Titanium mill products maker
) saw its profit surge more than three-fold in the third quarter
of 2013 on lower raw material costs in its Titanium division and
healthy momentum in its commercial aerospace business. Its shares
rose as much as 3% following the earnings announcement. The stock
is up around 23% so far this year.
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The Pennsylvania-based company posted earnings of 37 cents per
share from continuing operations in the reported quarter versus
11 cents a share recorded a year ago. Consolidated profit soared
to $12.3 million from $3.6 million in the year-ago quarter.
Barring favorable tax impact, earnings of 31 cents per share from
continuing operations topped the Zacks Consensus Estimate by 8
RTI International, which is among the prominent specialty steel
companies along with
Carpenter Technology Corp.
Allegheny Technologies Inc.
), logged revenues of $196.5 million, up 8% year over year. It
was ahead of the Zacks Consensus Estimate of $192 million. A
double-digit rise in revenues in the Engineered Products and
Services segment more than offset a modest decline in the
Revenues from the Titanium Segment edged down roughly 0.5% year
over year to $89.7 million in the reported quarter as lower prime
mill product shipments sales was masked by higher sales to
European commercial aerospace customers. Lower raw materials
costs contributed to a three-fold rise in the segment's operating
Titanium mill product shipments were 4 million pounds at an
average realized price of $18.57 per pound in the reported
quarter versus 4.2 million pounds at an average realized price of
$19.01 per pound logged a year ago.
The Engineered Products and Services segment had sales of $106.9
million in the quarter, a roughly 16% year over year rise. Higher
commercial aerospace sales, mainly associated with
) platforms, more than offset declines in medical device and
military market sales. Boeing 787 seat track deliveries reached
22 equivalent ship sets, closing the quarter at a 9 equivalent
ship sets a month delivery rate.
RTI International ended the quarter with cash and cash
equivalents of $315 million, a more than four-fold year over year
surge. Long-term debt more than doubled year over year to $419.2
RTI International backed its guidance for 2013 based on its
results for the first nine months of 2013 and expectations for
improved operating performance in the fourth quarter. The company
continues to see total mill product shipments reaching 16.5
million pounds and sales approaching or surpassing $775 million
in 2013. Operating income for the year is still expected in the
band of $65 million to $75 million.
RTI International, which currently holds a Zacks Rank #3 (Hold),
continues to reinforce its position as an advanced titanium
engineering, precision machining and fabrication source of