Haynes International (HAYN) 10-Q 5 Feb 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2023	Feb. 02, 2024
Cover Abstract
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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		12,782,992
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 14,023	$ 10,723
Accounts receivable, less allowance for credit losses of $459 and $479 at September 30, 2023 and December 31, 2023, respectively	96,111	106,292
Inventories	415,227	414,077
Income taxes receivable	1,609	2,372
Other current assets	6,285	5,702
Total current assets	533,255	539,166
Property, plant and equipment, net	142,790	142,540
Deferred income taxes	3,417	3,608
Other assets	10,876	10,523
Goodwill	4,789	4,789
Other intangible assets, net	5,555	5,655
Total assets	700,682	706,281
Current liabilities:
Accounts payable	46,830	52,812
Accrued expenses	17,437	18,201
Income taxes payable	301	336
Accrued pension and postretirement benefits	2,940	2,940
Deferred revenue-current portion	2,500	2,500
Total current liabilities	70,008	76,789
Revolving credit facilities - Long-term	108,943	114,843
Long term debt	520
Long-term obligations (less current portion)	7,248	7,448
Deferred revenue (less current portion)	4,704	5,329
Deferred income taxes	3,818	3,686
Operating lease liabilities	678	362
Accrued pension benefits (less current portion)	12,825	14,019
Accrued postretirement benefits (less current portion)	49,882	49,481
Total liabilities	258,626	271,957
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value (40,000,000 shares authorized, 13,124,401 and 13,208,407 shares issued and 12,731,661 and 12,782,992 shares outstanding at September 30, 2023 and December 31, 2023, respectively)	13	13
Preferred stock, $0.001 par value (20,000,000 shares authorized, none issued)
Additional paid-in capital	278,591	277,713
Accumulated earnings	170,730	165,825
Treasury stock, (392,740 and 425,415 shares at September 30, 2023 and December 31, 2023, respectively)	(17,141)	(15,600)
Accumulated other comprehensive income	9,863	6,373
Total stockholders' equity	442,056	434,324
Total liabilities and stockholders' equity	$ 700,682	$ 706,281

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 479	$ 459
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)	13,208,407	13,124,401
Common stock, shares outstanding (in shares)	12,782,992	12,731,661
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
Treasury stock, shares (in shares)	425,415	392,740

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenues	$ 147,357	$ 132,673
Cost of sales	122,649	109,635
Gross profit	24,708	23,038
Selling, general and administrative expense	12,471	10,952
Research and technical expense	1,102	973
Operating income	11,135	11,113
Nonoperating retirement benefit income	(498)	(366)
Interest income	(23)	(6)
Interest expense	2,239	1,501
Income before income taxes	9,417	9,984
Provision for income taxes	1,715	2,245
Net income	$ 7,702	$ 7,739
Net income per share:
Basic (dollars per share)	$ 0.60	$ 0.62
Diluted (dollars per share)	$ 0.60	$ 0.61
Weighted Average Common Shares Outstanding
Basic (in shares)	12,642,197	12,454,858
Diluted (in shares)	12,799,664	12,699,246
Dividends declared per common share (dollars per share)	$ 0.22	$ 0.22

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income	$ 7,702	$ 7,739
Other comprehensive income, net of tax:
Pension and postretirement	(609)	(393)
Foreign currency translation adjustment	4,099	5,804
Other comprehensive income	3,490	5,411
Comprehensive income	$ 11,192	$ 13,150

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, 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			7,739			7,739
Dividends paid and accrued ($0.22 and $0.22 per share for the three months ended December 31, 2022 and 2023, respectively)			(2,803)			(2,803)
Other comprehensive income					5,411	5,411
Exercise of stock options		3,377				3,377
Exercise of stock options (in shares)	87,687
Issue restricted stock (less forfeitures) (in shares)	33,733
Vesting of restricted stock (in shares)	12,429
Purchase of treasury stock				(838)		(838)
Purchase of treasury stock (in shares)	(15,983)
Stock compensation		770				770
Balance at Dec. 31, 2022	$ 13	270,340	139,976	(15,504)	(5,681)	389,144
Balance (in shares) at Dec. 31, 2022	12,597,607
Balance at Sep. 30, 2023	$ 13	277,713	165,825	(15,600)	6,373	434,324
Balance (in shares) at Sep. 30, 2023	12,731,661
Increase (Decrease) in Stockholders' Equity
Net income			7,702			7,702
Dividends paid and accrued ($0.22 and $0.22 per share for the three months ended December 31, 2022 and 2023, respectively)			(2,797)			(2,797)
Other comprehensive income					3,490	3,490
Issue restricted stock (less forfeitures) (in shares)	44,250
Vesting of restricted stock (in shares)	39,756
Purchase of treasury stock				(1,541)		(1,541)
Purchase of treasury stock (in shares)	(32,675)
Stock compensation		878				878
Balance at Dec. 31, 2023	$ 13	$ 278,591	$ 170,730	$ (17,141)	$ 9,863	$ 442,056
Balance (in shares) at Dec. 31, 2023	12,782,992

CONSOLIDATED STATEMENTS OF ST_2

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

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 7,702	$ 7,739
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	4,188	4,447
Amortization	100	126
Pension and post-retirement expense	544	653
Change in long-term obligations	(32)	(28)
Stock compensation expense	878	770
Deferred revenue	(625)	(625)
Deferred income taxes	462	322
Loss on disposition of property		34
Change in assets and liabilities:
Accounts receivable	11,589	5,223
Inventories	2,149	(29,202)
Other assets	(530)	(596)
Accounts payable and accrued expenses	(7,994)	4,585
Income taxes	716	1,568
Accrued pension and postretirement benefits	(2,129)	(2,115)
Net cash provided by (used in) operating activities	17,018	(7,099)
Cash flows from investing activities:
Additions to property, plant and equipment	(4,348)	(3,320)
Net cash used in investing activities	(4,348)	(3,320)
Cash flows from financing activities:
Revolving credit facility borrowings	33,800	39,674
Revolving credit facility repayments	(39,700)	(26,370)
Long term debt borrowings	520
Dividends paid	(2,909)	(2,796)
Proceeds from exercise of stock options		3,377
Payment for purchase of treasury stock	(1,541)	(838)
Payment for debt issuance cost		(245)
Payments on long-term obligations	(77)	(67)
Net cash provided by (used in) financing activities	(9,907)	12,735
Effect of exchange rates on cash	537	771
Increase in cash and cash equivalents:	3,300	3,087
Cash and cash equivalents:
Beginning of period	10,723	8,440
End of period	14,023	11,527
Supplemental disclosures of cash flow information:
Interest (net of capitalized interest)	1,980	1,160
Income taxes paid, net	592	453
Capital expenditures incurred but not yet paid	1,033	293
Dividends declared but not yet paid	$ 86	$ 206

