstanding at end of period (in shares)	8,974		8,974
Vested (in shares)			21,351
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Outstanding at beginning of period (in dollars per share)			$ 44.07
Granted (in dollars per share)			49.19
Vested and deferred (in dollars per share)			44.07
Outstanding at end of period (in dollars per share)	$ 49.19		49.19
Vested and deferred (in dollars per share)			$ 31.32
Restricted stock plan activity, other disclosures
Compensation expense	$ 110	42	$ 269	126
Remaining unrecognized compensation expense	202		$ 202
Weighted average period for recognition			5 months 15 days
Performance Shares
Stock-Based Compensation
Remaining unrecognized compensation expense	$ 1,684		$ 1,684
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)			76,420
Granted (in shares)			19,555
Vested and deferred (in shares)			(25,226)
Unvested and deferred at end of the period (in shares)	70,749		70,749
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested and deferred at beginning of the period (in dollars per share)			$ 41.37
Granted (in dollars per share)			69.39
Forfeited / Canceled (in dollars per share)			0
Vested and deferred (in dollars per share)			42.83
Unvested and deferred at end of the period (in dollars per share)	$ 48.60		$ 48.60
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)			25,226
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)			$ 42.83
Restricted stock plan activity, other disclosures
Compensation expense	$ 309	$ 284	$ 915	$ 737
Weighted average period for recognition			1 year 4 months 9 days
Repurchase of stock from employees (in shares)			5,474
Average purchase price (in dollars per share)	$ 52.41		$ 52.41
Performance Shares | Certain Employees
Restricted stock plan activity, number of shares
Vested and deferred (in shares)			(12,429)
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)			12,429

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Plans (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
	Jun. 13, 2023	Feb. 07, 2023	Nov. 22, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair value assumptions
Fair Value (in dollars per share)	$ 20.82	$ 22.70	$ 20.52
Dividend Yield (as a percent)	1.70%	1.65%	1.80%
Risk-Free Interest Rate (as a percent)	3.91%	3.81%	3.97%
Expected Volatility (as a percent)	48%	51%	51%
Expected Life	5 years	5 years	5 years
Employee and Directors Stock Options
Fair value assumptions
Stock-based employee compensation expense				$ 149	$ 231	$ 500	$ 768
Remaining unrecognized compensation expense				$ 836		$ 836
Weighted average period for recognition						1 year 3 months 29 days
Activity under stock option plans, number of shares
Outstanding at beginning of the period (in shares)						697,220
Granted (in shares)						32,985
Exercised (in shares)						(218,576)
Canceled (in shares)						(13,081)
Outstanding at end of the period (in shares)				498,548		498,548
Vested or expected to vest (in shares)				479,274		479,274
Exercisable at end of period (in shares)				399,672		399,672
Outstanding at end of period, Aggregate Intrinsic Value				$ 8,407		$ 8,407
Vested or expected to vest, Aggregate Intrinsic Value				8,032		8,032
Exercisable at end of the period, Aggregate Intrinsic Value				$ 7,031		$ 7,031
Weighted Average Exercise Prices
Outstanding at beginning of the period (in dollars per share)						$ 34.75
Granted (in dollars per share)						49.08
Exercised (in dollars per share)						37.90
Surrendered (in dollars per share)						47.96
Outstanding at end of period (in dollars per share)				$ 33.96		33.96
Vested or expected to vest (in dollars per share)				34.07		34.07
Exercisable at end of the period (in dollars per share)				$ 33.23		$ 33.23
Outstanding at end of the period, Weighted Average Remaining Contractual Life						6 years 6 months 3 days
Vested or expected to vest, Weighted Average Remaining Contractual Life						6 years 5 months 12 days
Exercisable at end of the period, Weighted Average Remaining Contractual Life						6 years 18 days

Dividend (Details)

Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				9 Months Ended
	Aug. 03, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Common stock dividend
Dividend declared (in dollars per share)	$ 0.22	$ 0.22			$ 0.22	$ 0.66	$ 0.66
Dividend paid (in dollars per share)		$ 0.22	$ 0.22	$ 0.22	$ 0.22	$ 0.66	$ 0.66
Dividends paid		$ 2,794	$ 2,807	$ 2,796		$ 8,397	$ 8,329

