Ceradyne Inc. recently reported financial results for the fourth quarter and 12 months ended December 31, 2011. Sales for the fourth quarter of 2011 were $128.5 million, compared with $100.7 million in the previous year’s fourth quarter. Net income for the 2011 fourth quarter increased to $20.8 million, vs. net income of $13.2 million in the fourth quarter of 2010. Sales for the 12 months ended December 31, 2011, were $572 million, compared with $402.9 million for 2010. Net income was $83.9 million, vs. $29.3 million in the prior year.
“In general, we are very pleased with our fourth quarter performance and the 2011 full-year performance,” said Joel P. Moskowitz, president, CEO and chairman of the board. “Our diversification strategy of products, markets and geography demonstrated its relevance in 2011. As the year progressed, our solar business declined as the result of significant over-capacity and excessive inventory levels of our customers, particularly in China. Yet other areas of Ceradyne, such as defense, nuclear and industrial, showed additional strength, which allowed us to meet our internal goals and continue to implement our ‘Ceradyne $1 Billion’ strategy.”
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