rti international metals inc (RTI) Key Developments
RTI International Metals, Inc. Announces Executive Changes
Jun 25 14
RTI International Metals, Inc. announced that effective July 1, 2014, Michael G. McAuley joins RTI as Senior Vice President and Chief Financial Officer with responsibility for all financial operations including accounting and financial reporting, treasury, investor relations, tax and corporate development. Current Senior Vice President Bill Hull becomes RTI's first Chief Risk Officer after seven years as the company's CFO. His responsibilities in this new role include enterprise-wide risk management activities, internal audit, and business acquisition integration. Both McAuley and Hull will report to Dawne S. Hickton, Vice Chair, President and CEO of RTI. McAuley brings to RTI 25 years of experience in a broad range of financial management responsibilities for public companies.
RTI International Metals, Inc. Appoints Dr. Kathryn J. Jackson as Chief Technology Officer, Effective June 23, 2014
Jun 3 14
RTI International Metals, Inc. announced that it has appointed Dr. Kathryn J. Jackson to the position of Chief Technology Officer, effective June 23, 2014. Dr. Jackson will report to Dawne S. Hickton, Vice Chair, President and CEO of RTI International Metals, Inc. As RTI's top scientist, Dr. Jackson's responsibilities will include oversight of all the company's advanced metallurgical technology, product and process innovation, including additive manufacturing activities. Working with the executive management team, Dr. Jackson will play a key role in providing direction and management to RTI's new products and manufacturing technologies. She will also head RTI's overall research and development activities. Dr. Jackson comes to RTI from Westinghouse Electric Company, where for the last five years she served as Senior Vice President and Chief Technology Officer responsible for R&D as well as environmental sustainability initiatives.
The Boeing Company Chooses RTI International Metals, Inc. for Expanded Boeing 787 Seat Track Manufacturing, Machining and Assembly
Jun 2 14
RTI International Metals, Inc. announced that it was chosen by The Boeing Company (Boeing) to manage and perform expanded titanium parts manufacturing, machining and assembly activities related to the Boeing 787 Dreamliner airplane seat track system. Under the agreement, RTI's Engineered Products and Services Segment will perform sub-assembly activities to prepare RTI-manufactured center fuselage seat track system components for final airplane installation as well as manufacture additional parts required in the sub-assembly. Final machining and sub-assembly operations will be performed and managed at RTI Claro in Laval, Quebec, Canada. Additional titanium parts called for under the agreement will be sourced through RTI's Titanium Segment using titanium mill product produced in Ohio, with extrusion work to be completed at RTI Extrusions in Houston, TX.
RTI International Metals, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Revised Earnings Guidance for 2014
May 6 14
RTI International Metals, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net sales of $174.545 million compared to $189.202 million for the same period a year ago. Operating income was $1.617 million compared to $13.647 million for the same period a year ago. Loss before income taxes were $5.405 million compared to income of $9.441 million for the same period a year ago. Net loss attributable to continuing operations were $3.816 million compared to income of $4.968 million for the same period a year ago. Net loss was $4.181 million or $0.13 per diluted share compared to net income of $4.885 million or $0.16 per diluted share for the same period a year ago. Cash used in operating activities were $20.715 million compared to $30.723 million for the same period a year ago. This was principally due to supporting various production ramp-ups in the corresponding inventory demand. Capital expenditures were $6.9 million in the quarter.
The company refined expectations for full year 2014 financial performance. The company still expects full year revenues to exceed $800 million and full year mill product shipments to approach 17 million pounds. However, and principally as a result of larger than previously expected impacts from the operational challenges, The company expects full year operating income to be at the lower end of previously announced range of $75 to $85 million. But, as company look forward, the company will continue to focus on opportunities to improve operating performance. While the company expects second quarter operating income to improve sequentially from the first, the company continue to anticipate generating a majority of remaining 2014 operating income in the second half of the year. Interest expense for the year is expected to be approximately $31 million. Effective tax rate is anticipated to be approximately 26%. Depreciation and amortization for the year is expected to be $45 million, and capital expenditures are expected to be between $50 million and $60 million for the year.
RTI International Metals, Inc. Files Amended and Restated Articles of Incorporation
Apr 28 14
On April 25, 2014, RTI International Metals, Inc. filed with the Ohio Secretary of State the Company's Second Amended and Restated Articles of Incorporation by increasing the number of the Company's authorized common shares from 50,000,000 to 100,000,000 and deleting the authorized Series A Junior Participating Preferred Stock.