Rti International Metals 8-K Rti Announces First Quarter Results

Exhibit 99.1

FOR IMMEDIATE RELEASE	Contact:
May 4, 2010	Richard E. Leone Director — Investor Relations
	rleone@rtiintl.com
	330-544-7622

RTI ANNOUNCES FIRST QUARTER RESULTS

     Pittsburgh, Pennsylvania — RTI International Metals, Inc., (NYSE: RTI), released results today for the first quarter of 2010.

First Quarter 2010 Results

• Net sales for the first quarter were $107.9 million

• First quarter operating income was $11.7 million

• Net income for the first quarter was $11.4 million

• Included in revenue and operating income is $15.4 million from Airbus related to 2009

• Titanium mill product shipments totaled 2.2 million pounds at an average realized price of $19.35 per pound for the quarter

• Cash and short-term investments at March 31, 2010 were $104.0 million

     During the first quarter, RTI and Airbus resolved its 2009 volume shortfall in the amount of $15.4 million. This amount is included in net sales and has no additional cost of sales associated with it. With this additional revenue, net sales for the first quarter were $107.9 million. For the quarter, the Company reported net income of $11.4 million, or $0.38 per diluted share. For the first quarter of 2009, the Company reported a net loss of $1.5 million, or $0.06 per diluted share, on net sales of $106.1 million.

     During the quarter, cash from operations was a negative $9.8 million while capital expenditures were $7.6 million. The balance sheet remained strong with $104.0 million of cash and short-term investments and no funded debt.

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Titanium Group

     For the first quarter of 2010 and including the impact of the $15.4 million payment, the Titanium Group posted operating income of $15.0 million on sales of $62.6 million, including intersegment sales of $23.8 million. During the same period in 2009, the Titanium Group earned operating income of $4.2 million on net sales of $64.1 million, including intersegment sales of $33.8 million.

     Mill product shipments for the first quarter were 2.2 million pounds at an average realized price of $19.35 per pound, compared to mill product shipments of 2.7 million pounds in the first quarter of 2009 at an average realized price of $22.22 per pound. The decline in pricing was driven by a continued high proportion of sales under long-term agreements to total sales with lower contract pricing versus the comparable period in 2009.

Fabrication Group

     For the first quarter of 2010, the Fabrication Group posted an operating loss of $5.3 million on net sales of $28.6 million. Included in net sales was $4.2 million in prefunded nonrecurring engineering funds related to the 787 Dreamliner program. A corresponding amount was also included in cost of sales for the quarter. For the same period in 2009, the Fabrication Group had an operating loss of $7.2 million on net sales of $26.1 million.

     The Group’s operating loss reflects costs associated with its excess internal capacity, as well as operational challenges created by the ramp up of production well in advance of the receipt of revenues.

Distribution Group

     For the first quarter of 2010, the Distribution Group posted operating income of $2.0 million on net sales of $40.4 million. During the same period in 2009, the Distribution Group earned operating income of $2.2 million on net sales of $49.7 million.

     Demand during the quarter was muted by both announced and anticipated production reschedules across commercial and defense aerospace platforms. Going forward, demand for titanium and nontitanium products appears to be improving even though producers continue to be reluctant to bring capacity on line, resulting in a somewhat more volatile pricing environment for titanium products and a significantly higher pricing environment for nickel-based alloys.

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CEO Comment

     Dawne S. Hickton, Vice Chairman, President and CEO commented, “The current outlook for the year reflects continuing challenges for our industry as the inventory overhang from the last two years remains as a major factor impacting the spot markets. Although we are starting to see the signs of recovery for next year, 2010 will be a challenge from both an operating and earnings perspective. Therefore, monitoring our expenses and managing our cash, which includes the $15.4 million paid by Airbus in early April, will continue to be a priority.

     “Until we see a sustainable increase in production for commercial aircraft and the Joint Strike Fighter, our overall operating environment will be difficult and challenge RTI’s ability to be meaningfully profitable.”

Conference Call Information

     To participate in today’s call, please dial toll free (USA/Canada) 800-446-2782 or (International) 847-413-3235 a few minutes prior to the start time and specify the RTI International Metals’ Conference Call.

Replay Information

     Replay of the call will be available one hour after the conference ends and remain accessible until Tuesday, May 18, 2010, at 11:59 p.m., Eastern Time. To listen to the replay, dial (USA/Canada) 888-843-8996 or (International) 630-652-3044 and enter passcode #26825697.

Forward Looking Statement

     The statements in this release relating to matters that are not historical facts are forward-looking statements that may involve risks and uncertainties. These include, but are not limited to, the impact of global events on the commercial aerospace industry, actual build-rates, production schedules and titanium content per aircraft for commercial and military aerospace programs, military spending and continued support for the Joint Strike Fighter program, the impact from Boeing 787 production delays, the impact of customers ordering less than minimum required volumes under long-term contracts, global economic conditions, the competitive nature of the markets for specialty metals, the ability of the Company to obtain an adequate supply of raw materials, the successful completion of our capital expansion projects, and other risks and uncertainties included in the Company’s filings with the Securities and Exchange Commission. Actual results can differ materially from those forecasted or expected. The

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information contained in this release is qualified by and should be read in conjunction with the statements and notes filed with the Securities and Exchange Commission on Forms 10-K and 10-Q, as may be amended from time to time.

