UPDATE 1-LMI Aerospace Q3 lags Street, sees 2010 rev above mkt
* Q3 EPS $0.25 vs est $0.29 * Sales fall 5 pct
* Backs outlook for 2009
* Sees 2010 rev at $255 mln-$270 mln vs est $253.8 mln
* Says engineering services segment cut headcount
Nov 6 (Reuters) - LMI Aerospace Inc (LMIA.O) posted lower-than-expected quarterly profit, hurt mainly by low demand for engineering services, but guided 2010 sales above estimates.
The company, which makes parts for the aerospace and defense industries, said declines in demand for engineering services for Boeing's 747-8 and Gulfstream's G650 resulted from reduced revenue in large commercial and corporate aircraft.
LMI forecast 2010 net sales in the range of $255 million to $270 million. Analysts on average were expecting revenue of $253.8 million, according to Thomson Reuters I/B/E/S.
New military and large commercial aircraft awards in 2009, especially the Boeing 747-8 and 777 models, and increased shipset value received on the Gulfstream G650, should provide steadily growing revenue in 2010, Chief Executive Ronald Saks said in a statement.
For the third quarter, net income was $2.8 million, or 25 cents a share, compared with $5.2 million, or 46 cents a share, a year ago.
Revenue fell 5 percent to $58.7 million.
Analysts on average expected earnings of 29 cents a share, before special items, on revenue of $62.8 million, according to Thomson Reuters I/B/E/S.
Shares of the company were up 2 percent at $11.61 Friday morning on Nasdaq. (Reporting by Divya Sharma in Bangalore; Editing by Unnikrishnan Nair)
