RTI International Metals today reported first-quarter profit of $5.7 million, or 18 cents per share, flat with year-ago levels.
Sales increased 21 percent to $187.5 million.
According to the Moon titanium producer, the results reflect $4.3 million in import-duty-related payments received earlier than normal, offset by $3.3 million in pretax charges for a voluntary early retirement offer and restructuring actions.
In the year-ago quarter, RTI reported profit of $5.6 million, or 17 cents per share, on sales of $154.6 million.
The company expects to record a pre-tax charge of $14 million in the second quarter related to its recent offering of $402.5 million in senior notes.
RTI used $133.4 million of the proceeds to repurchase $115.6 million in debt due in 2015.
RTI also reaffirmed that it expects to report operating income of $65 million to $75 million this year.
The results were disclosed before the market opened. RTI shares finished Monday at $28.22, down 1 cent. They are up 2 percent for the year.
Len Boselovic: firstname.lastname@example.org or 412-263-1941.