Engineering contractor LMI Aerospace Inc. (NASDAQ:LMIA) said Tuesday its fourth-quarter earnings jumped 37 percent …LMI Aerospace Inc. trades on the “NASDAQ” under the Stock Symbol ”LMIA”. For the Latest information regarding “LMIA”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
Join today and be part of the best free investment newsletter on the web where we focus on market moving news.
Engineering contractor LMI Aerospace Inc. (NASDAQ:LMIA) said Tuesday its fourth-quarter earnings jumped 37 percent, largely on a Boeing, (NYSE:BA) contract to provide wing modification kits for its 767s. The company lowered its sales forecast for this year, however, and shares fell 6.3 percent, or 88 cents, to $13. LMI earned $804,000, or 7 cents per share, compared with $585,000, or 5 cents per share, in the year-ago quarter. The fourth quarter included a noncash charge related to the falling value of assets. Excluding that charge, net income would have been $2.9 million, or 26 per share.
Sales in the company's aerospace segment were $37.8 million, compared with $32.6 million a year earlier. Engineering services revenue fell to $17.9 million from $19.8 million a year earlier. LMI said production rates for several corporate jets were lowered, orders for some 767 wing retrofits were pushed out to future years, inventory destocking caused order deferrals and engineering projects suffered delays and cancellations.
You can contact us during market hours at 1-888-9-ClubGrand (1888-925-8247) or via email at staff@wallstreetgrand.com.
Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including 2009 growth, revenue for the second quarter and year of 2009 and gross margin for the second quarter and year of 2009. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the impact of intense competition, the continuation or worsening of current economic conditions and the condition of the domestic and global credit and capital markets.
Disclaimer:
Wall Street Grand LLC has not been compensated by the company for this press release and does not expect to be compensated in the future for any type of awareness. To read our full disclaimer clicks the link http://www.wallstreetgrand.com/disclosure.html.
