Ceradyne Inc. recently reported financial results for the fourth quarter and 12 months ended December 31, 2010. Sales for the fourth quarter of 2010 were $100.7 million, compared with $97.6 million in the fourth quarter of 2009. Net income for the fourth quarter of 2010 was $13.2 million, compared to net income of $14.1 million in the 2009 fourth quarter. Net income in the fourth quarter of 2010 was favorably impacted by a tax benefit of $7.4 million, which included $5.4 million from the settlement of a claim for reapportionment of state income taxes and a benefit of $2 million from acquisition and restructuring charges.
Gross profit margin was 32.8% of net sales in the fourth quarter of 2010, compared to 27% in the same period in 2009. Sales for the 12 months ended December 31, 2010, were $402.9 million, compared with $400.6 million in the same period last year. Net income for the period was $29.3 million, compared with net income in the prior year of $8.5 million.
“We are very pleased with our fourth quarter and full year 2010 financial performance,” said Joel P. Moskowitz, president and CEO. “It allowed us to meet our 2010 guidance and laid the groundwork for continuing growth in sales and earnings for 2011.”
For additional details, visit www.ceradyne.com