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 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 Haynes International, Inc.’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023 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 months ended December 31, 2023 are not necessarily indicative of the results to be expected for the full fiscal year ending September 30, 2024 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	3 Months Ended
	Dec. 31, 2023
Recently Issued Accounting Standards
Recently Issued Accounting Standards	Note 2. Recently Issued Accounting Standards ​ In March 2020, the Financial Accounting Standards Board (the “FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848). ​ In December 2023, the FASB issued ASU2023-09, Income Taxes (Topic 740) ​

Revenues from Contracts with Cu

Revenues from Contracts with Customers	3 Months Ended
	Dec. 31, 2023
Revenues from Contracts with Customers
Revenues from Contracts with Customers	Note 3. Revenues from Contracts with Customers ​ Contract Balances ​ As of September 30, 2023 and December 31, 2023, accounts receivable with customers were $106,751 and $96,590 , respectively. Allowance for credit losses as of September 30, 2023 and December 31, 2023 were , respectively, and are presented within accounts receivable, less allowances 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, 2023 and December 31, 2023, contract liabilities of $7,829 and $7,204 , respectively, for the Titanium Metals Corporation agreement, as described in Note 8 in these Notes 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 months ended December 31, 2022 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ December 31, ​ 2022 2023 Net revenues ​ ​ ​ ​ ​ ​ Aerospace ​ $ 64,518 ​ $ 73,346 Chemical processing ​ 22,715 ​ 20,779 Industrial gas turbine ​ 26,025 ​ 35,383 Other markets ​ 14,722 ​ 11,507 Total product revenue ​ 127,980 ​ 141,015 Other revenue ​ 4,693 ​ 6,342 Net revenues ​ $ 132,673 ​ $ 147,357 ​

Inventories

Inventories	3 Months Ended
	Dec. 31, 2023
Inventories
Inventories	Note 4. Inventories ​ The following is a summary of the major classes of inventories: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2023 Raw Materials ​ $ 42,602 ​ $ 45,399 ​ ​ Work-in-process ​ 229,120 ​ 215,620 ​ ​ Finished Goods ​ 140,756 ​ 152,637 ​ ​ Other ​ 1,599 ​ 1,571 ​ ​ ​ ​ $ 414,077 ​ $ 415,227 ​ ​ ​

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2023
Income Taxes
Income Taxes	Note 5. Income Taxes ​ Income tax expense for the three months ended December 31, 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	3 Months Ended
	Dec. 31, 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 months ended December 31, 2022 and 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, ​ ​ ​ Pension Benefits ​ Other Benefits ​ ​ 2022 2023 2022 2023 Service cost ​ $ 672 ​ $ 752 ​ $ 347 ​ $ 290 ​ Interest cost ​ 2,772 ​ 2,950 ​ 800 ​ 716 ​ Expected return ​ (3,419) ​ (3,364) ​ — ​ — ​ Amortizations ​ 51 ​ 51 ​ (570) ​ (851) ​ Net periodic benefit cost ​ $ 76 ​ $ 389 ​ $ 577 ​ $ 155 ​ ​ The Company contributed $1,500 to its sponsored U.S. pension plans and $605 to its other post-retirement benefit plans for the three months ended December 31, 2023. The Company expects to make contributions of $4,500 to its U.S. pension plan and $2,239 to its other post-retirement benefit plan for the remainder of fiscal 2024.

Legal, Environmental and Other

Legal, Environmental and Other Contingencies	3 Months Ended
	Dec. 31, 2023
Legal, Environmental and Other Contingencies
Legal, Environmental and Other Contingencies	Note 7. Legal, Environmental and Other Contingencies ​ Litigation ​ 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 Environmental Quality 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, 2023 and December 31, 2023, the Company has accrued $355 for post-closure monitoring and maintenance activities, of which $266 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 December 31, 2023. ​ ​ ​ ​ ​ Expected maturities of post-closure monitoring and maintenance activities (discounted) ​ Year Ending September 30, ​ ​ ​ 2025 $ 62 ​ 2026 60 ​ 2027 63 ​ 2028 ​ 65 ​ 2029 and thereafter 16 ​ ​ $ 266 ​ ​

Deferred Revenue

Deferred Revenue	3 Months Ended
	Dec. 31, 2023
Deferred Revenue
Deferred Revenue	Note 8. Deferred Revenue ​ On November 17, 2006, the Company entered into a 20-year agreement (the “Conversion Services 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 Conversion Services 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 agreement. The cash received of $50,000 is recognized in income on a straight-line basis over the 20-year term of the Conversion Services 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 Conversion Services Agreement 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	3 Months Ended
	Dec. 31, 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 as of December 31, 2023. 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 was recognized in the three months ended December 31, 2023 because the fair value exceeded the carrying values in that period. ​ During the first three months of fiscal 2024, there were no changes in the carrying amount of goodwill. ​ Amortization of customer relationships and other intangibles was $126 and $100 for the three-month periods ended December 31, 2022 and 2023, respectively. The following represents a summary of intangible assets at September 30, 2023 and December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying September 30, 2023 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,257) ​ ​ 843 ​ Other ​ 1,080 ​ ​ (68) ​ ​ 1,012 ​ ​ ​ $ 6,980 ​ $ (1,325) ​ $ 5,655 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying December 31, 2023 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,290) ​ ​ 810 ​ Other ​ 1,080 ​ ​ (135) ​ ​ 945 ​ ​ ​ $ 6,980 ​ $ (1,425) ​ $ 5,555 ​ ​ ​ ​ ​ ​ ​ Estimated future Aggregate Amortization Expense: ​ Year Ending September 30, ​ ​ ​ 2024 $ 296 ​ 2025 393 ​ 2026 390 ​ 2027 318 ​ 2028 113 ​ Thereafter 245 ​ ​

