RTI International Metals reported sharply lower profits for the fourth quarter and all of 2008, citing production delays with the Boeing 787 and the deteriorating economy.

The Moon titanium producer said fourth quarter net income totalled $4.1 million, or 18 cents per diluted share, vs. earnings of $24.9 million, or $1.08 per diluted share, in the year-ago quarter. Sales fell 9 percent to $148.8 million.

"The fourth quarter results reflected the continuing impact of the on-going uncertainties surrounding the 787 program delays and its direct impact on our fabrication businesses," said Vice Chairman and Chief Executive Officer Dawne S. Hickton.

The better-than-expected quarterly results sent RTI shares higher today. They were trading at $15.16, up $1.23, shortly after noon. They have risen 6 percent this year.

For the year, RTI earned $56.2 million, or $2.44 per diluted share, on sales of $609.9 million vs. 2007 profits of $92.6 million, or $4 per diluted share, on sales of $626.8 million.

The company said it expects a profit in 2009, but declined to provide definitive guidance, citing the global economy, uncertainties about defense spending and excess titanium inventories.

First Published: February 3, 2009, 5:45 p.m.