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Gold/Mining/Energy : Titanium Metals Corp (TIE) -- Ignore unavailable to you. Want to Upgrade?

To: KLH who wrote (158)	4/26/1999 3:49:00 PM
From: KLH	Read Replies (1) \| Respond to of 229

More analysis: Related QuotesTIE 7 5/16 +3/16 delayed 20 mins - disclaimer Monday April 26, 1:17 pm Eastern Time Titanium Metals swings into red, cautious on 1999 DENVER, April 26 (Reuters) - Titanium Metals Corp. (TIE - news) on Monday reported a narrower-than-expected quarterly loss but it painted a more pessimistic outlook for the rest of the year than what Wall Street analysts had forecast. The maker of titanium metal products, citing weaker demand from aerospace and industrial buyers and lower prices, said it lost $3.9 million in the first quarter, or 12 cents per basic share, on sales of $134 million. The First Call consensus estimate was for a loss of 15 cents per share. A year earlier, the company, which also sells metal to golf club producers to make popular titanium clubs, earned $18.3 million, or 56 cents per basic share, on sales of $187 million. By late morning, shares in Titanium Metals, which had warned as far back as October of lower demand for aerospace products, were up 19 cents to $7.31 on the New York Stock Exchange. However, the stock is down 14 percent so far this year and is well below its 52-week high of $27.94. Chief Executive J. Landis Martin said he expected the company to post a loss in the second quarter and possibly the third quarter, and that it ''should return to profitability no later than the fourth quarter.'' Analysts had predicted a nine-cent-per-share loss in the second quarter, followed by a profit of five cents and 24 cents in the third and fourth quarters, respectively. ''I am cautiously optimistic about 2000 and beyond,'' Martin said in a statement. ''With our short-term plan in place, our long-term agreements with major aerospace customers should limit future pricing and volume volatility...'' Titanium Metal's backlog also fell, dropping to $325 million at the end of March from $475 million a year earlier. Titanium is a highly corrosion-resistant, lustrous white metallic element used to alloy metals for low weight, strength and high-temperature stability.