Haynes International Q2 2023 Earnings Call Transcript

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Provided by Quartr
May 5, 2023

There are 8 speakers on the call.

Operator

Greetings. Welcome to the Haynes International Incorporated Second Quarter Fiscal 20 20 3 Financial Results Conference Call. 20. 20. Please note this conference is being recorded.

Operator

I will now turn the conference over to your host, Controller and Chief Accounting Officer, David Van Biber.

Speaker 1

18. Thank you very much for joining us today. With me today are Mike Shore, President and CEO of Haynes International and Dan Modlin, Vice President and Chief Financial Officer. Before we get started, I would like to read a brief cautionary note regarding forward looking statements. This conference call contains statements that are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995 20.

Speaker 1

In Section 21E of the Securities and Exchange Act of 1934. The words believe, anticipate, plan and similar expressions are intended to identify forward looking statements. Although we believe our plans, intentions and expectations regarding or suggested by such forward looking statements are reasonable, 20. Such statements are subject to a number of risks and uncertainties, and we can provide no assurances such plans, intentions or expectations will be achieved. December 30, 2022.

Speaker 1

The company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. With that, let me turn the call over to Mike.

Speaker 2

Thank you, Dave. Good morning, everyone. I've also noted that we've made fundamental and sustainable changes to our business. I'll start off my comments today highlighting those changes and talking through the positive impact they've had on this organization. First, we are distinctive and that the combination of products and services we offer provide our customers with a value that we believe is difficult to be delivered consistently Our excellent alloy development and application engineering expertise, our ability to produce and ship Small volumes of unique alloys and sizes, our consistent product quality, our ability to ship cut pieces and near net shapes out of our service centers and our just in time inventory capability.

Speaker 2

Because our customers truly need and value these services and product attributes, we have been able to continue to price our products based on the value we provide. Next, our alloy and application development capability give us a to the current and future needs of the end users of our products. Our technical capabilities help us work with our customers and the end users, so they can identify high quality, long term and cost effective solutions for their processes. As I've stated on previous calls, 20. The best news here is that our current pipeline of new alloys and applications under development is as strong as it's ever been and involves new potential alloys across all of our major markets.

Speaker 2

Continuing on, our efforts related We all believe that we have the technical, engineering and operations talent to continue to increase our yields and improve our process efficiency and costs. Including my intro, our financial goals from almost 5 years ago were to significantly improve both our gross margin and our breakeven point and established the fundamentals to allow our company to be consistently profitable. We have now accomplished what we set out to do via alloy and application development, 20. Product mix enhancements, variable cost improvement and pricing for the high value differentiated products and services we provide. 20.

Speaker 2

I'm proud of our team for performing very well and for achieving our goals. Our gross margin has gone from high single digits and very low double digits, 2 at neutral raw materials now consistently being over 21%, and our breakeven point is now confirmed to be 25% below where it was when we started our improvement journey. Now transitioning to our 2nd quarter performance. 20. Year on year, our revenue increased 30.5% with strong gains in each of our end markets.

Speaker 2

In addition, our order entry was close to $190,000,000 for the quarter, which drove our backlog to a record 400 $46,700,000 up over 59% from last year. Our book to bill based on revenue was 1.3% last quarter, led by aerospace and IGT, which were both 1.4%. 20. Our gross margin was 20.2 percent and when removing the raw material headwind impact, our calculated raw material neutral gross margin was 21.3%. This all resulted in net income for the quarter of $12,300,000 up 45% year on year.

Speaker 2

From a market perspective, in our aerospace market, our 2nd quarter year on year revenue improved by 25.9% with volume up 9.6 percent and our average selling price up $4.34 per pound or 14.8 percent. For the 1st 6 months of the fiscal year, our year on year revenue increased 29.4%, but volumes increased 13.5%. In addition, our aerospace backlog increased 11.5% with, as I said, a book to bill of 1.4 over the quarter. Our backlog now stands at $277,000,000 in our aerospace market. We continue to believe that we will set a revenue record for Aerospace in fiscal year 'twenty three.

Speaker 2

A few other points worth noting here. 20. Our build schedules remain high with LEAP engine builds projected to set a new record in 2023. In addition, we are beginning to see demand increases for the components we supply for multi aisle aircraft engines. Finally, We believe the majority of the aerospace product being shipped by Haynes today is being consumed immediately, with little to no safety stock being built at this time.

