WEATHERSFIELD RTI more than doubles 1st-quarter earnings over last year's
WEATHERSFIELD -- RTI International reported first-quarter earnings more than twice last year's total for the same period, and its Trumbull County-based titanium division reported modest gains over the fourth quarter.
The company had profits of $8 million in the first quarter, or 39 cents per share, on sales of $65.7 million, compared to a $3.9 million profit, or 19 cents per share, on sales of $66.2 million in the first quarter of 2001.
RTI accepted a lump-sum payment of about $6 million from the Boeing Co. for the third consecutive year, a payment the aircraft manufacturer has agreed to make whenever it fails to meet its order commitments for titanium. The payment contributed about 18 cents per share of RTI's first quarter profits.
The company also received shares of stock from one of its insurance providers in 2001 and the stock had appreciated by the time RTI sold it in the first quarter, contributing about 6 cents per share to its profits for the period.
The titanium division, RMI Titanium in Weathersfield, earned $4.1 million on sales of $31.8 million because of modest improvements in average price per pound and continuing cost containment efforts. The fabricating and distribution group earned $200,000 on sales of $33.9 million.