Ceradyne, Inc. Raises 2011 Guidance
March 09 2011 - 7:30AM
Marketwired
Ceradyne, Inc. (NASDAQ: CRDN) raises its 2011 guidance.
Ceradyne, Inc. management is adjusting its 2011 guidance to a
range of $2.35 per fully diluted share to approximately $2.70 per
fully diluted share, and sales from $505 million to $560
million.
This guidance is increased from prior guidance of $1.50 per
fully diluted share to approximately $1.90 per fully diluted share,
and sales from $470 million to $540 million on January 10, 2011 and
reiterated on February 24, 2011.
Joel P. Moskowitz, Ceradyne, Inc. Chairman, CEO and President,
commented: "We are comfortable in revising our 2011 guidance based
on several factors. First, we are experiencing increasing gross
margins. We believe this is due to higher volume efficiencies, an
improved sales mix, as well as firmer pricing in our industrial and
commercial markets. Secondly, the recent $56.6 million ESAPI award
and several potential additional armor opportunities increase the
probability of a substantial increase in military business compared
to 2010. We are also encouraged by the preliminary ballistic
results the military is achieving on our Enhanced Combat Helmet
(ECH) first article testing. Finally, the projected increased
industrial ceramic business in Europe and strong demand for our
high purity fused silica ceramic solar crucible lead us to project
continuing positive results throughout 2011."
About Ceradyne, Inc. Ceradyne develops, manufactures, and
markets advanced technical ceramic products and components for
defense, industrial, energy, automotive/diesel, and commercial
applications. In many high performance applications, products made
of advanced technical ceramics meet specifications that similar
products made of metals, plastics or traditional ceramics cannot
achieve. Advanced technical ceramics can withstand extremely high
temperatures, combine hardness with light weight, are highly
resistant to corrosion and wear, and often have excellent
electrical capabilities, special electronic properties and low
friction characteristics. Additional information about the Company
can be found at http://www.ceradyne.com.
Forward-Looking Statements Except for the historical information
contained herein, this press release contains forward-looking
statements regarding future events and the future performance of
Ceradyne that involve risks and uncertainties that could cause
actual results to differ materially from those projected. Words
such as "anticipates," "believes," "plans," "expects," "intends,"
"future," and similar expressions are intended to identify
forward-looking statements. These risks and uncertainties are
described in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2010 and its Quarterly Reports on
Form 10-Q as filed with the U.S. Securities and Exchange
Commission.
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