RTI International Metals today reported preliminary second-quarter results and said final results will be disclosed once the Moon titanium producer completes a review of its policy for recognizing revenue from certain energy market business.
The company reported preliminary profit from continuing operations of $1.4 million, or 5 cents per share, on sales of $215.8 million. In the year-ago quarter, RTI reported profit from continuing operations of $4.7 million, or 16 cents per share, and sales of $182.3 million.
Results for the most recent quarter reflect a $13.7 million pretax charge for repaying debt early.
Excluding the $18.2 million positive impact from the new accounting policy, preliminary sales totaled $197.6 million.
Operating income was $20.4 million versus $11.2 million in the year-ago quarter. The results included an $8.1 million gain from import duties the company paid for raw materials that were refunded because products made from those materials were exported. The company said the refunds were received earlier in the year than expected.
They also reflect a $400,000 loss related to the accounting change.
Analysts surveyed by Bloomberg were expecting RTI to earn 16 cents per share on sales of $188 million.
"Our pipeline of opportunities for new business continues to improve, particularly in our commercial aerospace and energy markets," vice chairman, president and CEO Dawne Hickton said in a prepared statement.
The earnings report was disclosed prior to Wall Street opening. In early trading this morning, RTI shares were priced at $30.25, down 35 cents. They are up 11 percent this year.mobilehome - breaking - businessnews - neigh_west
Len Boselovic: email@example.com or 412-263-1941.