WEATHERSFIELD Earnings soar for RMI parent

THE VINDICATOR, YOUNGSTOWN
Earnings increase more than fivefold at RTI International Metals.
WEATHERSFIELD -- Earnings at the parent company of RMI Titanium Co. rose dramatically in the third quarter despite the Sept. 11 terrorist attacks.
RTI International Metals, which is based in Weathersfield along with RMI, said Monday that it earned $2.3 million, or 11 cents a share, in the third quarter, compared with earnings of $400,000, or 2 cents a share, in the same quarter last year.
Sales last quarter were $76 million, compared with sales of $61.7 million in the third quarter of 2000.
One reason: Earnings rose partly because of improved profits in the titanium group, which increased shipments and cut manufacturing costs, said Timothy Rupert, RTI president and chief executive.
Despite the increases, the effects of the Sept. 11 attacks on the business aren't yet fully known, he said.
Commercial aerospace, which makes up 40 percent of the company's business, will be hurt, but increased demand is expected from military markets, which makes up 30 percent of the business, he said. The rest of the company's business likely will be mixed, he said.
Energy-related business will be strong, but the demand from other industrial markets will depend on the economy, he said.
Titanium: RMI, which employs 520, produces titanium, which is used in a variety of products, including airplanes, oil rigs and golf clubs.
The company said titanium mill product shipments totaled 3.3 million pounds in the third quarter at an average price of $12.17 a pound.
The titanium group had operating income of $2.7 million on sales of $38.6 million. The fabrication and distribution group had operating income of $1.2 million on sales of $37.4 million.
Rupert said he expects fourth-quarter results to be similar to third-quarter results. Mill product shipments will be lower, but earnings in the fabrication and distribution group should be higher, he said.