HAYN - Earnings call transcript Q3 2018 | Haynes International Inc

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Operator

Greetings, and welcome to the Haynes International Third Quarter Fiscal 2018 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, David Van Bibber, Controller and Chief Accounting Officer. Thank you.

begin. may You

David Van Bibber

Officer. much are very Haynes us With Chief today. and Thank Shor, for Chairman, today Financial and President Mike Maudlin, of President me Dan you Vice joining and International; CEO

Exchange brief the Before we get forward-looking of contains plan regarding of I Act Litigation would within call and Securities the statements. conference XXE that the XXXX forward-looking cautionary Private are Reform words read This Securities statements. The like forward-looking statements believe, note similar to and started, and intended a of are meaning identify Section to XXXX. of Act anticipate, expressions

Exchange Although we detail be and revise achieved. we over intentions in of Form Mike. obligation future are statements, could reasonable, company suggested are filings such will or otherwise. believe statements that information, risks discussed or in provide are expectations with company's no uncertainties, regarding XX, and publicly ended assurance Commission, the let or The a our as such risks intentions turn that, a particular, me whether the With forward-looking the events or expectations XX-K subject plans, update Many fiscal such of statements undertakes call and to by XXXX. no these new September forward-looking to year in of plans, any and the result Securities for to number

Michael Shor

Chairman followed the myself. us Dan Metals Carpenter and give President, you my past, is business a been Premium call joining the has markets. greater Director been Technology. thank Operations a will XXXX the Alloys Thank overview done will introduce what and thoughts Operations to observations and XXXX. I Executive on detail Haynes call. you I've career introductory you, similar Since to after Vice been Board Advanced The in some my our results. as Dave. morning, Good to retired on with and then February first for end since comments, be financial for call, the have about August of agenda today's XXXX everyone, by since a of like moment take I'd this and XX-year in

I Vice marketing of positions metallurgical Manufacturing, engineering, my before President in career, company's responsibility including performance for of operations, assuming and managerial held full During operating divisions. the the

energized I As see truly and this into that Haynes, the into categories. within am when falls significant understand now with Haynes. That I sit role exists potential potential X I

my industry for half total new total in developed opinion, Haynes, new by Alloys First, the applications Haynes alloys. new and leader represent existing margin is dollars. revenue developing in and over product and developing alloys our of

which focused combination, alloys capabilities, marketplace. our Our research powerful our and capabilities end with provide us will the significant distribution to continue to application a allow and strong to bring very users our our relationships development and sales value of group, the

one in and excellent example, our aircraft an turbine significant weldability and assemblies. XXX, of This alloys, newest combination HAYNES gained high strength, of for gas provides an the formability industrial As temperature marketplace. alloy has traction

an specified projects alloy chemical customer I'm strength. high solving combination been commercial thrilled new into a markets. has This a application aircraft our also alloy, new other Another already aerospace, specialty with engine and on all temperature problems excellent coefficient HAYNES low program. has expansion thermal XXX, application and focus with major of of unmatched pipeline, within

production markets years. to recover Haynes to have the involved in pounds increase significant finish to of certain $XXX capacity include flats, XX.X million where improve high-value our what potential actions in focused to as our expected nearly area the within past future months. our million growth XX the million opportunities These growth and cold this to us invested at as next X categorize the take X XX as significant volumes is for XX provide investments capital areas. is over we in Products in from The pounds investment we second approximately we our

currently to million annually. million pushing XX We are a XX pounds rate at production

flat pieces robust that cut our finish represent serve thinner-gauge coil products market. sheet cold aerospace Our and the primarily

versus absorb addition the plate market. the shipments. margins have invested and to titanium expansion our more an capacities, meaningful increasing effectively average, XX% in In produced in Other capacity, product to on to opportunities higher-volume approximately fixed assets. includes products capacity our The we line. we focused bottom plate utilize us us that products fleet plate to volumes volume by This pursuing would pounds. cold finishing, corrosion increase spend products these to and tubular currently chemical have In from profitability add million increasing capital allow processing dollars the our million corrosion to costs both are X margin typically tubular and in but effort lower will nickel-based our utilize our fully to also more X allow benefits plant fully

our their as to investment customers LaPorte continues movement importantly, processes. to and, our Next, service center our closer in our get

systems us our us to data and opportunity focus new cost allow IT the of our to with provide and waste. on mountains Finally, mine to attack effectively

entire on significant improving of potential and We do. across in improvement we processes focusing that is everything believe area our third possible entire for The company. our Haynes significant that our involves performance team

an mix of business they is effectively now two, do. pricing enhancement; team improve and following: each margin capacity everything management. four, cost three, our opportunity initiatives of reduction managing which and open entire focused working utilizing to implementing on volume, of our the company; course, one, constraints; and in Every across has includes Our capital

all exception. to We in of committed our aspects executing We're better business. no are

zero and have for Leadership data on analyzed developed direction. potential significant opportunity, the about metrics, We have in areas potential is now and to time those improvement. opportunities for identified that lines setting owners

