Haynes International Provides Cybersecurity Update And Estimated Q3 Financial Impact; Due To Lost Production Time, Co Now Sees Q3 Revenue $142M-$145M Vs $148.32M Est.; EPS $0.65-$0.70 Vs $1.04 Est.
Portfolio Pulse from Happy Mohamed
Haynes International (HAYN) has provided an update on the recent cybersecurity incident and its estimated financial impact on Q3 results. The company experienced a network outage on June 10, 2023, which disrupted production for 11 days. This resulted in an estimated net revenue impact of $18-$20 million, bringing Q3 revenue to $142-$145 million, lower than the estimated $148.32 million. The incident also impacted earnings, with an estimated impact of $0.40-$0.45 on diluted earnings per share. The company expects to recover the shortfall over the next few quarters.
July 19, 2023 | 4:55 pm
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Haynes International's Q3 revenue and earnings are expected to be lower due to a cybersecurity incident that disrupted production. The company expects to recover the shortfall over the next few quarters.
The cybersecurity incident at Haynes International resulted in a network outage that disrupted production for 11 days. This has led to a significant reduction in the company's estimated Q3 revenue and earnings. However, the company's quick response and recovery plans suggest that it expects to recover the shortfall over the next few quarters, which may mitigate the negative impact on the stock in the short term.
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