RTI International Metals Reports First Quarter 2015 Financial Results

RTI International Metals, Inc. (NYSE: RTI), a leading vertically integrated global supplier of advanced titanium and specialty metals products and services, today reported 2015 first quarter financial results that reflect continued growth in revenues and improvement in profitability compared to last year's first quarter.

2015 First Quarter Results Summary
  • Revenues totaled $198.5 million, an increase of 14% compared to revenues of $174.5 million for the same period last year.
  • Operating income was $12.2 million compared to $1.6 million in last year's first quarter.
  • Excluding $4.7 million of expenses related to the Company's pending merger with Alcoa, first quarter 2015 operating income was $16.9 million.
  • Net income attributable to continuing operations was $4.5 million, or $0.15 per diluted share, compared to last year's net loss attributable to continuing operations of $(3.8) million, or $(0.13) per diluted share.
  • Excluding the unfavorable impact of merger-related expenses ($3.5 million after-tax, or $0.11 per diluted share) and favorable discrete income tax adjustments ($1.9 million, or $0.06 per diluted share), first quarter 2015 net income attributable to continuing operations was $6.1 million, or $0.20 per diluted share.
  • Titanium mill product shipments were 4.3 million pounds compared to 3.8 million pounds in last year's first quarter.
  • Boeing 787 seat track deliveries totaled 33 equivalent ship sets compared to 28 in the same period last year.

CEO Comment

"RTI is off to a good start in 2015," said Dawne Hickton, Vice Chair, President and Chief Executive Officer. "Excluding the impact of merger-related expenses, our first quarter results reflect strong year-over-year growth in revenues and operating income, as well as profitability performance that was better than we expected."

"Our revenue growth was driven by solid increases in commercial aerospace and medical device market volumes, and was complimented by continued steady performance in our other markets. Excluding merger-related expenses, operating income and operating margins both improved significantly year-over-year due to the combination of higher sales and production volumes, improved operational productivity, and favorable foreign currency translation impacts."

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