Speaker 2

For our IGT market, our 2nd quarter year on year revenue improved by 30.8% with volume up 1% and average selling price increasing $5.16 per pound or 29.5%. 20. For the 1st 6 months of the fiscal year, our year on year revenue increased 48.4% and volumes in operating capacity continue to be retired. Natural gas is projected to remain one of the most consumed sources of energy in the United States through 2,050. With a $7.59 per piece.

Speaker 2

These numbers confirm our strategy of supplying high value differentiated products and services, selling less of the commoditized portion of our mix and focusing on the sale of high value specialty alloys and products within this market. 2019. A significant component of this involves sales of our special project orders based on our continued strong applications development efforts. We now expect to average over $50,000,000 in sales, we now expect to average over $50,000,000 in sales over the second half of our fiscal year. Part of this increase is obviously helped by the impact 20.

Speaker 2

But the most significant part of this story is that we believe we will achieve this level of revenues while being at a gross margin level, 20. We continue to provide and complete ESG related surveys and collect and report additional ESG data. In addition, Next, Haynes innovative alloys and applications are at the heart of our company and represent both a core competency and a long term differentiator. We develop and bring to market niche, highly differentiated products 2019 that are the result of long term research and applications development efforts. 4 of our newest alloys are at different stages of commercialization and have shown clear signs of market acceptance.

Speaker 2

They are, for your information, Haynes 233 Alloy, Haynes 244 Alloy,

Speaker 3

20

Speaker 2

20. I didn't also mention Haynes 282 Alloy. Haynes 282 has had tremendous success in many aerospace, space, industrial gas turbine, automotive and power generation industry applications. Most recently, an improved newly patented heat treatment for Hanes 2 80 2 alloy has resulted in greater intermediate temperature toughness, opening the door to new potential applications for hot gas path, engine components and other power generation applications. In addition, in clean emerging technologies such as supercritical CO2 and waste recycling projects.

Speaker 2

One final point into the Pratt and Whitney 1,000 Series engine and in the GE9X engine that powers the 777X. 20. Wrapping up my comments, as an example of what our team can accomplish, on April 4, the south side of our Kokomo plant was hit with what we call a severe wind event. During the storm, we lost much of the roof on 1 large manufacturing building and much and no impact on quarterly shipments because of this event. Okay, I'll now hand this over to Dan for his comments on our business and our financial results.

Speaker 3

20. Thank you, Mike. We continued to see strong profitability leverage as our volumes and average selling prices grew. 20. This quarter's pound shift to £4,700,000 with an overall average selling price per pound of 32.74 20.5 percent and solid net income of $12,300,000 Volume shift to £4,700,000 was at a level that we previously would have struggled to make money.

Speaker 3

Now as our lower breakeven point, £4,700,000 resulted in a £12,300,000 net 20. That's a big change, and we expect this profitability leverage to continue as we are now just beginning to hit our stride as far as the volume improvement. The example he provided of the month of March cold finished flats production being 22% higher 20. The average volume produced over the prior 6 months is significant, especially combined with the future utilization of outside conversion 20. The momentum within operations is increasing in the overall raw material prices for nickel and cobalt and the impact it has had on our results.

Speaker 3

Of $1,700,000 We were forecasting Q2 to be neutral by the end of the quarter. However, cobalt continued to fall causing the $1,700,000 headwind. Nickel was neutral for the quarter. 20. These estimates were derived from a model developed by the company to measure how the commodity prices change and how those flow through net revenues and cost of sales.

Speaker 3

The key takeaway is our adjusted gross margins, which are neutral of this raw material impact, have been greater than 21% for the past 4 quarters, showing our core margins are solid. This margin strength, combined with the projected higher second half volumes and revenue, is expected to drive improving second half earnings. This is expected even in light of 2019. Our goal continues to be offsetting inflationary pressure with price increases and or cost reductions, such as improving yields, productivity enhancements and process improvements. Our solid margins show that it's working.

Speaker 3

2019. Our SG and A, including research and technical expense, was 9% of net sales for the quarter as compared to last year's 22 of 10.9%. SG and A dollars were a bit higher than expected with an uncollectible receivable from a small UK customer and sequentially higher foreign currency costs. Operating income was $17,100,000 this quarter, which is over 60% higher than last year's Q2. Our effective tax rate for the 2nd quarter was 21%, 23 are moderately higher, in line with federal and state statutory rates.