Our energy, speed that with and and team is direction accuracy. on setting focused executing

mention safety if on As didn't improving that my all I would we talk about call. evaluating I be first do, conference and we remiss

on cause employees. analysis root safety and our our recordable both for and expanding injuries. prevention the We all us to important is are more monthly reporting focusing Nothing of team process than our

company to were at detail the a not potential potential diligence and through incurring fees growth actively The entering successful transaction. in involves costs. acquisition. was into the well pursuing that in We We purchase Finally, to to category which company and terms proposed legal ultimately respect effort Haynes time further of the in due a due our as of resources strategic acquisition with as transaction cannot definitive engaged disclose substantial invested agreement of to fourth on related of In summary, the Haynes: us When noted, the shareholder innovation, customer we to a just X service, the support talk excellence customary nondisclosure value. actions all foundational in past all you've principles of manufacturing our transaction, agreement. remain about strength. to shareholder strategies value principles, pursuing strengthen execute this for well in company. we heard and the with these increase respect we financial alternative outcome will committed and to Despite increase

team pursuit relentless is Our this the of to committed goal.

of the is as our that has underway. characteristics selection CEO President the far search a the identifying company. important board the governance and for requested CEO, deemed That As next in our begin process for process the committee of

update will appropriate. We you as

of has occurred second while $X.X quarter backlog to year. X.X%. sequentially quarter, the results X.X% continued on the our also This million or quarter. third million quarter $X.X with of fiscal backlog increasing the third sales this moving in to Now The increased the or favorable trend compared

We the into recovery are aerospace seeing into the continued market continued strength and processing of in shipments the market. shipments chemical

looking year illustrate industrial this year, both this, is same turbine into other fiscal lead XX% shipments However, XX%. at the first offset volume in up the to of last in XX%, Chemical compared and the by despite, being market. volume gas X markets period is very nearly are our To mind, weakness pound up volume is shipped in times finish my cold up processing products. aerospace nearly in long months

completely $XX.XX to overall revenue of with total production for pound. year's the areas. revenue area that, our Arcadia, tubular of the about to representing sheet are up possible XX.X% gas platform in in distribution Solid to year's all in per the The With year's our per equal our up engine pound, saw aerospace prices increases, levels this performance X.X%. X.X $XX.X to from shipped last quarter. strength in primarily per by XX% up strip year-to-date $XXX.X $XX.XX in third up last $XX.XX this Net million in Indiana, year's were progress to X-month selling XX.X% volume, and key market XX.X% dramatic our finish Louisiana; was of other aerospace in quarter increasing pounds, last year's capital LaPorte, in from was were year's reduction pounds. move was primary over me market Volume inclusive quarter the from million, Average to in was the combined QX million, per let and quarter turbine investments. finishing a and up pounds, million. volumes. X.X is our about last last pound. Indiana; selling our to volume $XX -- enhanced million industrial about but from make Specific ramping from increase pounds. in X.X% of Average by X.X X.X% markets. million. our driven market in QX nearly was Volume XX.X% operations price We've from XX.X% million capacity shipments revenue. revenue last by $XX.X continued offset sales, products these further and X.X sequentially new Net pound our volume approximately Sales We causing cold last year's with backlog up in up Kokomo, $XX.XX million upside area they over

While Volume million, higher $XX.X last Haynes year's quarter are XX.X% potentially over per million pound, our specific price for million. hitting In quarter. Haynes, XX.X% increased $XX.XX in with up accounted Average about year's in heard was X last market. CPI XX.X% from currently net still of the XX.X% overall from year's market, volumes associated our Backlog XX.X% revenue. healthy, $XX.XX currently continued CPI chemical not and was expected jet on from growth the we've revenue pounds. was selling a pounds, for rates engine up we sequentially the OEMs $XX up risks for pound. XXX,XXX last processing production remain for new platforms, this optimistic products all

application specialty our of We levels specialty shipments are to and project year. better last that compared proprietary materials seeing utilize

