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

Net sales for the Engineering Services 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 $5.5 28.4% $3.6 20.1%
Large commercial aircraft 7.2 37.1% 6.1 34.1%
Military 3.6 18.6% 8.0 44.7%
Other 3.1 15.9% 0.2 1.1%
Total $19.4 100.0% $17.9 100.0%

New work on a weight improvement program for a new corporate jet drove net sales for corporate and regional aircraft higher. Net sales of engineering support for large commercial aircraft grew on the 787-9 and A350, more than offsetting a decline in 747-8 billings, as the design for that plane matures. Military programs were down from the prior year, as efforts on the CH-53 helicopter ended earlier in 2010. Other sales grew due to tooling packages for the 787-9 and the Global Hawk.

Gross profit for the fourth quarter of 2010 was $11.9 million, or 21.8 percent of net sales, compared to $12.7 million, or 22.8 percent of net sales, in the prior year quarter. The Aerostructures segment generated gross profit of $8.7 million, or 24.6 percent of net sales, in the fourth quarter of 2010 versus $9.0 million, or 23.7 percent of net sales, in the fourth quarter of 2009. Fourth quarter 2010 Aerostructures segment gross margin was helped by a $0.4 million cumulative benefit on our aftermarket wing modification program but was reduced by $0.7 million of start up costs on two programs and higher than expected workers compensation costs. 

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