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RTI Reports Record Revenues As Part Of 2012 Results

Stocks in this article: RTI

Also during 2012, RTI benefited from the growing needs of its energy market customers for advanced, engineered structural components for deepwater drilling and exploration applications. The increase in demand tripled sales to this sector of the Company’s business versus the previous year.

Titanium Group

For the fourth quarter of 2012, the Titanium Group posted operating income of $10.3 million on sales of $76.6 million, including intersegment sales of $37.1 million. During the same period in 2011, this Group had operating income of $6.1 million on sales of $81.1 million, including intersegment sales of $37.3 million. The increase in operating income during the quarter was driven primarily by lower scrap material input costs and improved operational performance at the Martinsville facility.

Sales in 2012 for the Titanium Group were $338.0 million, including intersegment sales of $178.4 million, versus sales of $312.7 million and intersegment sales of $152.0 million in 2011. The Group had operating income of $26.2 million for the year, compared to operating income of $29.0 million in 2011. The reduction in operating income was driven primarily by lower volumes and losses associated with a fire at the Canton, Ohio, manufacturing facility in September of 2012.

Mill product shipments for the fourth quarter were 3.7 million pounds at an average realized price of $19.13 per pound compared to mill product shipments of 4.0 million pounds in the fourth quarter of 2011 at an average realized price of $19.11 per pound. Mill product shipments for the full year were 16.5 million pounds at an average realized price of $19.14 per pound compared to mill product shipments of 14.7 million pounds in 2011 at an average realized price of $19.54 per pound.

Fabrication Group

During the fourth quarter of 2012, the Fabrication Group posted operating income of $4.1 million on net sales of $101.3 million. For the same period in 2011, this Group had an operating loss of $3.2 million on net sales of $40.0 million.

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