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LMI Aerospace, Inc. Announces Third Quarter 2010 Results

The company also expanded its guidance for 2011. Overall, LMI expects sales of between $255 million and $269 million, including the deferrals from 2010. Gross profit is expected to be between 23.7 percent and 24.7 percent of sales while SG&A should be between $33.8 million and $35.2 million. Interest expense is expected to be between $550,000 and $650,000. Income taxes are expected to be 36.2%, excluding any potential benefit from an extension of research and experimentation tax credits. 

Capital expenditures are expected to be between $9 and $10 million. Below are the expectations by segment:

Aerostructures
  • Sales of between $175 million and $181 million
  • Gross profit of between 26.5 percent and 27.5 percent
  • SG&A ranging from $26.0 million to $27.0 million

Engineering Services
  • Sales of between $80 million and $88 million
  • Gross profit of between 17.5 percent and 19.0 percent
  • SG&A ranging between $7.8 million and $8.2 million

Mr. Saks concluded, "As we enter 2011, we are optimistic that sales to the large commercial aircraft and business and regional aircraft markets will increase substantially. Announced and studied production rate increases will begin to grow our Aerostructures backlog, as will new awards on legacy aircraft and aircraft in development. Production offload programs at several major customers should add to sales, given LMI's strong customer relationships supported by continuously improving operating performance at its plants. Our Engineering Services segment has recently won contracts on new development aircraft and redesign projects with an airline and has distinguished itself with its performance on our design build project with MJET.  We expect a steady increase in production and design work as we progress through 2011 and 2012.  We plan to use our strong financial base to invest in design build programs and to increase our capabilities with investments in people and equipment to manage and produce complex assemblies on legacy and newly developed aircraft. We have also spent considerable time reviewing acquisitions in recent months and continue our search for the right fit with our strategic plan. We are working to ensure that we provide value over the long term to our employees and shareholders."   

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