Net Income Per Share

Net Income Per Share	3 Months Ended
	Dec. 31, 2023
Net Income Per Share
Net Income Per Share	Note 10. Net Income 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 per share for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ December 31, ​ (in thousands, except share and per share data) 2022 2023 Numerator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ Net income $ 7,739 $ 7,702 ​ Dividends paid and accrued ​ (2,803) ​ (2,797) ​ Undistributed income ​ 4,936 ​ 4,905 ​ Percentage allocated to common shares (a) ​ 99.2 % 99.2 % Undistributed income allocated to common shares ​ ​ 4,897 ​ ​ 4,868 ​ Dividends paid on common shares outstanding ​ 2,783 ​ 2,776 ​ Net income available to common shares ​ 7,680 ​ 7,644 ​ Denominator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 12,454,858 ​ 12,642,197 ​ Adjustment for dilutive potential common shares ​ 244,388 ​ 157,467 ​ Weighted average shares outstanding - Diluted ​ 12,699,246 ​ 12,799,664 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share $ 0.62 $ 0.60 ​ Diluted net income per share $ 0.61 $ 0.60 ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of stock option shares excluded as their effect would be anti-dilutive ​ 203,999 ​ 188,922 ​ Number of restricted stock shares excluded as their effect would be anti-dilutive ​ 47,098 ​ 61,711 ​ Number of deferred restricted stock shares excluded as their effect would be anti-dilutive ​ ​ 7,225 ​ ​ 5,401 ​ Number of performance share awards excluded as their effect would be anti-dilutive ​ ​ 43,266 ​ ​ 20,990 ​ ​ ​ ​ ​ ​ ​ ​ ​ (a ) ​ ​ ​ ​ ​ ​ ​ Common shares outstanding ​ 12,454,858 ​ 12,642,197 ​ Unvested participating shares ​ 98,897 ​ 97,085 ​ ​ ​ 12,553,755 ​ 12,739,282 ​ ​

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Dec. 31, 2023
Stock-Based Compensation
Stock-Based Compensation	Note 11. Stock-Based Compensation ​ Restricted Stock ​ The following table summarizes the activity under the 2020 Incentive Compensation Plan with respect to restricted stock for the three months ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2023 89,843 ​ $ 37.17 ​ Granted 38,675 ​ $ 48.63 ​ Forfeited / Canceled — ​ $ 0.00 ​ Vested (38,408) ​ $ 24.25 ​ Unvested at December 31, 2023 90,110 ​ $ 47.59 ​ Expected to vest 90,110 ​ $ 47.59 ​ ​ Compensation expense related to restricted stock for the three months ended December 31, 2022 and 2023 was $306 and $356 , respectively. The remaining unrecognized compensation expense related to restricted stock at December 31, 2023 was $2,976 , to be recognized over a weighted average period of 1.65 years. During the first three months of fiscal 2024, the Company repurchased 32,675 shares of stock from employees at an average purchase price of $47.18 to satisfy required withholding taxes upon vesting of restricted stock-based compensation. ​ Deferred Restricted Stock ​ The following table summarizes the activity under the 2016 Incentive Compensation Plan and the 2020 Incentive Compensation Plan with respect to deferred restricted stock for the three months ended December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested and deferred at September 30, 2023 8,974 ​ $ 49.19 ​ Granted 5,575 ​ $ 48.63 ​ Vested and deferred ​ (7,574) ​ $ 48.85 ​ Unvested and deferred at December 31, 2023 6,975 ​ $ 49.12 ​ Vested and deferred at December 31, 2023 28,925 ​ $ 35.91 ​ ​ Compensation expense related to deferred restricted stock for the three months ended December 31, 2022 and 2023 was $59 and $102 , respectively. The remaining unrecognized compensation expense related to deferred restricted stock at December 31, 2023 was $260 , to be recognized over a weighted average period of 0.7 6 years. ​ Performance Shares ​ The following table summarizes the activity under the 2020 Incentive Compensation Plan with respect to performance shares for the three months ended December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2023 70,749 ​ $ 48.60 ​ Granted 24,375 ​ $ 60.40 ​ Vested ​ (31,804) ​ $ 28.23 ​ Forfeited / Canceled ​ — ​ $ 0.00 ​ Unvested at December 31, 2023 63,320 ​ $ 63.37 ​ ​ During the first three months of fiscal 2024, 31,804 performance share awards vested, which resulted in the issuance of 39,756 shares of stock to certain employees. The Company repurchased 17,481 shares of stock from employees at an average purchase price of $45.16 to satisfy required withholding taxes upon release of these vested performance share awards. Compensation expense related to the performance shares for the three months ended December 31, 2022 and 2023 was $241 and $268 , respectively. The remaining unrecognized compensation expense related to performance shares at December 31, 2023 was $2,580 to be recognized over a weighted average period of 1.82 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 the three months ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Dividend Risk-free Expected Expected Grant Date ​ Value ​ Yield ​ Interest Rate ​ Volatility ​ Life November 21, 2023 ​ $ 18.48 ​ 1.81 % 4.44 % 43.63 % 5 years ​ ​ The stock-based employee compensation expense for stock options for the three months ended December 31, 2022 and 2023 was $164 and $152 , respectively. The remaining unrecognized compensation expense at December 31, 2023 was $1,253 , to be recognized over a weighted average vesting period of 2.04 years. ​ The following table summarizes the activity under the 2007 Incentive Compensation Plan, the 2016 Incentive Compensation Plan and the 2020 Incentive Compensation Plan with respect to stock options for the three months ended December 31, 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, 2023 498,548 ​ ​ ​ ​ $ 33.96 ​ ​ ​ ​ Granted 42,725 ​ ​ ​ ​ $ 48.63 ​ ​ ​ ​ Exercised — ​ ​ ​ ​ $ 0.00 ​ ​ ​ ​ Forfeited/Surrendered ​ — ​ ​ ​ ​ $ 0.00 ​ ​ ​ ​ Outstanding at December 31, 2023 541,273 ​ $ 11,869 ​ $ 35.12 6.32 yrs. ​ Vested or expected to vest 517,726 ​ $ 11,339 ​ $ 35.15 5.51 yrs. ​ Exercisable at December 31, 2023 463,267 ​ $ 11,167 ​ $ 32.94 5.81 yrs. ​ ​