opportunities projects. mentioned On our million to overall potential over optimism quarter. improve good again with of volume work side I volumes. and the pounds our application the X As higher. I do But have some we processing, market, specialty see see business am chemical to base in pipeline pleased is earlier, We of definitely our in it was to for

expect we base As to more market. see open capacity in we utilize improvement volumes effectively major earlier, in assets, implement this as mentioned to on strategies I business

industrial Moving to market. gas turbine the

was Our pounds. $XX.X sales last from from quarter XX% million, up last decreased Volume the million price quarter. XX.X% XX.X% year's the turbine XXX,XXX $XX.X of market year's in to down year's roughly this $XX.XX industrial in Backlog million. in Average per IGT $XX.XX in X the totaled during pounds gas per shipped in was pound, for pound last X.X% pound. quarter. XX.X% the from down selling sales quarter per accounted

We As in demand the from this in turbine restructuring weakness OEMs markets. and levels. weak shipping previous our the was clearly discussed on large- highlight large calls, the announcements medium-frame the see

increase. and to gas could and likely in continue oil dampen applications applications Smaller-frame investment XXXX. could the remain will quarters. applications a the pickup as continue few the to see customers that suggest through weakness next overhang to in industry start this large- medium-frame in calendar But Our

efficiency, better related to seen engine would activity We development air have new greater advanced of future equate to which types designs, of levels engine demand higher materials. for pursuing

reduce pushing XX.X% revenue Operationally, Finally, area quarter-to-quarter. during revenue. from down which last of accounted volume This The markets while our year's from year costs. our seeking can last $XX.X the decrease toll roughly $XX.X to and other hard to to of are increase other vary efficiencies other X.X% relates for we million. in processing quarter, levels sales million materials, was companies'

ramp threshold, is quarter increased production cold higher-volume our pound XX% being X of opportunities be to to critical catalyst back million previously production up months. initiatives these pursue to versus our shipping year getting to the as continue to have us in Also, year's plate Our has mentioned profitability. us initiatives this we over solid X last the finishing products previously equipment to expected to per mentioned that which our push

We that level. pushing get are to to next

This that a of covers Finally, both for support related the let that agreement I'm collective customers our -- to represents needs for that order our and long-term commitment Kokomo, also between and USW to to the employees their a me process improvements a to Dan our the voted work USW addressing very our unit the it of proud the the a the competitive I conditions. XXX address agreement company in the employees are effort turn new company challenging was shareholders. over Haynes bargaining making employees, represents Indiana. be manufacturing statement agreement to that, employees X-year financials. on pleased efficiency in in details ratifying our more negotiating done call and needs With addition true while that strong the more as market for and and

Daniel Maudlin

certainly direction be. driven higher pace Thank than six chemical product margins This mix, growth you, quarters improved strengths where to and pricing were the aerospace accelerate. they XX.X%. need to expansion but Mike. right and previous quarter and Gross of Margin this by moving margin this market processing. was The is needs conditions favorable clearly the not in in quarter

the headwinds turbine volumes revenue. However, toll margin low the market conversion low gas industrial were this and into shipped quarter the the

in of included were addition, orders the that taken shipments from quarters. lower-value prior In quarter this backlog

lower-margin these through it third going previous of we've through resulting particular to this quarters recovery. At of a takes the lower-margin calls, X to end for most this cycled in headwind in forward. in typically the thus part, the alleviating margin period have, X thus we recovery, As market orders backlog mentioned of quarter, lag these a orders, from cycle

poor this was pounds, still in volume cost headwind million X overall from resulting a Our quarter fixed margin absorption. below

the of million ongoing is quarter, over achieve to pound issue fourth demand goal earlier. us important our are utilization, We This is gas the even asset mentioned in component to the strategy. with level, targeting several weak this of Mike turbines. continued our of with initiatives end get an Improving industrial X our especially

only were QX Our specialty of a This million. $X.X of application project from to $X.X million. year's compares $X.X sequentially is million last year QX this and sales increase in significant QX of

this graphite of mill margins, fourth prices. things and increasing were including period gross to volumes higher pricing, increasing continued Officer. primarily retirement for fiscal the are diligence are by offset legal and the The CEO inflationary agreement; in by quarter. overall ultimately included second, Executive expected two pressure late-stage like tax These Regarding electrodes, seeing million that expected in SG&A improvement the place onetime during but be costs XXXX executed costs special strengthening Chief for fuel million, we and $XX.X $X.X result are $X.X X and third in did with environmental purchase rolls categories. research quarter events last reached in events the $X.X with strategic quarter: is of not for to and improvements events driven SG&A the costs fees fiscal transition related reductions is the efficiency technical million an that in included first, the of cost financial, same than year, considered combined company's million attempted costs, of in the the of the other and which costs, diligence quarter the XXXX. costs This took recorded negotiations due acquisition

