RTI International Metals today reported sharply higher second-quarter profits and said it expects its performance to continue to improve over the remainder of the year.
The Moon titanium producer said net income totaled $7 million, or 23 cents per share, versus earnings of $670,000, or 3 cents per share, in the year-ago quarter. Sales rose 3 percent to $205.3 million.
The results topped per-share earnings of 11 cents and sales of $196 million forecast by analysts.
Last year’s results reflected a $13.7 million pretax charge related to the early repayment of debt.
“We continue to expect a ramping increase in financial results in the third and fourth quarters, consistent with our previously announced full-year outlook,” said Dawne Hickton, RTI vice chairwoman, president, and CEO.
The results were announced before Wall Street opened.
RTI shares closed Monday at $24,64, up 5 cents. They are down 28 percent this year.
Len Boselovic: 412-263-1941 or firstname.lastname@example.org.