LMI Aerospace, Inc. (LMIA) Tops Q2 EPS by 8c

LMI Aerospace, Inc. (NASDAQ: LMIA) reported Q2 EPS of $0.13, $0.08 better than the analyst estimate of $0.05. Revenue for the quarter came in at $105.9 million versus the consensus estimate of $99.6 million.

"We are extremely pleased with what has been accomplished in my first few months at LMI. We have signed four long-term contracts with our customers and we have won new work on the Boeing 787 and 737 MAX platforms," said Dan Korte, Chief Executive Officer of LMI Aerospace, Inc. "We have also received orders for fourteen 767 wing modification kits over current demand levels, which should generate $2.5 million of revenue later in 2014.

"In addition, we refinanced our credit facility with the issuance of $250 million in high-yield notes and modified our revolving credit agreement which now provides for a credit facility of up to $90 million. Our new debt structure provides us the financial flexibility that we believe will permit us to achieve our long-range strategic goals. We have taken actions that we believe will result in over $10.0 million in recurring annual costs savings. We are continuing to identify and implement additional cost savings initiatives. Further, the Company is on track to complete our refined strategy and operations plan later this year. The Company has also hired Joseph DeMartino as our new Chief Operating Officer, directing the Aerostructures segment. Overall, we could not be more pleased with the energy, ideas and execution demonstrated in our organization as we move forward to grow LMI," Korte said.

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

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