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RTI Reports Record Revenues As Part Of 2012 Results

Stocks in this article: RTI

In 2012, net sales for the Fabrication Group were $335.3 million versus $150.5 million in 2011. This Group had operating income of $12.5 million for the year compared to an operating loss of $11.2 million in 2011. The more than double year-over-year sales increase and transition from an operating loss to an operating profit in 2012 was driven primarily by the acquisition of Remmele Engineering in February of 2012, a full-year contribution from RTI Advanced Forming, which was acquired in November of 2011, increased shipments of precision machined titanium components for the Boeing 787 Dreamliner, and a tripling of sales of engineered components for subsea applications, primarily in the Gulf of Mexico.

Distribution Group

For the fourth quarter of 2012, the Distribution Group posted operating income of $2.8 million on net sales of $55.6 million. For the same period in 2011, the Group had operating income of $1.7 million on net sales of $58.2 million.

For 2012, net sales for the Distribution Group were $243.7 million, versus $218.4 million in 2011. The Group had operating income of $16.3 million for the year, compared to operating income of $10.0 million in 2011. The Group’s results reflect increased demand for titanium materials from European customers supporting the Airbus supply chain.

CEO Comment / Outlook

“RTI’s fourth quarter financial performance capped a year that included record revenues and continued validation of RTI’s strategic direction. Fourth quarter results exceeded our expectations as a result of the Fabrication Group’s shipment of completed, engineered machined components for deepwater applications, the favorable scrap input costs in the Titanium Group, and sales that were anticipated to occur in the first quarter of 2013,” Dawne Hickton, Vice Chair, President and CEO of RTI said.

“Our results for the full year were positively impacted by both acquisitions as Remmele Engineering and RTI Advanced Forming performed as expected, as well as continued operational enhancements throughout our internal supply chain. In addition, sales associated with the 787 Dreamliner accelerated as we ended the year with total shipments of 44 seat track ship sets. Finally, demand for engineered components for deepwater applications was substantially above our initial 2012 forecast.

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