RTI International Metals posts loss
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RTI International Metals posted a first quarter loss of $1.5 million, citing weakness in the commercial aerospace, energy and other markets as well as production problems at its fabricating business.
The loss amounted to 6 cents per diluted share and compares to a profit of $22.2 million, or 96 cents per diluted share, in the year-ago quarter. Sales dropped 30 percent to $106.1 million.
"The continued deterioration in the global economy has created significant challenges in the industry," said Dawne S. Hickton, vice chairman and CEO of the Moon-based specialty metals producer.
The results reflect a $7.2 million operating loss registered by the fabrication business, which was hurt by production problems, cost overruns on energy projects and ongoing delays in the ramp-up of Boeing's 787 program.
Shortly before noon, RTI shares were trading at $13.31, down $1.49 or 10 percent.
First Published April 28, 2009 12:17 pm