Speaker 3

All of this resulted in net income of $12,300,000 up 25.6 percent from the same period last year. I would also like to provide a 20. As we previously commented, our net liability and funding percentage has improved significantly 20. A couple of years ago, in early fiscal year 2020 year, 20. Given this higher backlog, we continue to melt at high levels to meet demand.

Speaker 3

We are now beginning to achieve the higher revenue numbers 2019. We believe that our $108,000,000 in borrowings against the revolver has reached its peak and should begin to moderately decline. Expenditures for fiscal 'twenty three are expected to be between $18,000,000 $22,000,000 outlook for next quarter and full fiscal year 2023. Given the strength of the company's record backlog, along with the workforce additions and work in process inventory investments. The company expects revenue and earnings in the Q3 of fiscal 'twenty three to be higher than the Q2 of fiscal 'twenty three.

Speaker 3

Further, the company continues to expect the full year of fiscal 'twenty three to be 15% to 20% higher than fiscal 2022 for both revenue and earnings. In conclusion, 20. It is exciting as we transition into the second half of fiscal year with 3 notable significant factors. Number 1, improving production momentum, including expanded VIM capacity number 2, strong demand in our primary markets as evidenced by our $190,000,000 order entry and our record backlog and 3, pricing and gross margin strength. Higher than our cost of capital, which is a key driver in shareholder value creation.

Speaker 3

Mike, with that, I will now turn the twenty.

Speaker 4

Thank you, Dan.

Speaker 2

Our team continues to be encouraged by both the progress we've made and the future potential of our business. Thanks to all of you for your continued interest in our company. And with that, Holli,

Speaker 5

20

Operator

20 20 Your first question for today is coming from Mark Reichman at Noble Capital Markets.

Speaker 6

20. Good morning and thank you for taking my question. Good morning. With the strong order backlog, would you please 20. Comment on additional investments you may need to make, also SG and A expense trends and then Your plan to pay down the revolving credit facility?

Speaker 2

Sure. On the capital side, what this company did 20. Leading up to 2020 is make significant investments where we felt we had constrained areas. So we wanted to Prepare for the future, we didn't want to say no to customers. So those two areas really ahead of the game, we expanded our capacity.

Speaker 2

20. As we sit here today, there are 2 areas that we watch very carefully as far as capacity. 1 is a cleaning line called the A and K line. 20. That line we've already allocated and the Board's approved a little under $6,000,000 in capital.

Speaker 2

So towards the end of the year, we'll supplement what we can melt inside to expand there. 20. Beyond that, we're in very good shape. So we feel very good about being able to keep up with what's coming at us. Before I hand it over to Dan, on the SG and A side, 20.

Speaker 2

We feel an investment in people is critical and we will continue to invest in people in our company. We've done that, 20. We've begun that and we've done that pretty much across the board. And even with increased spending of dollars, 20? Our percent of SG and A is down fairly significantly year on year.

Speaker 3

Yes, 9% 20. SG and A, including research and technical costs, I combine that together, is much better than it has been certainly with the increase in revenue driving that 20. As far as core spending, there are some components of SG and A that are somewhat variable. There's distribution, shipping costs, commissions and those types of things. But we do expect SG and A going forward to not quite be as high as Q2 necessarily, but close, a little down from the 17.3 I'm sorry, the 13.7% that you saw this quarter.

Speaker 3

You had also mentioned cash and The cash flow over the year and then paying down of the revolver, as I mentioned, we do expect to be a bit more in balance 20. With our melting versus our sales with the higher sales in the second half of the year, that combined with raw material prices generally stabilizing a bit from where they once were, 20? That's going to help our cash generation over the second half of the year. So we expect a moderate decline in the revolver. 20.

Speaker 3

Backlog keeps surprising us. Backlog keeps going up. So we certainly want to keep up with that and keep melting at that level. 20. But we do expect generally to generate cash in the second half of the year and begin to pay that down over the second half of this year.

Speaker 6

20. That's very helpful. Just one follow-up. There were just a couple of anomalies in terms of 20? When you listen to like the Airbus and Boeing calls, for example, I think Airbus said they've got like 7,200 20.

Speaker 6

50 planes backlog, and I think for Boeing it was 4,500. But like when you look sequentially And the aerospace market pricing was high, was up, but volumes sequentially were down a little bit. And then if you look at like the other markets, the volume was up. I mean, other markets was a small part of it. 20.

