Low titanium scrap costs help RTI’s earnings
Nov 07, 2013 | 05:37 PM
| Frank Haflich
LOS ANGELES RTI International Metals Inc.s profits skyrocketed in the third quarter due in part to falling scrap prices, with the company saying it sees its raw material costs dipping further in 2014.
The Pittsburgh-based titanium producer, fabricator and distributor posted net income of $12.3 million for the three months ended Sept. 30, more than triple its net income of $3.6 million in the same period last year, on net sales that increased 7.1 percent to $196.5 million.
RTIs titanium group was able to "take advantage" of lower scrap costs during the quarter, vice chairwoman, president and chief executive officer Dawne S. Hickton said during an earnings conference Nov. 7.....
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