DALLAS (AP) â¿¿ Titanium Metals Corp. said Tuesday that second-quarter profit rose 66 percent on strong demand for titanium products in the commercial aerospace industry.
Net income was $31.5 million, or 18 cents per share, compared with $19 million, or 11 cents per share, a year earlier. Analysts expected 16 cents per share, according to FactSet.
Revenue rose 28 percent to $272 million from $212 million, as sales rose for both melted and mill products due mostly to demand from aerospace companies.
Spot prices for titanium products have increased over the past year, and the company said demand should remain strong through year end.The shares fell 66 cents, or 3.7 percent, to $17.05 in afternoon trading. They have followed a choppy path between $16.03 and $22.93 in the past year.