RTI International revenue increases 23% from 2010

Staff report

PITTSBURGH

RTI International Metals Inc. revenue rose to $529.7 million last year, a 23-percent increase compared with 2010.

Shares, however, have now fallen 14 percent since RTI released its earnings report because it won’t see an increase in manufacturing for the Boeing 787 Dreamliner.

There have been many development and production delays for the 787 project, which contributed to one-fifth of RTI’s fabrication unit sales.

Operating income nearly doubled to $27.8 million.

The company, which has a titanium mill in Niles, also opened a new forging mill in Martinsville, Va., and says it is making steady progress toward its “strategic transformation.”

“The activities for the quarter and the full-year are indicative of RTI’s ongoing transformation from a supplier of titanium-mill products to a fully integrated end-to-end supplier of advanced titanium components,” said Dawne S. Hickton, vice chair, president and CEO of RTI.