RTI International Metals, Inc. (NYSE: RTI) today reported fourth quarter and full year 2013 results and issued its financial guidance for 2014. Certain elements of reported results are preliminary pending the finalization of the Company’s impairment analysis and deferred tax asset valuation allowance restatement discussed in further detail below.
2013 Fourth Quarter Results Summary
- Net sales were $200.0 million, compared to $185.6 million in 2012.
- Reported operating income was $3.4 million, including an estimated $18 million non-cash impairment charge related to the Company’s medical device business unit.
- Operating income excluding the estimated impairment charge was $21.4 million, compared to $17.6 million in 2012.
- Titanium mill product shipments were 3.9 million pounds compared to 3.7 million pounds last year.
- Boeing 787 seat track deliveries totaled 28 equivalent ship sets.
2013 Full Year Results Summary
- Net sales increased $83.3 million, or 12%, to $783.3 million, compared to $700.0 million in 2012.
- Reported operating income of $59.4 million includes an estimated $18 million non-cash impairment charge and $16.3 million of cost recoveries from the collection of the Company’s prior period duty drawback claims backlog.
- Operating income excluding the estimated impairment charge was $77.4 million.
- Operating income excluding the estimated impairment charge and the cost recoveries related to the prior period duty drawback claims backlog was $61.1 million, compared to $47.4 million last year.
- Titanium mill product shipments for the year were 16.3 million pounds compared to 16.5 million pounds in 2012.
- Boeing 787 seat track deliveries totaled 78 equivalent ship sets for the year.
- End of year backlog totaled $516 million.
CEO Comment“We ended 2013 with solid fourth quarter operational performance in most of our business units. As a result, and excluding the estimated impairment charge, we exceeded our full year revenue and operating income expectations and delivered our third consecutive year of growth in revenues and operating income,” Dawne Hickton, Vice Chair, President and CEO of RTI, said. “RTI continued to execute on its integrated supply chain strategy by increasing the monthly rate of our 787 seat track ship set deliveries to ten in December, the successful commissioning of our new electron beam furnace, and the signing of a long-term agreement for a portion of its future production as we become a competitive supplier of rotor-quality jet engine titanium mill products.