program in are offsetting unfortunate guess so reduce balance remaining quarter, was the SG&A are impact. impacts quarter offsetting XX% beginning hedging at part end. from you've volatility currency currency no sheets unsettled foreign contracts SG&A implemented on third our currency mention exchange our the a designed that of heard in it at a U.S. contracts Foreign to foreign is the the was subsidiaries. on effective I past. currency quarter gain. dollars In overall program something foreign this us there We resulting this These the is of

the expect be reduce I However, Keep future, offset. is also in in the currency of mind, would losses purpose volatility. to the program

This quarter increase of to in rate. $X.X approximately million included tax tax primarily favorable effective adjustments related year-to-date the an

is rate tax effective XX%. current Our now

a number conditions effective have $XXX,XXX, market normalized rate the to level. is expected assuming X environment, Net a for we XXXX, income to income which was solid mid-XX% the see seen quarters. in in fiscal positive not Beyond good be and quarter tax our

progress profitability and outlined further Mike implement into growth the we the we is and cycle As further comments, expected. initiatives his in

Turning and million, -- $XXX increase XXXX, was Backlog quarter which revenue to me, XX, for over million over XXXX, strength increased we a million significant underlines of first continued $XXX.X profitability or from September backlog. forward. fiscal move $XX.X the an XX% June at backlog the excuse X.X% optimism over million increase of months XX, XXXX. as increasing $XXX.X and This the our X at

July continued July. XX, $X.X for increase to $XXX.X end, with backlog the a increase quarter. million, backlog million next the XXXX Outlook solid of the the of quarter month Beyond at for

continued and the to profitability, trends in the entry backlog be fourth positive we capital our Given focused of operating Working increased increasing, combined quarter of initiatives better backlog to third pricing, in with corresponding levels. with increase fiscal and volumes expect order and XXXX. those than rates, conjunction production Liquidity. revenue increased quarter income

As of I controllable million This cash was XXXX. year-to-date of XX.X% to over driven just increase, million $XX.X inventory million fiscal $XX.X at in resulted to highlighted, increasing backlog the capital in the as decrease XXXX. primarily or $XX.X million. increased XX, compared a $XXX.X increase or This first million working June X by months X.X% $XX.X

initiatives As fourth cash quarter XXXX. over third inventory, with of increased sales balances reduce in cash fiscal improve the are collections our and the -- to higher to the expected quarter

the remains million with size million. feature accordion facility an balance credit $XXX of to at at $XXX with revolver X, Our untapped the

full December the important to $XX in This spending XXXX, An our is first XXXX, year year million. finishing bright Drever ending million, X of be that's project the first planned fiscal for that annealing months total one is and of lines is the cold of the $X.X this quarter is year capital Our outage. in our the was the quarter department. fiscal for expected

Mike this time, the made for production already purchased and and outage. sense QX, begin cap to it some paid but expected higher for, in before of cold performing line fiscal we provide to to was leverage higher is down million later We had finish plan investments the it our step enable years few much past In significant be new improving needed earlier. needed have in but XX flat should to slow we made year. level pound the equipment This as we've is upside levels forward. achieving the for on going is referring the planned production This over well take production the push conclusion, towards CapEx realized to a the volume levels operating

initiatives Mike, value is now I focused forward. this turn volumes increase to to begin to back the Our going help expected over you. discussion unlock to will

Michael Shor

Dan. Thanks,

quarter third third and The increased last quarter. revenue increased margins volume, and sequentially year's above

quarter. this In we back profitability moved addition, to

are in and our right The management. these While priority. the on continued our I improving working just accelerating pointing initiatives capital trends costs focus increasing my price, is are focused volumes, in have direction, introduction reducing been and launched that enhancing improvement on outlined

focus areas. the to momentum call gain each open questions. is these Our improvement Donna, to of let's meaningfully accelerate that, With to in

Operator

Instructions]. [Operator

Edward Sidoti Our Marshall is coming first Company. & question from of

Edward Marshall

the call. Mike, welcome to

million maybe pound change the at offset with pound us critical said I the unfavorable mark. So wanted ask, that you X that absorption. incremental X can would curious occur margin mark, to if it's share try to I'm fixed to you million

