RTI says demand is growing slower than expected

WEATHERSFIELD — RTI International Metals posted a record quarter but warned the rest of the year won’t be as good as it first thought.

The parent company of RMI Titanium Co. recorded sales of $154 million in the second quarter, which was a record amount. It posted sales of $117 million in the same quarter last year.

The Weathersfield-based company earned $21 million, or 90 cents a share, last quarter, up from $15.1 million, or 66 cents a share, in the year-ago quarter.

RTI has been enjoying a boom in demand for titanium, but executives revealed in a conference call with analysts Wednesday that demand in the second half will be less than expected.

Dawne Hickton, RTI chief executive and vice chairman, said the company has lowered its production estimates for the year by 500,000 tons to 15.5 million tons because of softening demand.

Hickton said orders have slowed a bit because customers found they had too much inventory. She said this was a temporary condition.

For more on this story, see The Vindicator or www.vindy.com Thursday.