Metals company posts small quarterly profit
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RTI International Metals Inc. posted a profit of $15,000 in the fourth quarter, an improvement over the Moon titanium producer's $1.4 million loss during the same period a year ago.
Earnings per share were flat in the three months ended Dec. 31, compared to last year's 5 cent loss. Analysts polled by Thomson Financial had been looking, on average, for earnings per share of 10 cents.
Net sales rose more than 20 percent to $142 million, compared to $115 million a year ago, the company reported this morning.
For the full year, RTI reported a profit of $6.6 million, or 22 cents per share, compared to $3.4 million, or 11 cents per share in 2010. Analysts had been looking for 30 cents per share
Sales for the year rose more than 20 percent to $529.7 million.
"The activities for the quarter and the full year are indicative of RTI's ongoing transformation from a supplier of titanium mill products to a fully integrated end-to-end supplier of advanced titanium components to our customers across the entire supply chain," said Dawne S. Hickton, vice chair, president and CEO, in a prepared release.
During the year, RTI completed its acquisition of RTI Advanced Forming. It recently announced plans to acquire Remmele Engineering, which is expected to increase opportunities in the aerospace and defense sectors as well as in the medical-devices market.
Looking ahead, RTI is projecting net sales for 2012 to exceed $700 million.
Company shares were down around 10 percent by mid-morning, trading in the $24 range.
First Published February 7, 2012 10:24 am