RTI International Metals, Inc. (NYSE: RTI) today reported second quarter 2014 results that show improved performance from the first quarter led by its Engineered Products and Services Segment.
2014 Second Quarter Results Summary
- Revenues totaled $205.3 million compared to prior year second quarter revenues of $199.1 million.
- Operating income was $17.5 million compared to $20.5 million in the second quarter of 2013. Last year’s second quarter operating income included $8.3 million of higher duty drawback cost recoveries.
- Net income attributable to continuing operations was $7.1 million, or $0.23 per diluted share, compared to prior year second quarter net income attributable to continuing operations of $1.1 million, or $0.03 per diluted share. 2013 second quarter results included a $13.7 million pre-tax charge to interest expense related to the early extinguishment of a portion of long-term convertible debt.
- Total titanium mill product shipments were 3.9 million pounds compared to 4.1 million pounds in last year’s second quarter.
- Boeing 787 seat track deliveries totaled 36 equivalent ship sets compared to 18 delivered in the same period last year.
“Our second quarter results reflect the expected build in earnings as we closed out the first half of the year,” Dawne Hickton, Vice Chair, President and CEO of RTI, said. “Work completed on certain energy market projects and continued execution on the Boeing 787 seat track system program were the primary contributors during the second quarter, which resulted in our Engineered Products and Services Segment returning to profitability. In addition, the Titanium Segment delivered modest improvements in sales and operating income compared to the first quarter as a result of continued improvements in material and production costs.”Commenting on the Company’s outlook, Ms. Hickton said, “Indications from our participation at last month’s Farnborough International Airshow continue to point to a steady commercial aerospace growth cycle that remains intact, and a market environment that continues to present RTI with future growth opportunities. Specific to 2014, we continue to expect a ramping increase in financial results in the third and fourth quarters, consistent with our previously announced full year outlook.”
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