Speaker 6

But pricing was down, which was kind of odd given the volumes were up. And so I was just kind of wondering, 20. The sequential and the year over year revenue trends have been outstanding. But based on sequential and leading edge shipments by market and the average selling 20. Price per pound, kind of what are your expectations for the remainder of the year for each of those segments?

Speaker 2

We continue to pursue 20. In the two markets you mentioned, incremental price increases wherever possible. Sequential is a difficult way to look at it because of The lumpiness of certain orders and what comes in and the mix of products within there. We were very pleased in other markets because what happened 20. Our largest piece of that, quite frankly, is as commoditized as it gets, which is what's called the flue gas desulfurization market, And that was down for us intentionally, fairly significantly, but we saw significant increases in what we see as incubator or growing markets for us,

Speaker 3

And one thing I would Caution on looking at average selling price. Certainly, pricing is in there, but product mix can move those numbers around quarter to quarter as well. 20. So when you see an average selling price maybe stepping down a little bit, that's likely more product mix than anything else. We have different alloys and different product forms that have very different margin profiles.

Speaker 3

So it really depends on what we ship to that particular quarter And that can move the average selling price around quite a bit.

Operator

Your next question is coming from Steve Farazani at Sidoti.

Speaker 7

Good morning, Mike. Good morning, Dan. Appreciate 2. I'll give the color on the call this morning. When I think about the cadence of shipments last year, IGT 20.

Speaker 7

Keep in 2Q and then I know that slower ASP came down in the second half and then we saw much stronger Aerospace, which is the higher ASP. Would you expect that type of trend in 2023?

Speaker 2

We expect the second half of the year volumes overall 20. The thing that Dan and I both touched on in the call 20. We're either at or very close to fully staffed. And when we talk about a 20% increase in one of our major product forms in aerospace, that's as far as production, 20? That's fairly significant for us.

Speaker 2

And on the power generation market, two things have happened there. We've talked about the share gain. We're seeing that come through. And the other part of power generation, which we believe will continue to power it for us, if you will, is positive substitution of our alloys. 20.

Speaker 2

There's an alloy that we have that I mentioned in the call, called 282, which is being substituted because of its increased temperature capability for some that are in there. So 20. We expect growth in the second half of the year.

Speaker 3

And certainly, as we look at inventory levels, we have ramped up melting rates 20. Quite a few months ago, and that's increased our inventory. Of course, that stays in WIP and semi finished for quite some time. Since we just produced kind of the high end type alloys, 20. That really is going to be a positive driver for the second half of the year, as Mike mentioned.

Speaker 3

And obviously, the strong backlog, the orders are there. So we are 20. Optimistic on what we can do in the second half of the year.

Speaker 7

When I think about the average selling price, what you have in backlog and then The assumption being that inflationary pressures are easing, how should we think about what this can do to margins? Or is it that you work through more of the 18? Lower ASP in the first half.

Speaker 2

One of the things that we have pushed 20. Very hard on is that we are not going to allow inflation to be the reason for our margins to come down. So we have continued to push That whatever inflation we face and every business is facing inflation, that we need to at least offset, if not be greater than the inflation with our pricing actions. With that, we continue to pursue incremental gains. We're thrilled with where we are with gross margin.

Speaker 2

If you look at our non raw material impact of gross margin 21%, compared to others who do what we do, It's at the top of the list. So we're thrilled with that, but we think we can incrementally gain from there.

Speaker 7

Great. And if I could just squeeze one more in, I know you guys are always 20. Closely watching cobalt nickel prices. How are you thinking about second half of the year, given price trends?

Speaker 2

20? Price trends in particular in nickel are so variable, it's very difficult to project. 20. And so what we continue to do in our raw materials is through our sales organization, we continue to make sure That we have the adjusters we need, which can offset any increases which could occur and then obviously also deal if they would go down. 20?

Speaker 2

So, we are very prepared for whether it goes either way. Cobalt, I'll tell you the truth, I've been very surprised on how far it's come down. 20. But as we always do, we'll deal with the ups and the downs of this and follow it along as best we can. But what I'm very confident 2019.

Speaker 2

The pricing mechanisms that our team has in place to make sure that raw materials because of pricing, we follow-up, we follow down and make sure that 20? We are getting what we need to get to related to our pricing related to raw materials.

Speaker 7

Thanks Mike. Thanks Dan.

