Higher Sales Lift RTI International To 3Q Profit
PITTSBURGH (AP) — RTI International Metals Inc., which makes and supplies titanium mill products, said Tuesday that it swung to a third-quarter profit as revenue spiked 40 percent higher.
The company, based in Pittsburgh, said demand for titanium remains strong as production increases announced at aircraft makers Boeing and Airbus offset weakness in the defense industry. RTI said shipments of milled titanium products were the company's highest in more than 10 years.
The titanium segment accounted for more than half of RTI's sales.
Net income was $2.1 million, or 7 cents per share. That compared with a loss of $16.8 million, or 56 cents per share, a year ago, when the company had a $13.9 million provision for income taxes.
Revenue jumped to $143.7 million from $102.6 million.
Analysts expected the company to earn 10 cents per share on revenue of $135.3 million, according to FactSet.
RTI shares rose $1.58, or 6 percent, to $27.97 in afternoon trading.