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Titanium Metals Corp. Reports Operating Results (10-K)

February 28, 2011 | About:

Titanium Metals Corp. (TIE) filed Annual Report for the period ended 2010-12-31.

Titanium Metals Corp. has a market cap of $3.45 billion; its shares were traded at around $19.15 with a P/E ratio of 54.71 and P/S ratio of 4.46. Titanium Metals Corp. had an annual average earning growth of 19.8% over the past 5 years.Hedge Fund Gurus that owns TIE: Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns TIE: Jeremy Grantham of GMO LLC.

Highlight of Business Operations:

Titanium industry. We develop certain industry estimates based on our extensive experience within the titanium industry as well as information obtained from publicly available external resources (e.g., United States Geological Survey, International Titanium Association and Japan Titanium Society). We estimate we accounted for approximately 17% of 2009 and 15% of 2010 worldwide industry shipments of titanium mill products and approximately 7% of worldwide titanium sponge production in 2009 and 5% in 2010. The following chart illustrates our estimates of aggregate industry mill product shipments over the past ten years:

The cyclical nature of the commercial aerospace sector has been the principal driver of the historical fluctuations in titanium mill product shipment volume. Over the past 30 years, the titanium industry has had various cyclical peaks and troughs in mill product shipments. With the exception of decreased demand in 2009 resulting from the global economic downturn, over the last ten years, titanium mill product demand in the military, industrial and emerging market sectors has increased, primarily due to the continued development of innovative uses for titanium products in these industries. We estimate that industry shipments approximated 68,000 metric tons in 2009 and 83,100 metric tons in 2010. The estimated 22% increase in 2010 was driven by strong recoveries from the global economic downturn in 2009 in the commercial aerospace and industrial sectors. We currently expect 2011 total industry mill product shipments to grow 15% to 25%, driven by continued growth in the commercial aerospace and industrial sectors.

Our business is more dependent on commercial aerospace demand than is the overall titanium industry. We shipped approximately 66% of our mill products to the commercial aerospace sector in 2010, whereas we estimate approximately 48% of the overall titanium industrys mill products were shipped to the commercial aerospace sector in 2010.

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About the author:

Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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