Ceradyne, Inc. (CRDN), a manufacturer and marketer of ceramic products and components, announced preliminary results for 2009, expecting to report earnings that may meet or slightly exceed its prior forecast. The company also reiterated its guidance for 2010.
The company said earnings for 2009 are estimated to meet or slightly exceed the current guidance of about $0.60 per share, which does not include the impact of restructuring and impairment charges for all of 2009 of about $0.55 per share.
On average, four analysts polled by Thomson Reuters expect the company to report earnings of $0.59 per share for 2009. Analysts estimates typically exclude special items.
Sales for the year is expected to be about $401 million, down compared to the guidance range given on October 27, 2009 of $410 million to $415 million, primarily due to government's recently revised ceramic body armor testing and inspection procedures. Street analysts currently expect the company to report sales of $410.53 million for 2009.
Ceradyne said the government's revision resulted in approximately $8 million of body armor originally scheduled to be shipped in the fourth quarter of 2009 to be postponed into 2010.
The company reaffirmed its 2010 guidance, initially provided on October 27, 2009 of a sales range of $380 million to $430 million and earnings range of $0.60 to $1.05 per share. Analysts presently expect the company to earn $0.75 per share on sales of $391.01 million.
CRDN is currently down $0.29 or 1.46% and trades at $19.55.
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