Operator

20. Your next question for today is coming from Samuel McKinney at KeyBanc Capital Markets.

Speaker 4

20. Hi, good morning guys. Firstly for me, to achieve that guidance of the 15% to 20 20. Is there any way you can frame how much of that is reliant upon volumes versus the contributions from the price increases you guys have instituted? 20?

Speaker 2

I'll give you a general answer. We'll start there. We have very strong average selling price in our backlog. We have very strong average selling price in bookings that are coming in, but also the key for us is getting back to that £5,000,000 a quarter. 20?

Speaker 2

It's a combination of

Speaker 3

the 2.

Speaker 2

We everyone coming out of COVID had issues related to manpower. 20. We did also. I've been so darn proud of our ability to hire people and we can now say we're fully staffed, but it takes a while to get those people trained. We now feel really good based on what we saw in March about the volumes going up incrementally from what we reported this past quarter.

Speaker 2

So I really think it's a combination of the 2.

Speaker 3

I agree. And as we look over the second half of the year, the unknown is what will commodities 22 and how that might impact headwinds or tailwinds on that as well. So Q1 was difficult with that $5,600,000 headwind. 20? It's moderating, and if that stays stable for the second half of the year, that's great.

Speaker 3

If it turns into a headwind, which who knows where 20. That could make things more challenging, but of course, it could go the other way as well. So that's the big wildcard, I think, going forward. But I think volume is a key contributor. I think 20.

Speaker 3

Our sales pricing and cost reductions are showing its great effect already, and the profitability leverage that I was speaking of in my script

Speaker 4

20. Demand for your product is obviously there. But when do you expect to eclipse that £5,000,000 quarterly volume rate? Do you think that's achievable this year?

Speaker 2

20? We definitely think it's achievable in the second half of the year. We've got the backlog. I know you didn't ask about cash, and I know we've already addressed cash, but 20. What's been fascinating for this business is the fact that we have been booking well over $50,000,000 a month, but it wasn't until March 20?

Speaker 2

Of the last quarter that we started shipping $50,000,000 So we now have gained significant momentum and are gaining momentum. So We feel that it is very achievable in the back half of the year.

Speaker 4

Okay. Thank you. And then lastly for me, The release last night mentioned some higher spending on outside costs related to information systems. Could you provide any cadence on that spending for us and if that's expected to be a recurring charge?

Speaker 2

Yes. What our company continues to do is we want to make sure we have the proper tools in the hands of all of our employees to be able to manage our business effectively. We've got an IT system right now that's 10 years old, and so we have been analyzing what makes the most sense as we move forward as far as next step with ERP, and this was an expense to continue to do that.

Operator

Your next question for today is coming from Chris Olin at Northcoast Research.

Speaker 5

Well, hello there, Kokomo.

Speaker 2

Hello, Chris. How are you?

Speaker 5

20. I'm good. And let's just say it's been great to watch this last 5 years play out. So congrats to you guys. Thank you.

Speaker 5

20. So I want to touch a little bit on the surprising backlog strength that you referred to. And 20. Looking at turbine and aerospace markets in particular, I guess I was wondering 20. First, I think you kind of mentioned a bit, but in terms of the IGT strength, is there a way to think about how much of that is coming from Core demand versus market share or I think you referred to like material replacement?

Speaker 5

20?

Speaker 2

I think there's 3 ways, Chris, or 3 items that are involved 20? With the increase in IGT. We, a couple of years ago, were able to secure significant share that we've talked about on calls, And that has helped us significantly. That's part 1. Part 2 is what I've talked about with positive alloy substitution, and I mentioned it in my script as far as 282, that is an alloy which continues to replace older alloys because of 20?

Speaker 2

For the first time in a long time, everyone is talking about it's single digit, it's low single digit, but it's growth in the power generation sector. People 20. Are no longer saying that wind and turbines are going to replace natural gas powered generation. It's certainly going to replace coal And potentially nuclear, but we see the market trending up through seasonally. So I think it's a combination of the 3.

Speaker 2

20.

Speaker 5

Got you. And then on aerospace, I think everyone's pretty familiar with kind of the underlying story there. But You referenced the GE9X engine and then your content win there. I was wondering if 20? That volume is reflected in current backlogs or would that potentially be a second tailwind to think about in the future?

Speaker 2

20? I would say it's not material enough right now to say it's really in the backlog. I would say it's coming, it's starting, but 20? I would not say it's there

Speaker 7

yet. Okay. Just one quick one.

