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RTI posts profit of $3.4M for 2010
PITTSBURGH
RTI International Metals, Inc., parent of RTI Niles (RMI Titanium Co.) reported a profit of $3.4 million in 2010 compared with a net loss of $67.2 million in 2009.
Also, for the fourth quarter of 2010, the company’s Titanium Group, with facilities in Weatherfield Township and Canton, had operating income of $0.3 million on sales of $61.5 million. During the same period in 2009, the Titanium Group had an operating loss of $65.4 million on sales of $48.4 million.
According to RMI’s report for 2010, sales last year for the Titanium Group were $230.2 million versus $229.3 million. The group had an operating income of $18.4 million for last year compared with an operating loss in 2009 of $68.1 million.
“The year [2010] started out under very challenging circumstances for our company ... but fortunately we were able to manage substantial improvement in the Titanium Group’s performance for the fourth quarter and for the year, increasing shipments to 10.5 million pounds,” said Dawne S. Hickton, RTI vice chairman, president and chief executive officer.
“A large portion of this increase was due to increased orders from Airbus but also reflected a commercial focus on expanding our opportunities for this group,” she said.
Airbus is a European airplane manufacturer.
Looking forward to 2011, Hickton said she expects that the Titanium Group’s shipments will exceed 12 million pounds at prices similar to those in 2010.
RTI, with headquarters in Pittsburgh, manufactures and distributes extruded shapes, formed parts and engineered systems for the commercial aerospace, defense, energy, industrial, and chemical industries.