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The California-based company, which has operations in Lexington that include production of body armor for the military, reported a profit of $4.94 million, down 74 percent from $18.82 million in the same period last year.
Earnings per share were 19 cents in the quarter, compared to 71 cents a year ago.
The most recent quarter's performance did include a one-time charge of 7 cents a share from losses on auction-rate securities.
The company's sales in the quarter were $108 million, down from $167.7 million a year ago.
Ceradyne executives reduced their earnings guidance for the full 2009 year, saying they now expect the company to earn 60 cents a share compared to previous guidance of 70 cents a share. Revenue was revised downward to a range of $410 million to $415 million from a previous range of $420 million to $440 million.
"Although lightweight ceramic body armor programs declined significantly in 2009, we believe that in 2010, body armor along with other defense programs will reach a sustainable level," chief executive Joel P. Moskowitz said in a statement.
The company also established what executives called a "wide range" for its 2010 guidance "because of the uncertainty concerning some of our programs."
Sales in 2010 are expected to be $380 million to $430 million, and earnings are expected to be 60 cents to $1.05 a share.
Reach Scott Sloan at (859) 231-1447 or 1-800-950-6397, Ext. 1447.
To see more of the Lexington Herald-Leader, or to subscribe to the newspaper, go to http://www.kentucky.com. Copyright (c) 2009, The Lexington Herald-Leader, Ky. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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