PITTSBURGH (AP) â¿¿ RTI International Metals Inc., which makes and supplies titanium mill products, returned to profitability in the fourth quarter, as revenue improved across all of its businesses. But the results missed analysts' expectations and its stock fell.
RTI International reported Tuesday that it earned $15 million, or breakeven per share, for the quarter. That compares with a loss of $1.4 million, or 5 cents per share, during the same period a year ago.
Analysts expected earnings of 9 cents per share, according to FactSet.
RTI shares tumbled $3.33, or 12.2 percent, to $23.95 in afternoon trading. Over the past year, the shares have traded between $20.07 and $39.82.Revenue for the three months ended Dec. 31 climbed 24 percent to $141.9 million from $114.7 million, topping Wall Street's forecast of $139.1 million. Revenue increased in RTI's titanium, fabrication and distribution groups. Titanium mill product shipments were 4 million pounds at an average price of $19.11 per pound. A year ago shipments were 3.1 million pounds at an average price of $18.67 per pound. For the full year earnings nearly doubled to $6.6 million, or 22 cents per share, from $3.4 million, or 11 cents per share, in 2010. Annual revenue rose 23 percent to $529.7 million. RTI, based in Pittsburgh, expects 2012 revenue of more than $700 million. Analysts predict $672.9 million.