RTI International Metals, Inc. (NYSE: RTI) reported today record revenues and a 98.2% increase in operating income in 2012 over the previous years’ financial results. In releasing its financial performance for the fourth quarter and full-year 2012, RTI also forecasted continued growth in revenue and operating income for 2013.
Highlights of RTI’s fourth quarter and full-year results for 2012 follow:
For the fourth quarter of 2012:
- Net sales rose almost 40% to $196.4 million compared to $141.9 million in 2011.
- Operating income increased significantly to $17.2 million, compared to $4.6 million for the prior year.
- Net income was $7.1 million, or $0.23 per diluted share, compared to breakeven for the same period in the prior year.
- Titanium mill product shipments during the quarter were 3.7 million pounds at an average realized price of $19.13 per pound. This compares to fourth quarter 2011 titanium mill product shipments of 4.0 million pounds at an average realized price of $19.11 per pound.
- Net sales rose almost 40% to $738.6 million compared to $529.7 million in 2011.
- Operating income for the year nearly doubled to $55.0 million, compared to $27.8 million for the prior year.
- Net income was $23.5 million for 2012, or $0.77 per diluted share, versus net income of $6.6 million, or $0.22 per diluted share, for the prior year.
- Titanium mill product shipments for the year were 16.5 million pounds at an average realized price of $19.14 per pound. This compares to 14.7 million pounds at an average realized price of $19.54 per pound in 2011.
- The Company ended 2012 with cash of $97.2 million and $230.0 million of convertible debt due in 2015.
- Backlog increased 16.4% year-over-year from $476 million to $554 million.
- Sales from recent acquisitions were $146.3 million
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