RTI International Metals, Inc., released results for the third quarter of 2002.
The Company reported third quarter net income of $3.0 million, or $0.14 per share, on sales of $68.1 million. The results for the comparable 2001 period were net income of $2.3 million, or $0.11 per share, on sales of $76.0 million. Despite weak conditions in its largest market, commercial aerospace, the Titanium Group earned operating income of $2.8 million on sales of $31.5 million. Titanium mill product shipments during the quarter totaled 2.2 million pounds at an average realized price of $14.35 per pound. Operating income for the Fabrication & Distribution Group increased over the prior and year ago quarters to $1.8 million on sales of $36.6 million. RTI International Metals, headquartered in Niles, Ohio, through its various subsidiaries, manufactures and distributes titanium and specialty metal mill products and extruded shapes, as well as engineered systems for energy-related markets and environmental engineering services. The company’s products are used for aerospace, defense, industrial, and consumer applications.
NOTE: RTI International Metals, Inc. has scheduled a conference call for Tuesday, October 22, 2002, at 11:00 a.m., Eastern Time, to discuss this press release. Timothy G. Rupert, President and CEO; John Odle, Executive Vice President; and Lawrence W. Jacobs, Vice President and CFO, will represent RTI. To participate in the call, please dial toll free 800-230-1085 (United States), or 612-288-0337 (International), a few minutes prior to the start time and specify the RTI International Metals conference call. Replay of the call will be available until midnight, Eastern Time, on Friday, October 25, 2002, by dialing 800-475-6701 (United States), or 320-365-3844 (International), and Access Code 655000.