Tuesday, RTI International Metals, Inc., (RTI), a supplier of fabricated titanium and specialty metal components, reported a first-quarter loss on weakness in aerospace related demand, and operational issues at the Fabrication Group.
Net loss for the quarter was $1.5 million or $0.06 per share compared with net income of $22.24 million or $0.96 per share in the corresponding period last year.
On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.11 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales fell to $106.1 million from $150.6 million in the prior year quarter. Three Street analysts expected the company to report sales of $131.23 million for the quarter.
Operating loss amounted to $779 thousands compared with operating income of $33.2 million in the year earlier period.
The Distribution Group operating income declined to $2.2 million from $7.8 million in the same period last year. Sales fell to $49.7 million from $65.6 million in the year-ago quarter.
Operating loss for the Fabrication Group widened to $7.2 million from $2.9 million in the prior year period hurt by cost overruns and other production related issues resulting in shipment delays and lower than expected manufacturing efficiencies.
In addition, the company said excess capacity challenges created by the ongoing delays related to Boeing 787 Program resulted in lower utilization and other operational inefficiencies. Sales declined to $26.1 million from $29.9 million in the same period last year.
Titanium Group operating income plunged to $4.2 million from $28.4 million in the year-ago quarter. Sales declined to $64.1 million from $102.2 million in the year earlier quarter.
RTI is currently trading down $1.07 or 7.23% at $13.73.
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