Titanium Metals Corp. (TIE) reported that its profit for the third-quarter decreased sharply from the previous year quarter. The company also noted that its net sales were down 39% resulting from lower volumes and average selling prices.
Titanium posted third-quarter net income attributable to stockholders of $1.1 million or $0.01 per share compared to $40.2 million or $0.22 per share last year.
Operating income of $3.5 million for the third quarter of 2009 decreased from $52.9 million for the same period in 2008, primarily reflecting the effects of lower volumes and average selling prices for melted and mill products.
On an average, five analysts polled by Thomson Reuters expected the company to report profit of $0.03 per share for the quarter. Analysts' estimates typically exclude special items. Net sales decreased to $181.4 million, a decrease of 39% principally resulting from lower volumes and average selling prices from $295.4 million last year. Analysts expected revenue of $173.30 million for the quarter.
Average selling prices were lower due to competitive pricing pressures resulting from lower demand for titanium products and a decline in raw material costs, primarily titanium scrap.
Product shipment volumes have decreased as overall titanium demand remains low due to the weak global economy and production delays within the commercial aerospace sector.
Net income for the nine months were $30.9 million or $0.16 per share versus $132.9 million or $0.70 per share a year ago. Net sales for the nine months declined to $590.5million from $886.3 million for the previous year period. . TIE is being traded at $9.34 up $0.39 or 4.36% on a volume of 2.512 million shares on the NYSE.
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