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RTI International Metals, Inc. Second Quarter Results Show Strong Year-over-Year Growth In Revenue, Earnings And Order Backlog

Stocks in this article: RTI

RTI International Metals, Inc. (NYSE: RTI) reported today second quarter 2012 financial results showing strong growth in revenue, earnings and order backlog compared with the same period in 2011. The company said its financial performance reflects continuing growth in end markets that include commercial aerospace and energy.

Highlights of RTI’s results for the second quarter of 2012, ended June 30, follow:

Financial Summary

Q2 2012 vs. Q2 2011 comparisons:

  • Q2 2012 net sales were $190.3 million, an increase of 54% over net sales of $123.2 million in Q2 2011.
  • Q2 2012 operating income was $11.9 million vs. $6.1 million in Q2 2011, an increase of 96%.
  • Net income for Q2 2012 rose 143% over the same period in 2011, to $5.2 million or $0.17 per diluted share. Net income for Q2 2011 was $2.1 million, or $0.07 per diluted share.
  • Titanium mill product shipments during the quarter were 4.3 million pounds compared to 3.3 million pounds in 2011, an increase of 30%.
  • Average realized mill product price in Q2 was $19.00 per pound compared to $20.30 per pound during the same period in 2011.
  • The backlog at the end of the quarter increased to $586.0 million from $424.0 million in the same period last year.

2012 Second Quarter and First Half Highlights

During the second quarter of 2012, RTI reported net income of $5.2 million, or $0.17 per diluted share, on net sales of $190.3 million and operating income of $11.9 million. During the second quarter of 2011, RTI reported net income of $2.1 million, or $0.07 per diluted share, on net sales of $123.2 million and operating income of $6.1 million.

For the six months ended June 30, 2012, RTI reported net sales of $353.1 million, compared with net sales of $244.1 million for the same period a year ago. The company also reported first half 2012 operating income of $25.0 million and net income of $10.8 million, or $0.36 per diluted share, compared with operating income of $15.5 million and net income of $4.5 million, or $0.15 per diluted share, for the same period a year ago.

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