Ceradyne, Inc. (CRDN) reported third quarter net income of $4.94 million or $0.19 per share, compared to $18.82 million or $0.71 per share last year.
On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share. Analysts' estimates typically exclude special items.
Sales for the third quarter 2009 were $107.95 million, compared with $167.75 million in third quarter 2008. Eight analysts estimated revenues of $109.98 million.
The Company is adjusting its guidance for the full fiscal year 2009 from $.70 per share to approximately $.60 per share and from sales of $420 to $440 million to sales of $410 to $415 million.
Analysts expect the company to earn $0.65 per share, on revenues of $419.04 million.
Further, the company said it is establishing a wide range for its initial guidance for 2010.
The company expects sales range from $380 million to $430 million and earnings range from $0.60 to $1.05 per share.
Analysts expect the company to earn $1.08 per share, on revenues of $420.53 million.
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