LaBarge Posts 43 Percent Drop In 4Q Profit
ST. LOUIS (AP) ¿ LaBarge Inc., which makes electronics for use in military aircraft, said Thursday its fiscal fourth-quarter profit slumped 43 percent as customers continued to defer purchases of capital equipment.
CEO Craig LaBarge said that while sales and earnings are expected to continue weakening in the current quarter as the "business environment remains challenging," the company believes the fourth and first quarters represents a bottom. He said a sequential improvement in orders should be reflected in second-quarter results.
For the period ended June 28, LaBarge said it earned $2.6 million, or 16 cents per share, compared with $4.6 million, or 28 cents per share, a year earlier. The latest quarter included a charge of 2 cents per share related to an acquisition.
Analysts polled by Thomson Reuters, who typically exclude special items from their estimates, expected a profit of 19 cents per share.Quarterly sales fell 17 percent to $64.8 million. Its backlog tumbled 24 percent, to $168 million, compared with $221.3 million a year earlier and $185.6 million at March 29.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV