Titanium melted and mill product company Titanium Metals Corp. (TIE), Tuesday announced financial results for the second quarter, reporting a profit that plunged from the same quarter last year, primarily due to decreases in average selling prices, as well as volumes that resulted in a decline in quarterly revenues. Quarterly profit as well as revenues came in below the Street estimates.
Dallas, Texas-based Titanium Metals' quarterly net income attributable to common stockholders plunged to $8.6 million or $0.05 per share from $47.3 million or $0.26 per share in the same quarter last year.
On average, four analysts polled by Thomson Reuters expected quarterly earnings of $0.09 per share. Analysts' estimate typically excludes special items such as one-time charges or gains.
Operating income for the quarter also declined to $15.6 million from $68.8 million in the comparable quarter last year, primarily due to the effects of decreases in volumes and average selling prices for melted and mill products.
Net sales for the second quarter dropped 31% to $205.7 million from $297.3 million in the same quarter a year ago, below Street estimates of $207.55 million. The decline in revenues was primarily due to a decline in volume and average selling prices.
The decline in prices was due to competitive pricing pressures that resulted from a decline in demand for titanium products as well as declines in raw material costs, primarily titanium scrap, which have contributed to lower selling prices for certain products under long-term customer agreements.
For the six-months period, net income declined to $29.8 million or $0.16 per share from $91.4 million or $0.48 per share in the same period a year ago.
Revenues for the period dropped to $409.1 million from $591.0 million in the same period last year.
TIE is currently trading at $8.85 or 0.04 or 0.45%, on a volume of 2.127 million shares on the NYSE.
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