Quarterly profit leaps at RTI International Metals
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RTI International Metals today reported sharply higher profits and sales for the fourth quarter and all of 2012 and forecast modest growth for this year.
The Moon titanium producer reported quarterly profit of $7.1 million, or 23 cents per share, versus profit of $15,000 in the year-ago quarter.
Sales rose 38 percent to $196.4 million. Titanium shipments fell 8 percent while prices were flat with year-ago levels.
The results topped analysts' forecasts of profit of 17 cents per share and sales of $190 million.
In 2012, RTI earned $23.5 million, or 77 cents per share, in profit versus 2011 profit of $6.6 million, or 22 cents per share.
Sales rose 39 percent to $738.6 million.
The company expects modest growth in 2013 with sales approaching $775 million, vice chair, president and chief executive officer Dawne Hickton said in a statement released by the company.
She cited accelerated production schedules for the Boeing 787 Dreamliner.
Ms. Hickton cautioned, however, that the company could hit a few soft spots in the first half, particularly in the first quarter.
The results were disclosed before Wall Street opened. RTI shares closed Tuesday at $28.86, up 17 cents.
First Published February 6, 2013 9:02 am