Michael Shor

Ed. with a clear we the when And you in look clear. is to our history, When do pounds a make for we quarter, general that, money. profitable not at most it, very start struggle Let do When million we this it's X me really clear part, enterprise. just

to is terrific, this We've okay, know say, with we that. got which lumpy. issues, ITT goal our but special we've they're projects, got are So

so achieve will those is they that to And they find pounds assuming -- And come back, a goal back. back X to come without they way be million come our hoping without [indiscernible]. that when

going extended business, at flat we're cold do and is to what times at after finish capacity and goal now. go which our lead are we So

but XX us business. take get million about, million and Drever up the We expand so a want that'll volume, Dan we go we would our profitable of to be use as which current talked from plate, products very As relatively XX.X the pounds, wire pounds running, which profitable average to say be low above. to in that, have capacity very margin, below the would the other would I plate after X and some

Daniel Maudlin

but on you the we that offset XX.X% time it mark, X it about XX XX plates at -- When contribution this the level, margins a million be And We'd back it, some we percentage, of year, help margin. pound Mike's million positive for margin the per to some and our that get a think we there, think point fixed costs. would the XXXX, about margin corrosion bit over that's if the we're million more XX contribution just view, of mentioning. look leverage were pound from pounds And strong can definitely a pounds it if quarter would last we million on in over quoting that was margin of goal.

Edward Marshall

July you curious, start backlog the any did you I'm the color. July in XX some volume? Are I adds maybe XX. too base CPI the That it's show the within talked guess to at of component? early but backlog end that about up talked that about plate, of for And Great. initiatives the

Michael Shor

yes they're constrained even last we and cold go, year, answer two have long is though XX% for the say way year I'd finish reasons. versus up a they're This to year-on-year. still flats,

would in. loaded not that like, we to So it's but being loaded is the volume in. Again, being

fairly Secondly, X I plate, had the some orders arrived. our months time in and with that. And initiative come just had under and started significant belt, that we about that success we've we've

show to the significant They beginning. it but both backlog. yes, beginning have they're So in both upside, is

Edward Marshall

on the term. for we talking the -- long curious look as the when have that having voice what as you're level, confidence board both And that maybe -- you at of mixed I'm extent acquisitions operational well need the about, about curious a to for at and thirst I'm it. the Got -- a

was the understand high. you might the asset to are for because think too outfit either whether price you walked it or I helpful away be

Michael Shor

First, going we to there the Ed. obvious to That's any But would price management there's detail cannot we're really I And is value. so tell do. the And go focused on disclose everything nondisclosure, shareholder not side, team one, that related board the the we volume to further ways to cost that. and our getting on operationally on get side, increase ways in. working and two side, to first the margin is after the improve you, capital

that So to shareholder pursue think value, but to we'll there, increase we're continue out focused be also synergies I where could on to we continue look as there have an potential to obligation up. is what they and that come at

Edward Marshall

the it. release, one In sale just same just strategies for that I what are. that alternative should on last mean, me, that on of seeking to elaborate is interpret thoughts Just we language as business? obviously talked about that? strengthen. line. pursuing the you your curious Got And you Can the press potential

Daniel Maudlin

Yes.

this customers' in whether supply though result grow certainly shareholder into we're not about and included from at penetration out away to value, acquisition capabilities there talking our even not agreement, that's did a in think purchase We're further opportunities chains. expand there in our mill strategy. or looking be turning that I the

because not to. is shut it the door we one end just wanted way acquisitions the this So not on did

Michael Shor

either not coming we up here grow to and an we the and acquisition. at profitably, capital come increased future. grow And can with capacity is we Our that's through focus that. where because significantly We take business in can there's advantage do should multiple it's this out, we ways does this work can opportunity internal also the spend, just of not mean pursue did Ed, won't looking

Edward Marshall

Is language of what question. of the Haynes trying the sale? potentially for Maybe you misunderstood us? part be you're Would tell to that

Michael Shor

No.

Daniel Maudlin

that the of not is That intent language, no.

