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NEW YORK – Ceradyne Inc., which makes ceramic body armor and solar products, on Tuesday posted a 32 percent drop in fourth-quarter earnings as new orders and sales declined amid the weak global economy.
Earnings slid to $14.1 million, or 55 cents per share, from $20.7 million, or 79 cents per share, in the prior-year quarter. Quarterly sales fell 30 percent to $97.6 million as new orders for the quarter declined 15 percent to $76.7 million.
However, adjusted earnings of 45 cents per share easily beat Wall Street expectations of 32 cents per share. Revenue was slightly shy of analysts' $102.9 million estimate, according to a Thomson Reuters poll.
2009 earnings plunged to $8.5 million, or 33 cents per share, from $104.5 million, or $3.91 per share, in 2008. Charges for restructuring and impairments reduced earnings by 40 cents per share in the latest period.
Revenue fell 41 percent to $400.6 million as new orders dropped 28 percent to $407.3 million.
Looking ahead, the company expects less demand for its military lightweight ceramic body armor but more sales of products used in nuclear power plants and solar cells.
Shares fell 40 cents to close at $22.20.