Dividend

Dividend	3 Months Ended
	Dec. 31, 2023
Dividend
Dividend	Note 12. Dividend ​ In the first quarter of fiscal 2024, 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 15, 2023 to stockholders of record at the close of business on December 1, 2023. The dividend cash pay-out was $2,804 for the first quarter of fiscal 2024. ​ On February 5, 2024, 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 March 15, 2024 to stockholders of record at the close of business on March 1, 2024. ​

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 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	3 Months Ended
	Dec. 31, 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 includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income consists of net income 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 December 31, 2022 ​ 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 before reclassifications ​ — ​ — ​ 5,804 ​ 5,804 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 provision (benefit) ​ ​ (14) ​ ​ 133 ​ ​ — ​ ​ 119 Net current-period other comprehensive income (loss) ​ 44 ​ (437) ​ 5,804 ​ 5,411 Accumulated other comprehensive income (loss) as of December 31, 2022 ​ $ (17,121) ​ $ 24,020 ​ $ (12,580) ​ $ (5,681) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, 2023 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of September 30, 2023 ​ $ (15,586) ​ $ 33,614 ​ $ (11,655) ​ $ 6,373 Other comprehensive income before reclassifications ​ — ​ — ​ 4,099 ​ 4,099 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 51 ​ ​ — ​ ​ — ​ ​ 51 Actuarial losses (1) ​ ​ 8 ​ ​ (851) ​ ​ — ​ ​ (843) Tax provision (benefit) ​ ​ (14) ​ ​ 197 ​ ​ — ​ ​ 183 Net current-period other comprehensive income (loss) ​ 45 ​ (654) ​ 4,099 ​ 3,490 Accumulated other comprehensive income (loss) as of December 31, 2023 ​ $ (15,541) ​ $ 32,960 ​ $ (7,556) ​ $ 9,863 ​ (1) These accumulated other comprehensive income components are included in the computation of net periodic pension c ost.

Long-term Obligations

Long-term Obligations	3 Months Ended
	Dec. 31, 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 as of September 30, 2023 and December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2023 Finance lease obligations ​ $ 7,118 ​ $ 7,045 ​ Environmental post-closure monitoring and maintenance activities ​ ​ 355 ​ ​ 355 ​ Long-term disability ​ ​ 189 ​ ​ 184 ​ Deferred dividends ​ ​ 198 ​ ​ 86 ​ Less amounts due within one year ​ (412) ​ (422) ​ Long-term obligations (less current portion) ​ $ 7,448 ​ $ 7,248 ​ ​

Debt

Debt	3 Months Ended
	Dec. 31, 2023
Debt
Debt	Note 16. Debt ​ Revolving credit facility and Other long term debt On June 20, 2023, the Company 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, and by the Amendment, the “Credit Agreement”). The Credit Agreement provides for revolving loans in the maximum amount of $200,000, subject to a borrowing base and certain reserves. 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 December 31, 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 its Conversion Services Agreement with TIMET (see Note 8 in these Notes to Condensed Consolidated Financial Statements. 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. ​ On October 12, 2023, the Company entered into a capital equipment financing agreement with Bank of America Leasing & Capital, LLC that allows the Company to borrow against certain capital equipment purchases. As of December 31, 2023, the Company had outstanding borrowings of $520 under this financing agreement that allows for borrowings up to an aggregate total of $6,000 and is classified on the balance sheet as Long term debt. Borrowings under this financing agreement bear interest at the greater of the one-month Secured Overnight Financing Rate (SOFR) or 0% plus a spread adjustment of 0.11448%, plus 2.25% per annum. Additional funding under this financing agreement expires on March 31, 2024. ​

Foreign Currency Forward Contra

Foreign Currency Forward Contracts	3 Months Ended
	Dec. 31, 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 September 30, 2023 and December 31, 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, 2023 or December 31, 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 December 31, ​ ​ 2022 2023 Foreign currency transactional loss ​ $ (1,851) ​ $ (621) Foreign exchange forward contract gain ​ $ 1,873 ​ $ 124 Net gain (loss) included in selling, general and administrative expense ​ $ 22 ​ $ (497) ​ ​

Subsequent Event

Subsequent Event	3 Months Ended
	Dec. 31, 2023
Subsequent Event
Subsequent Event	Note 18. Subsequent Event ​ Proposed Transaction with Acerinox S.A. ​ On February 5, 2024, the Company entered into a merger agreement with a subsidiary of Acerinox S.A. (the “Merger Agreement”), pursuant to which (and subject to the terms and conditions in the Merger Agreement) such subsidiary of Acerinox S.A. will acquire all of the outstanding shares of the Company’s common stock in a transaction structured as a merger of an indirect wholly- owned subsidiary of Acerinox S.A. with and into the Company, with the Company continuing as a surviving corporation (the “Merger”). ​ Under the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of the Company's common stock that is issued and outstanding as of immediately prior to the Effective Time (other than shares of common stock (i) held by the Company as treasury stock as of immediately prior to the Effective Time, (ii) owned by such subsidiary of Acerinox S.A. or any of its subsidiaries (including Merger Sub) as of immediately prior to the Effective Time or (iii) owned by stockholders who have properly exercised appraisal rights under Delaware law) will be automatically cancelled, extinguished and converted into the right to receive $61.00 per share in cash, without interest thereon. ​ As a result of the Merger, the Company will become an indirect wholly-owned subsidiary of Acerinox S.A.. The completion of the Merger is subject to certain customary closing conditions, including, among others, the adoption of the Merger Agreement by the Company's stockholders and the expiration or termination of the applicable waiting period under the HSR Act and the receipt of regulatory clearances pursuant to certain other antitrust and foreign investment laws applicable to the Merger. ​ The Merger Agreement contains certain customary termination rights for the Company and a subsidiary of Acerinox S.A. If the Merger Agreement is terminated under certain specified circumstances, including due to the Company accepting a superior proposal, the Company will be required to pay such subsidiary of Acerinox S.A. a termination fee of $28,000 .

