RTI reports increased revenue
Second quarter results at RTI International Metals Inc. showed revenues increased by more than $5 million from this time last year and a significant increase in net income.
RTI, which operates a plant in Weathersfield, reported second quarter results Wednesday.
Revenues totaled $205.3 million compared to prior year second-quarter revenues of $199.1 million, the company stated in its quarterly release. Net income attributable to continuing operations was $7.1 million, or 23 cents per share. Comparable second-quarter 2013 net income was $1.1 million, or 3 cents per share.
Dawne Hickton, vice chair, president and CEO of RTI, attributed second-quarter earnings to work completed on some energy market projects and the Boeing 787 seat track system program. Boeing 787 seat track deliveries totaled 36 equivalent ship sets compared to 18 delivered in the same period last year.
During the quarterly conference call for investors, Hickton spoke about the Pittsburgh-based company’s participation in last month’s Farnborough International Airshow. She said indications from the show continue to point to a steady commercial aerospace growth cycle and a market that is showing future growth opportunities for RTI.
“Specific to 2014, we continue to expect a ramping increase in financial results in the third and fourth quarters, consistent with our previously announced full year outlook,” Hickton said.