Speaker 2

But in general, we are seeing a pickup in double aisle aircraft, okay. We're seeing a fairly significant pickup 20. We're seeing the start of something very good. So it should continue to add on to what we have.

Speaker 5

20. Can you differentiate between aftermarket demand on this duals or OEM?

Speaker 2

20? In general, like we're saying, about 15% is MRO. Balance It's a general statement. It's very difficult for us to refine these numbers because again, we're selling typically to those that are bending the metal, making the metal parts that go into the aircraft. And so it's tough to differentiate sometimes, but in general, it's about 15%, 85%.

Speaker 2

20.

Speaker 5

Okay. So a little bit of a switch here. The special revenues business, 20. I know that's a lagging indicator, I guess, for your business and it's been down because of kind of what's happened in the past. I was wondering 20.

Speaker 5

You could talk a little bit about the pipeline though and kind of how we should think about that turning around or driving revenues?

Speaker 2

Sorry, Chris, was that you're talking about special projects?

Speaker 5

Well, yes, sorry.

Speaker 2

We feel good about where we are with special projects. 20. As I talked about in the script, this is where application engineering people, our research people excel, being able to bring these things in. And I look at special projects really 20 It's an incubator for us. But when you take a step back and look at what's happening, we aren't growing year on year, okay, in special projects.

Speaker 2

20. It is higher than typical margins. And when you take a step back and look at where it's being used, hypersonic aviation, 20. Acetic acid projects, plastics manufacturing, clean energy, linear generators, refinery, new processes for refineries. There 20.

Speaker 2

There's so many new applications coming at us. And as you know, they start small. But what we get excited about is when some of these can turn into much larger

Speaker 5

20. Okay, got you. That's helpful. Thanks. And then I guess just lastly for me, I know you were touching a lot on this capacity and expansion.

Speaker 5

Just wanted to make sure on the tubing side, you did expand capacity. You still have sufficient capacity for the rest of the cycle. 20. And is there any potential issues with sourcing titanium?

Speaker 2

No issues with sourcing titanium. We have long term contracts agreements. 20. We have an excellent relationship with our supplier that and what we have done is we have booked to the capacity that the airframe manufacturers

Operator

Your next question is a follow-up question coming from Mark Reichman. Mark, your line is live.

Speaker 6

20. Thank you. I just had 2 follow ups. The first is, the percentage of undistributed 20. Allocated to the common shares, I think it was 99.2% this quarter.

Speaker 6

Some quarters it's been 100%, it's Kind of bounced around at 99%. I was just kind of curious, it's kind of a small question, but what would kind of be your expectation for the remainder of the year on that?

Speaker 3

20? Yes, it would be similar to what you're seeing this quarter. I think when you see it back at 100%, that it really depends on the size of the net income. 20. And in those years many years ago and when it's negative, a net loss, then you're going to see 100% there as well.

Speaker 3

So What you saw in this quarter should be pretty indicative of what you'll see going forward.

Speaker 6

Okay. And then the second question 20. At the meeting, I guess, investors voted on the 5 directors and then you basically announced 20. Two new directors or 2 new director appointments. And I was just wondering if you could just comment on the Board composition.

Speaker 2

Sure. The outside directors, we had just 4, and we wanted to make sure that we had the breadth 20. Of knowledge that we needed, both directors that we brought in have financial expertise, and we are 20. Thrilled to have a Board of now 6 plus, right, 6 outside directors. So feel good about what the people that have come in.

Speaker 2

In fact, one 20. Just completed a full day of touring and meeting in Kokomo, and the other one is set up for at some point in the next 6 or 8 weeks.

Speaker 6

So 7 with 6 outside directors?

Speaker 2

And me, yes. 7 total.

Speaker 6

Okay. No, I look like very well qualified directors, but I was just kind of curious 20. So, well, this has been a very helpful call and 20. Very informative and I really do appreciate

Speaker 2

it. Thank you. Appreciate the interest.

Operator

We have reached the end of the question and answer session. And I will now turn the call over to Mike Shore for closing remarks.

Speaker 2

Thank 20. Thanks everyone for your time today and thank you for your ongoing interest and support of our company. We'll talk to you again in the quarter. Thanks everyone.

Operator

This concludes today's conference and you may disconnect your lines at this time. Thank you for your participation.

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Haynes International Q2 2023
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