LMI Aerospace (LMIA) Reports In-Line Q3 EPS; Issues Solid FY17 Rev Outlook

November 7, 2016 7:05 AM EST
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LMI Aerospace (NASDAQ: LMIA) reported Q3 EPS of $0.02, in-line with the analyst estimate of $0.02. Revenue for the quarter came in at $89.7 million versus the consensus estimate of $88.63 million.

GUIDANCE:

LMI Aerospace sees FY2016 revenue of $345-355 million, versus the consensus of $348.73 million.

LMI Aerospace sees FY2017 revenue of $370-400 million, versus the consensus of $372.68 million.

“We improved third quarter sales, operating profit and net income over the previous three quarters,” said LMI Aerospace Chief Executive Officer Dan Korte. "We also recently announced the delivery of our first Honda Jet aileron and flap assemblies in the quarter. These results demonstrate progress toward our strategic goals. We took another step toward achieving our long-term growth plans by winning an additional $85,000 per shipset in content on the Boeing 777X. With these latest wins, LMI now has more than $135,000 of new content on this platform, and we continue to pursue other 777X opportunities.

“We remain on track to close our Wichita sheet-metal operation by the end of the year. Additionally, we retired $10 million of higher-interest notes during the quarter as we work to strengthen the balance sheet and reduce interest expense. These actions support ongoing efforts to improve bottom line results and drive higher shareholder returns, even as we continue preparing for production ramp-ups with our latest investments to expand machining capacity in Fredonia."

For earnings history and earnings-related data on LMI Aerospace (LMIA) click here.



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