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Income (Loss) by Component - Other (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated other comprehensive income (loss)
Balance	$ 405,759	$ 345,310	$ 375,488	$ 343,321
Other comprehensive income (loss)	937	(5,169)	7,890	(6,030)
Balance	413,501	354,073	413,501	354,073
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)
Balance	(4,139)	(13,202)	(11,092)	(12,341)
Other comprehensive income (loss) before reclassifications	1,330	(5,169)	9,069	(6,029)
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)	119	1	355
Other comprehensive income (loss)	937	(5,169)	7,890	(6,030)
Amounts reclassified from accumulated other comprehensive income (loss)	(3,202)
Balance	(3,202)	(18,371)	(3,202)	(18,371)
Accumulated Other Comprehensive Income (Loss) | Defined Benefit Pension Plan
Accumulated other comprehensive income (loss)
Balance	(17,075)	(14,700)	(17,165)	(14,791)
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)	(14)	(12)	(41)	(41)
Other comprehensive income (loss)	44	47	134	138
Amounts reclassified from accumulated other comprehensive income (loss)	(17,031)
Balance	(17,031)	(14,653)	(17,031)	(14,653)
Accumulated Other Comprehensive Income (Loss) | Defined Benefit Other Postretirement Benefit Plan
Accumulated other comprehensive income (loss)
Balance	23,581	8,925	24,457	9,017
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)	133	13	396	41
Other comprehensive income (loss)	(437)	(47)	(1,313)	(139)
Amounts reclassified from accumulated other comprehensive income (loss)	23,144
Balance	23,144	8,878	23,144	8,878
Amortization of Pension and Postretirement Plan items
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	51	51	154	154
Amortization of Pension and Postretirement Plan items | Defined Benefit Pension Plan
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	51	51	154	154
Actuarial losses
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	(563)	(52)	(1,688)	(155)
Actuarial losses | Defined Benefit Pension Plan
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	7	8	21	25
Actuarial losses | Defined Benefit Other Postretirement Benefit Plan
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	(570)	(60)	(1,709)	(180)
Accumulated Translation Adjustment
Accumulated other comprehensive income (loss)
Balance	(10,645)	(7,427)	(18,384)	(6,567)
Other comprehensive income (loss) before reclassifications	1,330	(5,169)	9,069	(6,029)
Other comprehensive income (loss)	1,330	(5,169)	9,069	(6,029)
Amounts reclassified from accumulated other comprehensive income (loss)	(9,315)
Balance	$ (9,315)	$ (12,596)	$ (9,315)	$ (12,596)

Long-term Obligations (Details)

Long-term Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Long-term obligations (less current portion)
Finance lease obligations	$ 7,187	$ 7,384
Environmental post-closure monitoring and maintenance activities	407	407
Long-term disability	195	210
Deferred dividends	239	199
Less amounts due within one year	(380)	(352)
Long-term obligations (less current portion)	$ 7,648	$ 7,848

Debt - US Revolving Credit Faci

Debt - US Revolving Credit Facility (Details) - USD ($) $ in Thousands	Oct. 19, 2020	Jun. 30, 2023	Oct. 06, 2022	Sep. 30, 2022
Debt
Revolving credit facilities - Long-term		$ 98,665		$ 74,721
Credit Agreement
Debt
Term of debt agreement	5 years
Maximum borrowing capacity			$ 200,000
Outstanding balance		$ 98,700
Commitment fee (as a percent)	0.375%
Excess availability, percentage, maximum	15%
Excess availability, amount, maximum	$ 25,000
Maximum quarterly amount of dividends which the Company may pay if in compliance with financial covenants	$ 3,500
Percentage of equity interest in direct foreign subsidiaries pledged as collateral for borrowings	100%
Credit Agreement | Minimum | Prime rate
Debt
Basis spread on variable rate (as a percent)	1%
Credit Agreement | Minimum | SOFR
Debt
Basis spread on variable rate (as a percent)	2%
Credit Agreement | Maximum | Prime rate
Debt
Basis spread on variable rate (as a percent)	1.50%
Credit Agreement | Maximum | SOFR
Debt
Basis spread on variable rate (as a percent)	2.50%
Letter of Credit [Member]
Debt
Fronting fee (as a percent)	0.125%

Foreign Currency Forward Cont_3

Foreign Currency Forward Contracts (Details) - Selling, General and Administrative Expenses - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ (328)	$ (189)	$ (671)	$ (1,358)
Foreign Currency Transaction
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	(434)	1,994	(2,763)	2,284
Foreign Exchange Forward
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ 106	$ (2,183)	$ 2,092	$ (3,642)