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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:
Financial SummaryFor 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.
For the FY 2012:
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
Successful Acquisition and Diversification Efforts Highlight 2012
During 2012, RTI progressed in its transformation to a fully-integrated manufacturer and fabricator of advanced titanium products serving diversified markets that include aerospace and defense, medical devices and energy exploration and production. The centerpiece of this progress was the acquisition and integration of Remmele Engineering. Remmele added significant engineering and advanced robotic manufacturing to RTI’s capabilities and diversified RTI into a fast-growing new end market – process design and contract manufacturing of medical device titanium components.