Profits fall at RTI International Metals
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RTI International Metals reported sharply lower first quarter profits than a year-ago, when earnings were boosted by a $15.4 million gain from settling a dispute with a customer. Sales rose 12 percent.
Net income totaled $2.3 million, or 8 cents per diluted share, on sales of $120.9 million vs. earnings of $11.4 million, or 38 cents per diluted share, and sales of $107.9 million in the year-ago quarter.
"We are beginning to see a sustainable pickup in activity across all of our aerospace markets," said Vice Chair, President and CEO Dawne S. Hickton.
Ms. Hickton said the company expects to ship 13 million pounds of titanium mill products this year, 8 percent more than previously forecast. She cited increased orders from Airbus and other factors.
The results were disclosed before the market opened.
In early trading, RTI shares were priced at $32.50, down 8 cents. They are up 21 percent this year.
First Published May 3, 2011 10:03 am