Monday, Ladish Co. Inc. (LDSH), a metal components maker, reported an increase in fourth-quarter profit on a tax benefit as well as higher sales. Although earnings declined from the year ago period, came in ahead of analysts' estimate.
The Cudahy, Wisconsin-based company reported fourth-quarter net income of $9.57 million, compared to $9.28 million in the same quarter last year. On a per share basis, net income was $0.60, compared to $0.64 in the year ago quarter. Earnings per share declined on a higher share count of 15.90 million shares, compared to 14.56 million shares in the year ago quarter.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.53 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter increased to $112.55 million from $108.34 million in the comparable quarter last year. Analysts expected the company to report revenue of $118.29 million for the quarter.
Operating income for the quarter declined to $6.34 million from $13.72 million in the prior year quarter. Selling general and administrative expenses for the quarter increased to $4.44 million from $4.54 million in the year ago quarter. Cost of goods sold were $101.77 million, up from $90.08 million in the same quarter previous year.
The company recorded an income tax benefit of $2.78 million during the quarter under review, compared to an expense of $4.03 million in the corresponding quarter last year.
For the full year 2008, the company reported net income of $32.21 million or $2.15 per share, compared to $32.29 million or $2.22 per share in the year ago. Net sales were $469.47 million, up from $424.63 million in the previous year. Analysts expected the company to earn $2.09 per share on revenues of $476.56 million for the full year.
LDSH closed Monday's regular trade at $12.60 million, up $0.60 or 5.00% on a volume of 105,084 million shares on the Nasdaq.
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