RTI International Metals Inc. (RTI), Thursday reported a net loss for the fourth quarter over a profit last year, hurt by asset-related impairments, and a 35% drop in quarterly revenue. Following the news, the company's shares lost more than 17% in the intra-day trading.
The company posted a net loss of $57.3 million or $1.91 per share for the fourth quarter, compared to net income of $3.6 million or $0.16 per share in the prior year quarter. On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.02 per share for the fourth quarter. Analysts' estimates typically exclude special items.
During the quarter, the company recorded asset-related impairments of $68.90 million.
Fourth quarter net sales decreased 35% to $97.3 million from $148.8 million in the same quarter last year. Four analysts had a consensus revenue estimate of $94.88 million for the fourth quarter.
Titanium group sales fell 31% to $48.4 million, fabrication group sales dropped 31% to $39.2 million, and distribution group net sales decreased 22% to $50.0 million over a year ago.
For fiscal 2009, RTI reported a net loss of $67.2 million or $2.67 per share, compared to net income of $55.7 million or $2.41 per share in the previous year.
Annual net sales declined to $408.0 million from $609.9 million in the prior year.
Analysts expected the company to report a loss of $0.34 per share on revenue of $405.70 million for the year.
RTI closed Thursday's regular trading session at $21.36, down $4.88 or 18.60% on a volume of 2.71 million shares. In the after-hours, the shares gained 40 cents or 1.91%.
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