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LMI Aerospace Announces Results For The Fourth Quarter And Full-Year 2010

Stocks in this article: LMIA

"In the fourth quarter of 2010," Saks continued, "sales at our Aerostructures segment continued at the modest pace we experienced for the full year and were below our original expectations. Delays in shipments of Boeing model 747-8 components, lower aftermarket sales and some customer inventory adjustments accounted for the difference. Our Engineering Services segment's sales met our original targets, which were reduced from 2009 because of fewer new customer development projects, likely caused by the uncertainties created by the global recession."

"However, in the fourth quarter of 2010," Saks stated, "we began to experience considerably more customer interest in placing work in both segments, and we received customer forecasts requiring increased production rates on several models in the large commercial aircraft and regional and business jet segments. This expected increase in production is now requiring that we invest significant capital in new equipment and facilities and hire additional employees in both segments over the next twelve to eighteen months. More recently, the U.S. government award to Boeing of tanker aircraft design and production, as well as added demand for engineering services from the regional and business jet segment, have firmed demand for our engineering services." Net sales for the Aerostructures segment for the fourth quarters of 2010 and 2009 were as follows:

Category Q4 2010 % of Total Q4 2009 % of Total
  ($ in millions)
Corporate and regional aircraft $11.6 32.9% $10.8 28.6%
Large commercial aircraft 13.3 37.7% 16.7 44.2%
Military 7.8 22.1% 8.1 21.4%
Other 2.6 7.3% 2.2 5.8%
Total $35.3 100.0% $37.8 100.0%

Net sales of corporate and regional aircraft increased, as deliveries on Gulfstream programs grew. Large commercial aircraft net sales were down, as deliveries of aftermarket wing products fell by $3.6 million from the prior year. 

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