Company Description

     RTI International Metals^®, headquartered in Pittsburgh, Pennsylvania, is one of the world’s largest producers of titanium mill products and a global supplier of fabricated titanium and specialty metal components for the international market. Through its various subsidiaries, RTI manufactures and distributes titanium and specialty metal mill products, extruded shapes, formed parts and engineered systems for commercial aerospace, defense, energy, industrial, chemical, and consumer applications for customers around the world. To learn more about RTI International Metals, Inc., visit our website at www.rtiintl.com.

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RTI INTERNATIONAL METALS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share amounts)

	Three Months Ended
	March 31,
	2010			2009
Net sales	$	107,885		$	106,054
Cost and expenses:
Cost of sales		80,362			89,762
Selling, general, and administrative expenses		15,639			16,547
Research, technical, and product development expenses		725			524
Asset and asset-related charges (income)		(521	)		—
Operating income (loss)		11,680			(779	)
Other income		133			899
Interest income		98			641
Interest expense		(273	)		(2,421	)
Income (loss) before income taxes		11,638			(1,660	)
Provision for (benefit from) income taxes		240			(201	)
Net Income (loss)	$	11,398		$	(1,459	)
Earnings (loss) per share:
Basic	$	0.38		$	(0.06	)
Diluted	$	0.38		$	(0.06	)
Weighted-average shares outstanding:
Basic		29,864,801			22,877,409
Diluted		30,110,568			22,877,409

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RTI INTERNATIONAL METALS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except share and per share amounts)

	March 31,			December 31,
	2010			2009
ASSETS
Current assets:
Cash and cash equivalents	$	83,921		$	56,216
Short-term investments		20,096			65,042
Receivables, less allowance for doubtful accounts of $682 and $646		71,912			60,924
Inventories, net		273,590			266,887
Deferred income taxes		21,318			21,237
Other current assets		16,158			21,410
Total current assets		486,995			491,716
Property, plant, and equipment, net		257,039			252,301
Goodwill		41,530			41,068
Other intangible assets, net		14,550			14,299
Deferred income taxes		54,029			53,814
Other noncurrent assets		1,350			1,537
Total assets	$	855,493		$	854,735
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	36,339		$	39,193
Accrued wages and other employee costs		11,867			9,796
Unearned revenues		17,234			21,832
Current liability for post-retirement benefits		2,476			2,476
Current liability for pension benefits		140			140
Other accrued liabilities		22,137			30,518
Total current liabilities		90,193			103,955
Long-term debt		74			81
Noncurrent liability for post-retirement benefits		34,612			34,530
Noncurrent liability for pension benefits		28,453			28,102
Deferred income taxes		—			244
Other noncurrent liabilities		6,254			8,617
Total liabilities		159,586			175,529
Commitments and Contingencies Shareholders’ equity:
Common stock, $0.01 par value; 50,000,000 shares authorized; 30,783,179 and 30,724,351 shares issued; 30,058,623 and 30,010,998 shares outstanding		308			307
Additional paid-in capital		440,478			439,361
Treasury stock, at cost; 724,556 and 713,353 shares		(17,278	)		(16,996	)
Accumulated other comprehensive loss		(29,096	)		(33,563	)
Retained earnings		301,495			290,097
Total shareholders’ equity		695,907			679,206
Total liabilities and shareholders’ equity	$	855,493		$	854,735

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RTI INTERNATIONAL METALS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)

	Three Months Ended
	March 31,
	2010			2009
Cash provided by (used in) operating activities (including depreciation and amortization of $5,372 and $5,312 for the three months ended March 31, 2010 and 2009, respectively)	$	(9,793	)	$	2,262
Cash provided by (used in) investing activities		37,848			(26,055	)
Cash provided by (used in) financing activities		(45	)		1,249
Effect of exchange rate changes on cash and cash equivalents		(305	)		939
Increase (decrease) in cash and cash equivalents		27,705			(21,605	)
Cash and cash equivalents at beginning of period		56,216			284,449
Cash and cash equivalents at end of period	$	83,921		$	262,844

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RTI INTERNATIONAL METALS, INC. AND SUBSIDIARIES
Selected Operating Segment Information
(Unaudited)
(In thousands)

	Three Months Ended
	March 31,
	2010			2009
Net sales:
Titanium Group	$	38,841		$	30,303
Intersegment sales		23,765			33,751
Total Titanium Group net sales		62,606			64,054
Fabrication Group		28,602			26,064
Intersegment sales		12,762			14,365
Total Fabrication Group net sales		41,364			40,429
Distribution Group		40,442			49,687
Intersegment sales		464			677
Total Distribution Group net sales		40,906			50,364
Eliminations		36,991			48,793
Total consolidated net sales	$	107,885		$	106,054
Operating income (loss):
Titanium Group before corporate allocations	$	17,083		$	6,979
Corporate allocations		(2,091	)		(2,758	)
Total Titanium Group operating income		14,992			4,221
Fabrication Group before corporate allocations		(2,430	)		(4,652	)
Corporate allocations		(2,836	)		(2,569	)
Total Fabrication Group operating loss		(5,266	)		(7,221	)
Distribution Group before corporate allocations		3,570			4,264
Corporate allocations		(1,616	)		(2,043	)
Total Distribution Group operating income		1,954			2,221
Total consolidated operating income (loss)	$	11,680		$	(779	)

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