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UPDATE 1-RTI International Q2 results beat Wall Street view
August 3, 2010 / 12:22 PM / 7 years ago

UPDATE 1-RTI International Q2 results beat Wall Street view

* Q2 EPS $0.34 vs est loss $0.07/shr

* Q2 sales $106.7 mln, above est

* Sees sustained recovery into 2011

Aug 3 (Reuters) - Titanium products maker RTI International Metals Inc RTI.N posted a surprise second-quarter profit, mainly due to increased demand for fabricated products to be used in the Gulf of Mexico oil spill containment efforts.

Sales at the company’s fabrication group, which designs and makes customized titanium-based mechanical and electro-mechanical components, were up 29 percent at $37.3 million.

For the second quarter, the company posted net income of $10.2 million, or 34 cents a share, compared with $125,000, or 1 cent a share, a year ago.

Revenue rose slightly to $106.7 million.

Analysts on average were looking for a loss of 7 cents a share, before items, on revenue of $97.3 million, according to Thomson Reuters I/B/E/S.

“Our overall operating environment will continue to be difficult and challenge RTI’s ability to generate meaningful operating income in 2010,” Chief Executive Dawne Hickton said.

However, Hickton sees a sustained recovery into 2011.

Shares of the Pittsburgh, Pennsylvania-based company closed at $30.00 Monday on the New York Stock Exchange. (Reporting by Vinay Sarawagi in Bangalore; Editing by Anne Pallivathuckal) ((vinay.sarawagi@thomsonreuters.com; within U.S. +646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: vinay.sarawagi.reuters.com@reuters.net))

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