RTI International Metals, Inc. (NYSE: RTI), released results today for the fourth quarter and year ended December 31, 2011. The 23% year-over-year increase in revenue to $529.7 million and the 37% increase in the year-end backlog to $476.0 million reflect an overall return to growth in all of RTI’s markets, including the aerospace, defense, energy and medical markets.
Highlights of RTI’s fourth quarter and full-year results for 2011 follow:
For the fourth quarter of 2011:
- Net sales rose over 23% to $141.9 million compared to $114.7 million in 2010.
- Operating income nearly doubled to $4.6 million, which includes the impact of $1.6 million of transaction related expenses, compared to $2.5 million for the prior year.
- Net income was breakeven in comparison to a net loss of $1.4 million, or ($0.05) per diluted share, for the same period in the prior year.
- Titanium mill product shipments during the quarter were 4.0 million pounds at an average realized price of $19.11 per pound. This compares to fourth quarter 2010 titanium mill product shipments of 3.1 million pounds at an average realized price of $18.67 per pound.
- Net sales rose 23% to $529.7 million compared to $431.8 million in 2010.
- Operating income for the year nearly doubled to $27.8 million, compared to $14.1 million for the prior year.
- Net income was $6.6 million for 2011, or $0.22 per diluted share, versus net income of $3.4 million, or $0.11 per diluted share, for the prior year.
- Titanium mill product shipments for the year were 14.7 million pounds at an average realized price of $19.54 per pound. This compares to 10.5 million pounds at an average realized price of $18.81 per pound in 2010.
- The Company ended 2011 with cash and other highly liquid investments of $333.8 million and $230.0 million of convertible debt due in 2015.
- Backlog increased 37% year-over-year from $347.0 million at the end of 2010 to $476.0 million at the end of 2011.