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RTI reports sharp drop in earnings and sales

PITTSBURGH — RTI International Metals earned $4.1 million, or 18 cents a share, in the fourth quarter, compared with $24.8 million, or $1.08 a share, in the same quarter of 2007. Sales last quarter were $148.8 million, compared with $163.8 million in the fourth quarter of 2007.

RTI said sales and earnings were down in 2008 because of production delays with the new Boeing 787 and a deterioration of the global economy. The company operates a titanium mill in Weathersfield Township.

Citing the uncertain economy, RTI declined to provide guidance for its earnings in 2009 other than saying it expects earnings to be positive.

Goodyear to announce cost-cutting measures

AKRON — Goodyear Tire & Rubber Co. says it needs to cut costs because of slumping tire sales.

The Akron-based company said Tuesday it will be announcing its cost-cutting plans Feb. 18, when Goodyear releases its earnings report of the 2008 fourth quarter and full year.

Darren Wells, Goodyear’s executive vice president and chief financial officer, said in a conference call to analysts that tire industry sales in North America for consumer purchases of replacement tires were down about 3.5 percent in 2008 compared with 2007. Sales in the original equipment market were down 22 percent.

From Vindicator staff and wire reports