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Dec. 31, 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)	3 Months Ended
	Dec. 31, 2023
Revenues from Contracts with Customers
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ December 31, ​ 2022 2023 Net revenues ​ ​ ​ ​ ​ ​ Aerospace ​ $ 64,518 ​ $ 73,346 Chemical processing ​ 22,715 ​ 20,779 Industrial gas turbine ​ 26,025 ​ 35,383 Other markets ​ 14,722 ​ 11,507 Total product revenue ​ 127,980 ​ 141,015 Other revenue ​ 4,693 ​ 6,342 Net revenues ​ $ 132,673 ​ $ 147,357 ​

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Dec. 31, 2023
Inventories
Summary of major classes of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2023 Raw Materials ​ $ 42,602 ​ $ 45,399 ​ ​ Work-in-process ​ 229,120 ​ 215,620 ​ ​ Finished Goods ​ 140,756 ​ 152,637 ​ ​ Other ​ 1,599 ​ 1,571 ​ ​ ​ ​ $ 414,077 ​ $ 415,227 ​ ​ ​

Pension and Post-retirement B_2

Pension and Post-retirement Benefits (Tables)	3 Months Ended
	Dec. 31, 2023
Pension and Post-retirement Benefits
Schedule of components of net periodic pension and postretirement benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, ​ ​ ​ Pension Benefits ​ Other Benefits ​ ​ 2022 2023 2022 2023 Service cost ​ $ 672 ​ $ 752 ​ $ 347 ​ $ 290 ​ Interest cost ​ 2,772 ​ 2,950 ​ 800 ​ 716 ​ Expected return ​ (3,419) ​ (3,364) ​ — ​ — ​ Amortizations ​ 51 ​ 51 ​ (570) ​ (851) ​ Net periodic benefit cost ​ $ 76 ​ $ 389 ​ $ 577 ​ $ 155 ​

Legal, Environmental and Othe_2

Legal, Environmental and Other Contingencies (Tables)	3 Months Ended
	Dec. 31, 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, ​ ​ ​ 2025 $ 62 ​ 2026 60 ​ 2027 63 ​ 2028 ​ 65 ​ 2029 and thereafter 16 ​ ​ $ 266 ​ ​

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets, Net (Tables)	3 Months Ended
	Dec. 31, 2023
Goodwill and Other Intangible Assets, Net
Summary of finite-lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying September 30, 2023 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,257) ​ ​ 843 ​ Other ​ 1,080 ​ ​ (68) ​ ​ 1,012 ​ ​ ​ $ 6,980 ​ $ (1,325) ​ $ 5,655 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying December 31, 2023 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,290) ​ ​ 810 ​ Other ​ 1,080 ​ ​ (135) ​ ​ 945 ​ ​ ​ $ 6,980 ​ $ (1,425) ​ $ 5,555 ​
Schedule of indefinite-lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying September 30, 2023 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,257) ​ ​ 843 ​ Other ​ 1,080 ​ ​ (68) ​ ​ 1,012 ​ ​ ​ $ 6,980 ​ $ (1,325) ​ $ 5,655 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying December 31, 2023 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,290) ​ ​ 810 ​ Other ​ 1,080 ​ ​ (135) ​ ​ 945 ​ ​ ​ $ 6,980 ​ $ (1,425) ​ $ 5,555 ​
Schedule of estimated future aggregate amortization expense	​ ​ ​ ​ ​ Estimated future Aggregate Amortization Expense: ​ Year Ending September 30, ​ ​ ​ 2024 $ 296 ​ 2025 393 ​ 2026 390 ​ 2027 318 ​ 2028 113 ​ Thereafter 245 ​ ​

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Dec. 31, 2023
Net Income Per Share
Schedule of basic and diluted net earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ December 31, ​ (in thousands, except share and per share data) 2022 2023 Numerator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ Net income $ 7,739 $ 7,702 ​ Dividends paid and accrued ​ (2,803) ​ (2,797) ​ Undistributed income ​ 4,936 ​ 4,905 ​ Percentage allocated to common shares (a) ​ 99.2 % 99.2 % Undistributed income allocated to common shares ​ ​ 4,897 ​ ​ 4,868 ​ Dividends paid on common shares outstanding ​ 2,783 ​ 2,776 ​ Net income available to common shares ​ 7,680 ​ 7,644 ​ Denominator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 12,454,858 ​ 12,642,197 ​ Adjustment for dilutive potential common shares ​ 244,388 ​ 157,467 ​ Weighted average shares outstanding - Diluted ​ 12,699,246 ​ 12,799,664 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share $ 0.62 $ 0.60 ​ Diluted net income per share $ 0.61 $ 0.60 ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of stock option shares excluded as their effect would be anti-dilutive ​ 203,999 ​ 188,922 ​ Number of restricted stock shares excluded as their effect would be anti-dilutive ​ 47,098 ​ 61,711 ​ Number of deferred restricted stock shares excluded as their effect would be anti-dilutive ​ ​ 7,225 ​ ​ 5,401 ​ Number of performance share awards excluded as their effect would be anti-dilutive ​ ​ 43,266 ​ ​ 20,990 ​ ​ ​ ​ ​ ​ ​ ​ ​ (a ) ​ ​ ​ ​ ​ ​ ​ Common shares outstanding ​ 12,454,858 ​ 12,642,197 ​ Unvested participating shares ​ 98,897 ​ 97,085 ​ ​ ​ 12,553,755 ​ 12,739,282 ​ ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Dec. 31, 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, 2023 89,843 ​ $ 37.17 ​ Granted 38,675 ​ $ 48.63 ​ Forfeited / Canceled — ​ $ 0.00 ​ Vested (38,408) ​ $ 24.25 ​ Unvested at December 31, 2023 90,110 ​ $ 47.59 ​ Expected to vest 90,110 ​ $ 47.59 ​
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, 2023 8,974 ​ $ 49.19 ​ Granted 5,575 ​ $ 48.63 ​ Vested and deferred ​ (7,574) ​ $ 48.85 ​ Unvested and deferred at December 31, 2023 6,975 ​ $ 49.12 ​ Vested and deferred at December 31, 2023 28,925 ​ $ 35.91 ​
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, 2023 70,749 ​ $ 48.60 ​ Granted 24,375 ​ $ 60.40 ​ Vested ​ (31,804) ​ $ 28.23 ​ Forfeited / Canceled ​ — ​ $ 0.00 ​ Unvested at December 31, 2023 63,320 ​ $ 63.37 ​
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 November 21, 2023 ​ $ 18.48 ​ 1.81 % 4.44 % 43.63 % 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, 2023 498,548 ​ ​ ​ ​ $ 33.96 ​ ​ ​ ​ Granted 42,725 ​ ​ ​ ​ $ 48.63 ​ ​ ​ ​ Exercised — ​ ​ ​ ​ $ 0.00 ​ ​ ​ ​ Forfeited/Surrendered ​ — ​ ​ ​ ​ $ 0.00 ​ ​ ​ ​ Outstanding at December 31, 2023 541,273 ​ $ 11,869 ​ $ 35.12 6.32 yrs. ​ Vested or expected to vest 517,726 ​ $ 11,339 ​ $ 35.15 5.51 yrs. ​ Exercisable at December 31, 2023 463,267 ​ $ 11,167 ​ $ 32.94 5.81 yrs. ​ ​

