RTI reported a loss of $0.35 EPS for Q3, principally reflecting a $5.7 Million expense to prepay $243 Million borrowed for RTI's deferred (likely never to happen) sponge plant, and an unexplained $3.9 Million tax expense.

Analysts' consensus was for a loss of -$0.03 EPS. Excluding the debt repayment and tax unusual items, RTI would have reported Q3 results of positive $0.02 EPS, beating consensus by a nickel.

Q3 Revenues of $100 Million were dead-on consensus forecast.

Tonnage was off 11% from Q2, compared to off-13% last year. There's seasonality in play here (summer vacations), along with lots of other factors. Tonnage was off 29% from Q3 of 2008.

Pricing continued to slide, off 4% from Q2, and off 8% from Q3 of 2008. RTI's pricing lags the market by about a full year (reflecting its heavy remanufacturing mix), so it's not indicative of general titanium pricing. Almost all of RTI's present business is under Long Term Agreements, too, so it's really not even tied to spot market prices a year ago. (RTI's spot business has fallen to almost nothing, according to RTI's CEO in last Quarter's con call.)

RTI's press release has CEO Hickton saying:

"As we look toward the end of 2009, we still have not seen a pickup in demand nor do I expect to see demand improve until the end of 2010 at the earliest."

RTI now has $124 million in cash and an undrawn $200 million revolving credit facility.

Con Call at 11 AM Eastern.