The Alachua, Fla.-based company posted profits of $16.6 million, or 23¢ per share, on sales of $66.7 million for the 3 months ended September 30, seeing a massive swing from the red on the bottomline while sales grew a slight 0.2% compared with the same period during the prior year.
Adjusted to exclude 1-time items, earnings per share were 1¢, just in line with consensus on Wall Street where analysts were expecting to see sales of $65.4 million for the quarter.
“We believe our focus to reduce complexity, drive operational excellence and accelerate growth continued to support solid financial and operational progress during the most recent quarter. We delivered on our financial commitments while mobilizing across our organization to mitigate the impact of the recent hurricanes, which disrupted end-user demand across many of our markets and necessitated the closure of our Florida operations for several days. Each has a long resume of success and, we believe, will play a key role in driving the execution of our strategic objectives. Our entire leadership team has quickly aligned around accelerating initiatives to reduce complexity and drive operational excellence toward those areas that we believe will have the greatest impact on earnings growth and cash generation over the next 12-18 months. With my confidence that our leadership team is driving these initiatives, we will expand our effort to find new and better ways to serve our customers by enhancing our product portfolio and evaluating and pursuing strategic growth opportunities intended to capitalize on our strengths and enable us to take market leadership positions,” CEO Camille Farhat said in a prepared statement.
Shares in RTI rose 8.1% today, closing at $4.70.