Timet’s net income, sales drop in 3d qtr.
Nov 12, 2012 | 03:32 PM
| Anne Riley
Tags
Timet,
Precision Castparts,
titanium,
Bob O'Brien,
Mark Donegan,
Anne Riley
NEW YORK — Titanium Metals Corp. (Timet) saw net income and sales fall in the third quarter compared with the same period last year as a rise in average selling prices only partially offset a drop in overall shipment volumes, the company said.
Dallas-based Timet, which last week announced its proposed acquisition by Precision Castparts Corp. (PCC) (amm.com, Nov. 9), recorded net income of $18.6 million for the three months ended Sept. 30, down 25.6 percent from $25 million a year earlier, on sales that slipped 1.8 percent to $257.7 million from $262.5 million.....
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