LMI Aerospace, Inc. Announces Third Quarter 2010 Results
Free cash flow was $4.7 million in the third quarter of 2010. The quarter benefited from a milestone payment on the MJET contract and receipts of certain deferred receivables. Free cash flow for the first nine months of 2010 was $17.4 million.
LMI also announced that backlog at September 30, 2010, was $226 million compared to $228 million at September 30, 2009.
Outlook for 2010 and 2011
The company revised guidance for 2010 to recognize the reduction in sales that occurred in the third quarter, as well as the deferral in the fourth quarter of $4.0 million of tooling now expected to be recognized in 2011. On a consolidated basis, the company now expects annual revenue of $224 million. Gross profit should be between 23.0 percent and 24.0 percent with SG&A ranging from $31.9 million to $32.5 million. Net interest expense is expected to be between $700,000 and $750,000 for the year and the effective tax rate is expected to be 34.4 percent, excluding any potential benefit from an extension of research and experimentation tax credits. Capital expenditures are planned to be approximately $8 million. The expectations for each segment are as follows:Aerostructures
- Sales of $150 million
- Gross profit of between 26.0 percent and 27.0 percent
- SG&A ranging from $24.5 million to $25.0 million
- Sales of $74 million
- Gross profit of between 17.0 percent and 18.0 percent
- SG&A of $7.5 million
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 + 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