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)	3 Months Ended
	Dec. 31, 2023
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Schedule of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, 2022 ​ 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 before reclassifications ​ — ​ — ​ 5,804 ​ 5,804 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 provision (benefit) ​ ​ (14) ​ ​ 133 ​ ​ — ​ ​ 119 Net current-period other comprehensive income (loss) ​ 44 ​ (437) ​ 5,804 ​ 5,411 Accumulated other comprehensive income (loss) as of December 31, 2022 ​ $ (17,121) ​ $ 24,020 ​ $ (12,580) ​ $ (5,681) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, 2023 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of September 30, 2023 ​ $ (15,586) ​ $ 33,614 ​ $ (11,655) ​ $ 6,373 Other comprehensive income before reclassifications ​ — ​ — ​ 4,099 ​ 4,099 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 51 ​ ​ — ​ ​ — ​ ​ 51 Actuarial losses (1) ​ ​ 8 ​ ​ (851) ​ ​ — ​ ​ (843) Tax provision (benefit) ​ ​ (14) ​ ​ 197 ​ ​ — ​ ​ 183 Net current-period other comprehensive income (loss) ​ 45 ​ (654) ​ 4,099 ​ 3,490 Accumulated other comprehensive income (loss) as of December 31, 2023 ​ $ (15,541) ​ $ 32,960 ​ $ (7,556) ​ $ 9,863 ​ (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)	3 Months Ended
	Dec. 31, 2023
Long-term Obligations
Schedule of long-term obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2023 Finance lease obligations ​ $ 7,118 ​ $ 7,045 ​ Environmental post-closure monitoring and maintenance activities ​ ​ 355 ​ ​ 355 ​ Long-term disability ​ ​ 189 ​ ​ 184 ​ Deferred dividends ​ ​ 198 ​ ​ 86 ​ Less amounts due within one year ​ (412) ​ (422) ​ Long-term obligations (less current portion) ​ $ 7,448 ​ $ 7,248 ​ ​

Foreign Currency Forward Cont_2

Foreign Currency Forward Contracts (Tables)	3 Months Ended
	Dec. 31, 2023
Foreign Currency Forward Contracts
Schedule of foreign exchange hedging gains and losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, ​ ​ 2022 2023 Foreign currency transactional loss ​ $ (1,851) ​ $ (621) Foreign exchange forward contract gain ​ $ 1,873 ​ $ 124 Net gain (loss) included in selling, general and administrative expense ​ $ 22 ​ $ (497) ​ ​

Revenues from Contracts with _3

Revenues from Contracts with Customers - Other Information (Details) $ in Thousands, lb in Millions		3 Months Ended
	Nov. 17, 2006 USD ($)	Dec. 31, 2023 USD ($) lb	Sep. 30, 2023 USD ($)
Revenues from Contracts with Customers
Accounts receivable, gross		$ 96,590	$ 106,751
Accounts receivable, allowance for doubtful accounts		479	459
Contract liabilities		7,204	7,829
Estimated product returns		$ 730	$ 810
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
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contracts with Customers
Net revenues	$ 147,357	$ 132,673
Product
Revenue from Contracts with Customers
Net revenues	141,015	127,980
Aerospace
Revenue from Contracts with Customers
Net revenues	73,346	64,518
Chemical processing
Revenue from Contracts with Customers
Net revenues	20,779	22,715
Industrial gas turbine
Revenue from Contracts with Customers
Net revenues	35,383	26,025
Other markets
Revenue from Contracts with Customers
Net revenues	11,507	14,722
Others
Revenue from Contracts with Customers
Net revenues	$ 6,342	$ 4,693

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Inventories
Raw Materials	$ 45,399	$ 42,602
Work-in-process	215,620	229,120
Finished Goods	152,637	140,756
Other	1,571	1,599
Total	$ 415,227	$ 414,077

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Statutory federal tax rate (as a percent)	21%	21%
Effective tax rate (as a percent)	18.20%	22.50%
Income (loss) before income taxes	$ 9,417	$ 9,984

Pension and Post-retirement B_3

Pension and Post-retirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Pension Plan
Pension Plan and Retirement Benefits
Service cost	$ 752	$ 672
Interest cost	2,950	2,772
Expected return	(3,364)	(3,419)
Amortizations	51	51
Net periodic benefit cost	389	76
Contribution to plan	1,500
Expected future employer contribution	4,500
Defined Benefit Other Postretirement Benefit Plan
Pension Plan and Retirement Benefits
Service cost	290	347
Interest cost	716	800
Amortizations	(851)	(570)
Net periodic benefit cost	155	$ 577
Contribution to plan	605
Expected future employer contribution	$ 2,239