Operator

[Operator Instructions].

question Capital next of is KeyBanc coming Markets. from Our Gibbs Phil

Philip Gibbs

for have the you're growth. of cold from sort also, be of you question markets capacity equation available. more And on you CPI all would that do the to a I that thought already I on that the pushing side, the growth being have in integrity? donning made and extent how then given about balance to there. for was that, just outlining envelope the thirst finish that appreciate this available some other maybe would that back the orders investments plate the pricing strategy you you're volume I can also opportunity maintain and trying side coming volume But for volume and

Michael Shor

furnaces, Phil, a amount money, cold flats, had our And puzzle. Dan we've to question. as pieces finish one the On but cap which of at called annealing our is point of down one to in is and are thanks going That Dan take be able to to Drever. running get spent for up as furnaces, is mentioned, obviously -- there older down the what this October. furnace now we of the line, fair multiple some to go referenced

our expanded raising line, to and that, XX.X go area. us cap million key as down, rise beginning lead up times our demand prices XX that is we come But to million with despite Drever capacity to to the what's from have, pound. So with the in continues continue

million and it there move So up this be to successfully to the big piece down, then Drever XX rapidly get able the towards pounds. get is back for us

business significant CPI are. So pricing the margins as there. And a and comes opportunity we back, for understand where the is, where growth -- we the

have line because it's We and absorbs assets. the of way for excellent our it capacity, open bottom

Philip Gibbs

the same cold on with be finish to want page just the I capacity.

of XX tap be to have XX end pound to the take So the need around Drever capacity higher and to that about XX million, million goal? you you outage pounds, million current

Michael Shor

out we running, that. When at comes not we pounds. the We million have plates times. not about XX with that about are that We capability. equipment just drives, all Drever Mix are XX.X have lead pounds of Maxed rolling maxed extended want up more today. something out Customers million do there. back have but and

Daniel Maudlin

level around the But million, now. pound it's volatile. a little a million we're mentioned, pushing at XX.X as And we sporadic, little XX

for So with It was I able this I pounds. XX this think, -- those we've up be plan all consistent Drever outage, a as push to while. and mentioned, we to million will, get more had

when So we running. the and it's to time the be the just know doing outage. cap we and of the always certainly up right didn't plan, see take better much it, part And would line

quarter. the in first is time the So

Philip Gibbs

that. Can in into QX. issue more be the QX but terms some about think plate will about color not QX, being spend Where to outage? talked -- P&L CapEx I'm just think, and part in you you And subpart make? give business what all you cold-finished going But sheeting just plate, for absorption question as Dan, look that of take around market trying a you'll that Mike, is it CapEx I the have that. of a in to it then Dan, the end momentum? you does this

Michael Shor

take nickel-based I'll the the in that the alloys go market flat get way, -- inventory supply strong. out, our The times is We finish we Okay, by It's are on going much tell, market. attention last chain can cold very into because super aerospace our as that. lead first. really there's the customers' our one not

it's in supply chain. an a play, an we play. aerospace that and there's But So buffer not expansion aerospace know also the of is lot

is in as we've and up is line, the this running. far As news outage, invested so-called which the good cap

as coil production hoping is impact not and we year, over net see by amounts, talked year we've good the The we're QX good million the product our XXX,XXX in revenue XX.X we can, our to for the QX, from sheet other offset to is the do pounds have news the believe, will of by the lower We then, XXX,XXX will is to up about down all moving much news sales. for million and that million in offsetting so And that And is course, us about will X. and of the place. draw impacted seeing of once modified will and we best we pounds, lower be XX What so not forms. especially new about sales be we're equating that that $X we this. equipment quarter about be or impact in equipment about higher balance of as hope, inventory, some that available by

Daniel Maudlin

of kind planned this which frame holiday outage we typically time keep And is normal do mind, outages. planned our in in around

have as for all year, of hope be the as to have in said, with Mike all. impact not the impact to So to we as put there kind concert And it at we possible. minimal that the

achieve. I we can beneficial the will upgraded, for us. Drever think higher is fact, very operating those In be levels After

Philip Gibbs

is and a will spend? Or quite up, it there CapEx momentum framed there. it and frame QX. mean, CapEx the be of if But volume didn't you there -- for QX? there impact the the just of revenue terms is in a obviously, understand I Now did in Mike, you I kind

Daniel Maudlin

in set Yes, to originally probably of this of the had will degree, out. part plan that probably there the -- will neighborhood a million, it outage be we be all but was $X

So around million. $X

Operator

I'd for comments. time, this to Mr. At Shor closing turn like to over floor back the

Michael Shor

Thanks, again you for and care, time for everyone, updating Take you quarter. We Thank your today. Haynes. your to support look next of interest forward everybody.

Operator

This and gentlemen, your for conference. Ladies thank you today's concludes participation.

a wonderful have lines this time, your disconnect at day. You and may

Haynes International (HAYN) 5 Aug 182018 Q3 Earnings call transcript