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Revenue, Income Increases at RTI International
PITTSBURGH -- RTI International Metals Inc. released results today for the first quarter ending March 31. First-quarter year-over-year revenue and backlog increased 35% and 60%, respectively, compared with the first quarter of 2011. This reflects growth in RTI’s aerospace, defense and medical device markets, the company said.
Highlights of RTI’s first quarter results for include:
- First quarter net sales increased to $162.9 million from $120.9 million in 2011.
- Operating income increased to $13.0 million in 2012 vs. $9.4 million in the first quarter of 2011.
- Quarterly net income rose to $5.6 million or $0.19 per diluted share. For the same period in 2011, net income was $2.3 million, or $0.08 per diluted share.
- Titanium mill product shipments during the quarter were 4.3 million pounds compared to 3.1 million pounds in 2011.
- Average realized mill product price in Q1 was $19.41 per pound compared to $20.00 per pound during the same period in 2011.
- The backlog at the end of the quarter increased to $563.0 million from $350.0 million in the same period last year.
“Our operating income performance for all three segments exceeded our expectations, said Dawne S. Hickton, vice chair, president, and CEO. “These businesses are growing while operational enhancements throughout our internal supply chain are taking hold. We expect our full-year operating income for 2012 to be in the range of $45 to $50 million, after the impact of acquisition-related adjustments.”
During the first quarter, the company closed on its acquisition of Remmele Engineering Inc. and completed the integration of RTI Advanced Forming, which was acquired in November. Remmele Engineering is a precision machining and collaborative engineering firm; RTI Advanced Forming is a titanium hot forming business. Both companies serve the aerospace and defense industries and enhance RTI’s downstream, advanced titanium fabrication capacity and capabilities. Remmele also provides contract engineering, design and manufacturing services for the medical device industry, the company said.
Also during the first quarter, RTI reached an agreement with the United Steelworkers of America Local 2155 on a new labor contract that extends through June 30, 2018. The previous agreement did not expire until June 30, 2013. The new contract addresses wages, pensions and profit sharing for 350 union-represented employees at the RTI facility in Niles, Ohio.
Published by The Business Journal, Youngstown, Ohio.