LMI Aerospace shares rise after Q3 results top estimates
Nov 6 (Reuters) - Shares of LMI Aerospace Inc (LMIA.O), which provides parts to the aerospace and defense industries, rose as much as 17 percent, a day after the company posted better-than-expected quarterly profit and reaffirmed its 2009 outlook.
The company, however, withdrew its 2008 guidance, saying the Boeing strike had caused uncertainty in demand. It expects to update the forecast in December.
Boeing Co's assembly workers recently ended a 57-day strike that had stopped production at the plane maker's Seattle plant.
The strike could have a significant impact on fourth-quarter results, including a rise in inventory through the end of the year, Wachovia analyst Gary Liebowitz said in a note to clients.
The company was positive for 2009 and said it expects its major programs, including new winglet work on the Boeing 767 and other large commercial transport and military products, to maintain or increase existing production rates through the year.
Shares of the company were up nearly $1.30 to $15.89 in afternoon trade on Nasdaq.
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