LMI Aerospace Misses Estimates, Falls 15.3% (LMIA)
Shares of LMI Aerospace, Inc. (Nasdaq: LMIA) ended the trading day down 15.31% at $15.27 per share. The day's trading range for shares of LMI Aerospace, Inc was between $14.26 and $16.98 per share. Analysts covering the company's stock have a consensus price target of $22.33 per share.
Volume of 464,000 shares was nearly 5 times the daily average volume of 95,000 shares.
LMI Aerospace, Inc. (LMIA) released financial results on Friday before the opening bell that failed to meet Wall Street estimates. The company announced 2nd quarter earnings of 29 cents per share, on revenue of $55.9 million.
According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 30 cents per share, on revenue of $60.3 million.
The company lowered its full year revenue forecast to a range between $233 million and $242 million, down from the previous forecast of $238 million to $250 million.
Chief executive officer Ronald S. Saks said, "Aerostructures revenue for the second quarter of 2010 was below expectations, primarily because of lower pulls of military product, delays in new product awards from a military customer, and delays in transfer of work statement from a new customer. Revenue from in-production large commercial aircraft and business jets improved in the quarter and is expected to grow at a faster pace through 2011. Despite our reduction in revenue guidance for the balance of 2010, we are optimistic that organic growth and new work statement awards will benefit 2011 and 2012 significantly. We are pleased that the gross margins at our Aerostructures plants continue to improve and we expect even better results as production rates of Boeing and Gulfstream products increase."
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