RTI International Metals, Inc. (NYSE: RTI), a leading vertically integrated global supplier of advanced titanium and specialty metals products and services, today reported first quarter 2014 results. RTI also provided an update to its 2014 full year revenue and operating income outlook.
2014 First Quarter Results Summary
- Revenues totaled $174.5 million, compared to $189.2 million for the same period last year.
- Operating income was $1.6 million, compared to $13.6 million in last year’s first quarter.
- Factors that unfavorably impacted first quarter results included higher development costs related to certain new Engineered Products and Services Segment programs, build-rate schedule adjustments to certain commercial aircraft programs, and adverse weather conditions.
- Net loss attributable to continuing operations was $3.8 million, or $(0.13) per diluted share, including $(0.18) per diluted share of interest expense (net of tax), compared to prior year net income attributable to continuing operations of $5.0 million, or $0.16 per diluted share, including $(0.11) per diluted share of interest expense (net of tax).
- Titanium mill product shipments were 3.8 million pounds, compared to 4.3 million pounds in last year’s first quarter.
- Boeing 787 seat track deliveries totaled 28 equivalent ship sets, compared to 12 in the same period last year.
“RTI’s first quarter results confirmed a challenging start to the new year. As we previously advised, these challenges were driven by several factors including higher development costs related to certain new Engineered Products and Services Segment programs, build-rate schedule adjustments to certain commercial aircraft programs, and adverse winter weather conditions,” Dawne Hickton, Vice Chair, President and CEO of RTI, said. “Despite these specific challenges to the first quarter, we are encouraged that our underlying operational execution continues to improve, as demonstrated by RTI’s delivery of 28 equivalent Boeing 787 seat track ship sets during the quarter.”