RTI International Metals today reported a fourth-quarter loss and lower profits for all of 2013, citing an impairment charge related to its medical device manufacturing business. The Moon titanium producer said excluding the one-time charge, net income from continuing operations increased 60 percent.
The fourth-quarter loss amounted to $6.3 million, or 18 cents per share, reflecting the $18 million non-cash impairment charge. The amount of the charge is preliminary and could change by the time the company files its annual report with the Securities and Exchange Commission next month, RTI said in a statement.
Sales for the quarter increased 8 percent to $200 million.
In the year-ago quarter, RTI reported net income of $6.6 million, or 22 cents per share.
For all of 2013, RTI reported net income of $11.6 million, or 43 cents per share vs. 2012 earnings of $14.9 million, or 44 cents per share. Sales rose 12 percent to $783.3 million.
In a statement, vice chair, president and CEO Dawne Hickton said the company expects 2014 sales will exceed $800 million. Operating income is forecast to be $75 million to $85 million vs. the $59.4 million RTI reported for 2013, she said.
“We expect a substantial portion of our operating income to be produced during the second half of the year, and expect it will be a challenge to reach profitable operating margins in the first quarter,” she said.
The results were disclosed before Wall Street opened. RTI shares closed Wednesday at $29.78, up 40 cents. They are down 13 percent this year.
Len Boselovic: firstname.lastname@example.org or 412-263-1941.