Legal, Environmental and Othe_3

Legal, Environmental and Other Contingencies (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Environmental post-closure monitoring and maintenance activities	$ 355	$ 355
Maturities of long-term obligations (discounted)
Long-term obligations (less current portion)	266	$ 355
Long Term Obligations
Maturities of long-term obligations (discounted)
2025	62
2026	60
2027	63
2028	65
2029 and thereafter	16
Long-term obligations (less current portion)	$ 266

Deferred Revenue (Details)

Deferred Revenue (Details) - Conversion Services Arrangement $ in Thousands, lb in Millions		3 Months Ended
	Nov. 17, 2006 USD ($)	Dec. 31, 2023 USD ($) 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	3 Months Ended
	Dec. 31, 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
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Intangible Assets
Amortization of customer relationships, patents, non-competes and other intangibles	$ 100	$ 126
Total intangible assets, Gross Amount	6,980		$ 6,980
Finite-lived intangible assets, Accumulated Amortization	(1,425)		(1,325)
Carrying Amount	5,555		5,655
Customer relationships
Intangible Assets
Finite-Lived Intangible Assets, Gross	2,100		2,100
Finite-lived intangible assets, Accumulated Amortization	(1,290)		(1,257)
Finite-lived intangible assets, Carrying Amount	810		843
Other Intangible Assets
Intangible Assets
Finite-Lived Intangible Assets, Gross	1,080		1,080
Finite-lived intangible assets, Accumulated Amortization	(135)		(68)
Finite-lived intangible assets, Carrying Amount	945		1,012
Trademarks
Intangible Assets
Indefinite-lived intangible assets	$ 3,800		$ 3,800

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets, Net - Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Estimate of Aggregate Amortization Expense:
2024	$ 296
2025	393
2026	390
2027	318
2028	113
Thereafter	$ 245

Net Income Per Share - Computat

Net Income Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator: Basic and Diluted
Net income - Basic	$ 7,702	$ 7,739
Net income - Diluted	7,702	7,739
Dividends paid ($0.88 per share for the year ended September 30, 2021, 2022 and 2023, respectively)	(2,797)	(2,803)
Undistributed income - Basic	4,905	4,936
Undistributed income - Diluted	$ 4,905	$ 4,936
Percentage allocated to common shares - Basic	99.20%	99.20%
Percentage allocated to common shares - Diluted	99.20%	99.20%
Undistributed income allocated to common shares - Basic	$ 4,868	$ 4,897
Undistributed income allocated to common shares - Diluted	4,868	4,897
Dividends paid on common shares outstanding	2,776	2,783
Net income available to common shares - Basic	7,644	7,680
Net income available to common shares - Diluted	$ 7,644	$ 7,680
Denominator: Basic and Diluted
Weighted average shares outstanding - Basic (in shares)	12,642,197	12,454,858
Adjustment for dilutive potential common shares (in shares)	157,467	244,388
Weighted average shares outstanding - Diluted (in shares)	12,799,664	12,699,246
Basic net income per share (in dollars per share)	$ 0.60	$ 0.62
Diluted net income per share (in dollars per share)	$ 0.60	$ 0.61

Net Income Per Share - Anti-dil

Net Income Per Share - Anti-dilutive Securities (Details) - shares	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Option [Member]
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	188,922	203,999
Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	61,711	47,098
Deferred Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	5,401	7,225
Performance Shares
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	20,990	43,266

Net Income Per Share - Weighted

Net Income Per Share - Weighted Average Common Shares (Details) - shares	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Percentage allocated to common shares - weighted average
Weighted average shares outstanding - Basic (in shares)	12,642,197	12,454,858
Unvested participating shares	97,085	98,897
Total	12,739,282	12,553,755

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Plan and Performance Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock | 2009 Restricted Stock Plan
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)	89,843
Granted (in shares)	38,675
Vested and deferred (in shares)	(38,408)
Unvested and deferred at end of the period (in shares)	90,110
Expected to vest (in shares)	90,110
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested and deferred at beginning of the period (in dollars per share)	$ 37.17
Granted (in dollars per share)	48.63
Forfeited / Canceled (in dollars per share)	0
Vested and deferred (in dollars per share)	24.25
Unvested and deferred at end of the period (in dollars per share)	47.59
Expected to vest (in dollars per share)	$ 47.59
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)	38,408
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)	$ 24.25
Restricted stock plan activity, other disclosures
Compensation expense	$ 356	$ 306
Remaining unrecognized compensation expense	$ 2,976
Weighted average period for recognition	1 year 7 months 24 days
Restricted Stock | 2009 Restricted Stock Plan | Employee
Restricted stock plan activity, other disclosures
Repurchase of stock from employees (in shares)	32,675
Average purchase price (in dollars per share)	$ 47.18
Deferred Restricted Stock | 2016 Restricted Stock Plan
Restricted stock plan activity, number of shares
Vested and deferred (in shares)	(28,925)
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)	$ 35.91
Deferred Restricted Stock plan activity, number of shares
Outstanding at beginning of period (in shares)	8,974
Granted (in shares)	5,575
Vested and deferred (in shares)	(7,574)
Outstanding at end of period (in shares)	6,975
Vested (in shares)	28,925
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Outstanding at beginning of period (in dollars per share)	$ 49.19
Granted (in dollars per share)	48.63
Vested and deferred (in dollars per share)	48.85
Outstanding at end of period (in dollars per share)	49.12
Vested and deferred (in dollars per share)	$ 35.91
Restricted stock plan activity, other disclosures
Compensation expense	$ 102	59
Remaining unrecognized compensation expense	$ 260
Weighted average period for recognition	9 months 3 days
Performance Shares
Stock-Based Compensation
Remaining unrecognized compensation expense	$ 2,580
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)	70,749
Granted (in shares)	24,375
Vested and deferred (in shares)	(31,804)
Unvested and deferred at end of the period (in shares)	63,320
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested and deferred at beginning of the period (in dollars per share)	$ 48.60
Granted (in dollars per share)	60.40
Forfeited / Canceled (in dollars per share)	0
Vested and deferred (in dollars per share)	28.23
Unvested and deferred at end of the period (in dollars per share)	$ 63.37
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)	31,804
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)	$ 28.23
Restricted stock plan activity, other disclosures
Compensation expense	$ 268	$ 241
Weighted average period for recognition	1 year 9 months 25 days
Repurchase of stock from employees (in shares)	17,481
Average purchase price (in dollars per share)	$ 45.16
Performance Shares | Certain Employees
Restricted stock plan activity, number of shares
Vested and deferred (in shares)	(39,756)
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)	39,756

