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RTI International Metals Reports Fourth Quarter and Full Year 2014 Financial Results
Record Quarterly Sales and Record Quarterly Titanium Mill Product Shipments
Initial Outlook for 2015 Includes Strong Operating Income Gains
PITTSBURGH--(BUSINESS WIRE)--February 11, 2015--RTI International Metals, Inc., (NYSE: RTI) today reported fourth quarter and full year 2014 financial results that included record quarterly sales and titanium mill product shipments. The Company realized higher annual commercial aerospace market volumes in both of its operating segments, resulting in a fifth consecutive year of sales and operating income growth. RTI also issued an initial outlook for strong operating income growth as well as operating margin expansion in 2015.
2014 Fourth Quarter Results Summary
- Net sales were a quarterly record $211.4 million.
- Operating income was $31.2 million.
- Net income attributable to continuing operations was $16.2 million.
- Diluted earnings per share from continuing operations was $0.48, including the negative effect of $0.04 of incremental dilution from the if-converted impact of the Company’s convertible debt.
- Titanium mill product shipments were an historic record of 6.7 million pounds in the quarter.
- Boeing 787 seat track system deliveries totaled 31 equivalent ship sets.
2014 Full Year Results Summary
- Net sales were a record $793.6 million.
- Operating income was $70.3 million.
- Net income attributable to continuing operations was $31.7 million, or $1.03 per diluted share.
- Titanium mill product shipments were 18.9 million pounds.
- Boeing 787 seat track system deliveries totaled 131 equivalent ship sets.
- End of year backlog was $574 million.
“We completed 2014 with record quarterly mill product shipments and sales, and our strongest operating income performance of the year, which led to our fifth consecutive year of annual growth in sales and operating income,” Dawne Hickton, Vice Chair, President and CEO of RTI, said. “This was possible due to the commitment of all our employees across both of our business segments to improving our operational performance, and in particular, to the exceptional performance of our Titanium Segment employees who executed on record-setting quarterly mill product shipments in excess of six million pounds. That being said, some of the risks that I outlined on our last investor call did create headwinds during the quarter, causing full year operating income to come in slightly below our expectations. This included a portion of our forecasted fourth quarter mill product volumes for the Joint Strike Fighter program that were ready for shipment, but not released due to order placement timing.”
The following information was filed by Rti International Metals Inc (RTI) on Wednesday, February 11, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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