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Ceradyne Posts Second Quarter Sales Increase

July 27, 2011
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Ceradyne Inc. recently reported financial results for the second quarter and six months ended June 30, 2011. Sales for the second quarter were $145.4 million, compared with $100.4 million in the previous year’s second quarter. Net income increased to $19.1 million, vs. net income of $6.6 million in the second quarter of 2010.

Sales for the six months ended June 30, 2011, were $295.5 million, compared with $210.5 million in the same period last year. Net income for the six months ended June 30, 2011, was $42.7 million on 25,171,897 shares, compared to net income of $11.6 million on 25,575,889 shares in the prior year period.

“As stated above, management remains comfortable with, and reiterates its guidance for the full year 2011 of a range of $3.10 to $3.50 fully diluted earnings per share, and a range of $570 million to $600 million in sales as announced by the company on April 26, 2011,” said Joel P. Moskowitz, president, CEO and chairman of the board. “Although we experienced somewhat less than expected shipments of photovoltaic-related ceramic crucibles in Q2 and anticipate some reduction in crucible shipments from our original plan for the last half of 2011, the recently announced $36.2 million ESAPI ceramic body armor award, along with continued strength in other parts of Ceradyne, are anticipated to allow us to meet our guidance.”

For more information, visit www.ceradyne.com.

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