RTI International Metals, Inc. (NYSE: RTI), today reported 2013 third quarter financial results showing year-over-year growth in sales and operating income, and reaffirmed its 2013 full year guidance for mill product shipments, revenues and operating income. The Company said continued steady growth in its commercial aerospace business and lower material and production costs in its Titanium Segment were key drivers of its third quarter performance.
2013 Third Quarter Financial Highlights
- 2013 third quarter net sales increased $14 million, or 8%, to $196.5 million, compared to 2012 third quarter net sales of $182.5 million.
- 2013 third quarter operating income increased $12.3 million to $21.6 million, compared to 2012 third quarter operating income of $9.3 million.
- Quarterly net income attributable to continuing operations increased to $12.3 million, or $0.37 per diluted share, including the impact of a favorable income tax benefit of $2.6 million, or $0.06 per diluted share.
- 2013 third quarter titanium mill product shipments were 4.0 million pounds at an average realized price of $18.57 per pound, compared to 4.2 million pounds at an average realized price of $19.01 per pound for the same period last year.
- 2013 third quarter Boeing 787 seat track deliveries totaled 22 equivalent ship sets, ending the quarter at a 9 equivalent ship-sets-per-month delivery rate.
2013 Third Quarter and First Nine Months Financial Summary
For the third quarter of 2013, RTI reported net income attributable to continuing operations of $12.3 million, or $0.37 per diluted share (1), on net sales of $196.5 million and operating income of $21.6 million. During the third quarter of 2012, RTI reported net income attributable to continuing operations of $3.2 million, or $0.11 per diluted share, on net sales of $182.5 million and operating income of $9.3 million.For the nine months ended September 30, 2013, RTI reported net sales of $588.5 million, compared to net sales of $521.1 million reported for the same period a year ago. Operating income for the first nine months of 2013 was $55.3 million and net income attributable to continuing operations was $20.0 million, or $0.65 per diluted share, compared with operating income of $30.1 million and net income attributable to continuing operations of $11.4 million, or $0.37 per diluted share, reported for the first nine months of 2012.