RTI trims quarterly loss, posts full-year profit
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RTI International Metals today reported a smaller fourth quarter loss and a small profit for all of 2010.
The titanium producer said it lost $1.4 million, or 5 cents per share, in the fourth quarter. Sales rose 18 percent to $114.7 million. RTI lost $57.3 million, or $1.91 per share, on sales of $97.3 million in the year-ago quarter.
For all of 2010, the company reported net income of $3.4 million, or 11 cents per share, versus a 2009 loss of $67.2 million, or $2.67 per share. Sales rose 6 percent to $431.8 million.
Vice Chairman, President and CEO Dawne S. Hickton said the near-term outlook is muted by excess titanium inventories related to delays in Boeing's 787 Dreamliner program and potential defense budget cuts.
She forecast a modest increase in revenue this year but lower operating profits because of a one-time payment RTI received last year related to a dispute with Airbus, one of its major customers. Titanium prices should be similar to 2010 levels, Ms. Hickton said.
The results were announced before the market opened. At 10 a.m., RTI shares were trading at $30, up $1.11.
First Published February 1, 2011 10:25 am