RTI posts income of $10.2M for quarter

RTI posts income of $10.2M for quarter

pittsburgh

RTI International Metals posted improved quarterly profits for the quarter ending June 30, but the company remained cautious about prospects for the remainder of 2010. The company reported a net income of $10.2 million, or 34 cents per share, for the second quarter of 2010, up from $125,000, or 1 cent per share, for the second quarter of 2009. Sales for the quarter were $106.7 million, up from $104.4 million for the same quarter last year.

The company’s Titanium Group, based in Niles, reported a 2010 second-quarter operating income of $1.8 million on $53.8 million in sales, down from a $2.1 million operating income on $62.4 million in sales in the same quarter of 2009. The decline was driven by a 13 percent drop in average selling prices, the company said.

RTI chief executive Dawne Hickton said in a statement that the company remains cautious about the rest of the year, as the titanium inventory in the commercial aerospace-supply chain continues to negatively impact market demand.

FirstEnergy profits drop in 2nd quarter

akron

FirstEnergy Corp. saw its profit drop in the second quarter of 2010, compared with the same period a year ago. The company said Tuesday that its earnings for the quarter ending June 30 were 87 cents per share on a net income of $256 million and revenue of $3.1 billion. Profits dropped significantly from the second quarter of 2009, when the company recorded earnings of $1.36 per share on net income of $408 million and $3.3 billion in revenue. Results from the second quarter of 2009 included gains from the sale of the company’s 9 percent participation interest in Ohio Valley Electrical Corp., FirstEnergy said.

Despite the lower profits, sales increased compared with the second quarter of 2009. Electrical-generation sales in the second quarter of 2010 increased 7 percent, compared with 2009, and retail sales were up 9 percent. Distribution deliveries increased 8 percent over the same quarter in 2009, driven by a 13 percent increase in industrial usage, particularly in the automotive and steel sectors, the company said.

Oil prices hit $82.55

Oil prices rose above $82 a barrel Tuesday, making for a rare day where energy markets ran opposite to the stock market.

The increase came despite disappointing corporate earnings and consumer- spending reports that signaled slower economic growth.

Benchmark crude for September delivery gained $1.21, or 1.5 percent, to settle at $82.55 a barrel on the New York Mercantile Exchange as traders instead took their cue from a weaker dollar.

Vindicator staff/wire reports