Quarterly profit doubles at RTI International Metals
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RTI International Metals said today third quarter profits doubled from year-ago levels, citing strong demand from customers in the aerospace, medical device and energy industries.
Sales jumped 32 percent.
The Moon titanium producer reported profit of $5.6 million, or 19 cents per share, on sales of $189.1 million versus profit of $2.1 million, or 7 cents per share, and sales of $143.7 million in the year ago quarter.
Earnings were in line with analyst forecasts.
Vice chair, president and chief executive officer Dawne Hickton confirmed the company's forecast for the full year, saying 2012 operating income will be at the high end of the company's $45 million to $50 million forecast. Sales are forecast to top $700 million.
Shortly after 11 a.m., RTI shares were priced at $22.85, down 36 cents. They are flat this year.
First Published October 31, 2012 11:30 am