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Plans (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Nov. 21, 2023	Dec. 31, 2023	Dec. 31, 2022
Fair value assumptions
Fair Value (in dollars per share)	$ 18.48
Dividend Yield (as a percent)	1.81%
Risk-Free Interest Rate (as a percent)	4.44%
Expected Volatility (as a percent)	43.63%
Expected Life	5 years
Employee Stock Option [Member]
Fair value assumptions
Stock-based employee compensation expense		$ 152	$ 164
Remaining unrecognized compensation expense		$ 1,253
Weighted average period for recognition		2 years 14 days
Activity under stock option plans, number of shares
Outstanding at beginning of the period (in shares)		498,548
Granted (in shares)		42,725
Outstanding at end of the period (in shares)		541,273
Vested or expected to vest (in shares)		517,726
Exercisable at end of period (in shares)		463,267
Outstanding at end of period, Aggregate Intrinsic Value		$ 11,869
Vested or expected to vest, Aggregate Intrinsic Value		11,339
Exercisable at end of the period, Aggregate Intrinsic Value		$ 11,167
Weighted Average Exercise Prices
Outstanding at beginning of the period (in dollars per share)		$ 33.96
Granted (in dollars per share)		48.63
Exercised (in dollars per share)		0
Surrendered (in dollars per share)		0
Outstanding at end of period (in dollars per share)		35.12
Vested or expected to vest (in dollars per share)		35.15
Exercisable at end of the period (in dollars per share)		$ 32.94
Outstanding at end of the period, Weighted Average Remaining Contractual Life		6 years 3 months 25 days
Vested or expected to vest, Weighted Average Remaining Contractual Life		5 years 6 months 3 days
Exercisable at end of the period, Weighted Average Remaining Contractual Life		5 years 9 months 21 days

Dividend (Details)

Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Feb. 05, 2024	Dec. 31, 2023	Dec. 31, 2022
Common stock dividend
Dividend declared (in dollars per share)		$ 0.22	$ 0.22
Dividend paid (in dollars per share)		$ 0.22	$ 0.22
Dividends paid		$ 2,804
Subsequent Events
Common stock dividend
Dividend declared (in dollars per share)	$ 0.22

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accumulated other comprehensive income (loss)
Balance	$ 434,324	$ 375,488
Other comprehensive income	3,490	5,411
Balance	442,056	389,144
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)
Balance	6,373	(11,092)
Other comprehensive income before reclassifications	4,099	5,804
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)	183	119
Other comprehensive income	3,490	5,411
Balance	9,863	(5,681)
Accumulated Other Comprehensive Income (Loss) | Defined Benefit Pension Plan
Accumulated other comprehensive income (loss)
Balance	(15,586)	(17,165)
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)	(14)	(14)
Other comprehensive income	45	44
Balance	(15,541)	(17,121)
Accumulated Other Comprehensive Income (Loss) | Defined Benefit Other Postretirement Benefit Plan
Accumulated other comprehensive income (loss)
Balance	33,614	24,457
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)	197	133
Other comprehensive income	(654)	(437)
Balance	32,960	24,020
Amortization of Pension and Postretirement Plan items
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	51	51
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
Actuarial losses
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	(843)	(563)
Actuarial losses | Defined Benefit Pension Plan
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	8	7
Actuarial losses | Defined Benefit Other Postretirement Benefit Plan
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	(851)	(570)
Accumulated Translation Adjustment
Accumulated other comprehensive income (loss)
Balance	(11,655)	(18,384)
Other comprehensive income before reclassifications	4,099	5,804
Other comprehensive income	4,099	5,804
Balance	$ (7,556)	$ (12,580)

Long-term Obligations (Details)

Long-term Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Long-term obligations (less current portion)
Finance lease obligations	$ 7,045	$ 7,118
Environmental post-closure monitoring and maintenance activities	355	355
Long-term disability	184	189
Deferred dividends	86	198
Less amounts due within one year	(422)	(412)
Long-term obligations (less current portion)	$ 7,248	$ 7,448

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Oct. 12, 2023	Oct. 19, 2020	Dec. 31, 2023	Sep. 30, 2023	Oct. 06, 2022
Debt
Revolving credit facilities - Long-term			$ 108,943	$ 114,843
Credit Agreement
Debt
Maximum borrowing capacity					$ 200,000
Outstanding balance			$ 108,943
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
Debt
Fronting fee (as a percent)		0.125%
Capital Equipment Financing Agreement
Debt
Maximum borrowing capacity	$ 6,000
Outstanding balance	$ 520
Floor rate (as a percent)	0%
Capital Equipment Financing Agreement | SOFR
Debt
Basis spread on variable rate (as a percent)	2.25%
Capital Equipment Financing Agreement | Maximum
Debt
Floor rate (as a percent)	0.11448%

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
	Dec. 31, 2023	Dec. 31, 2022
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ (497)	$ 22
Foreign Currency Transaction
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	(621)	(1,851)
Foreign Exchange Forward
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ 124	$ 1,873

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Events - Haynes International, Inc. - Proposed Merger Agreement $ / shares in Units, $ in Thousands	Feb. 05, 2024 USD ($) $ / shares
Subsequent Event
Termination fee | $	$ 28,000
Acerinox S.A.
Subsequent Event
Merger share price (in dollar per share) | $ / shares	$ 61

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 7,702	$ 7,739

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false