Hawk Corp. Beats On Revs, Misses On EPS (HWK)
March 10, 2010 9:17 AM
Hawk Corp. (NYSE: HWK), a leading supplier of friction materials for brakes, clutches and transmissions used in airplanes, trucks and other vehicles, reported full year and fourth quarter 2009 results this morning.
Revenues for the three months ended December 31, 2009 were $45.6 million versus the $44.6 million consensus. The company said it expects to see fiscal year 2010 revenues between $190.0-200.0 million, which is in-line with currrent estimates.
Fourth quarter net income was $1.6 million, or $0.18 per share, $0.06 less then the consensus estimate of $0.24 per share. For the year ended December 31, 2009, Hawk reported nete income of $6.4 million, or $0.73 per share.
Mr. Weinberg, Hawk's Chairman and CEO, was upbeat on the upcoming year and said, "we expect 2010 to reflect a recovery in the general economy and the markets we serve."
Hawk is a micro cap company with a market capitalization of $159.6 million. Shares closed Tuesday at $19.80 and were down $0.80, or 4.0%, to $19.00 in light pre-market trading.
