Timet logs $24M profit, trims '04 sales outlook

Nov 09, 2004 | 09:38 AM |

Titanium Metals Corp. reported an earnings turnaround in the third quarter, although it shaved slightly the top end of its sales outlook for the full year.

J. Landis Martin, Timet's chairman and chief executive officer, said the third-quarter results for the Denver-based producer reflected strong sales in commercial and military aerospace and in non-aerospace industrial markets.

Timet posted net income of $24.1 million in the quarter in contrast to a $3-million net loss a year earlier on a 43.8-percent increase in sales to $120.2 million. Timet's plant operating rate jumped to 72 percent from 55 percent during the third quarter of last year. For the first nine months of the year, Timet posted net income of $24.4 million vs. a net loss of $22.9 million last year on sales that jumped 28.2 percent to $364.9 million.....