* Q2 EPS $0.29 vs est $0.30
* Cuts FY rev view to $233 mln-$242 mln
* Q2 aerostructures sales down 5 pct
* Shares plunge about 21 pct
Aug 6 LMI Aerospace Inc (LMIA.O) posted a
quarterly profit that lagged market expectations, hurt by
falling demand from key customer Boeing (BA.N), and cut its
2010 revenue forecast, sending its shares down as much as 21
LMI said lower expectations for sales to military
helicopter makers and delays in certain military projects would
hurt 2010 sales at its key aerostructures segment.
The aerostructures segment, which contributed 68 percent to
LMI's second-quarter revenue, makes winglets for the Boeing 767
aircraft and parts for other aircraft makers.
LMI cut its full-year sales forecast to between $233
million and $242 million, from $238 million to $250 million.
Analysts expect revenue of $245.6 million, according to
Thomson Reuters I/B/E/S. [ID:nWNAB4794]
For the second quarter, net income was $3.3 million, or 29
cents a share, compared with $3.2 million, or 28 cents a share,
a year ago.
Revenue fell 11 percent to $55.9 million.
Analysts were looking for a profit of 30 cents on revenue
of $60.3 million.
"Aerostructures revenue for the second quarter of 2010 was
below expectations, primarily because of lower pulls of
military product, delays in new product awards from a military
customer, and delays in transfer of work statement from a new
customer," Chief Executive Ronald Saks said.
Aerostructures sales fell 5 percent to $38.2 million, while
engineering services sales declined 20 percent to $18 million.
The company said weak demand for Boeing 767 winglets hurt
aerostructures sales, while declining demand for services for
Boeing commercial aircraft platforms and the Sikorsky CH-53
helicopter dragged down engineering services revenue.
Shares of St Louis-based LMI were down 18 percent at $14.75
in midday trade on Nasdaq. They touched a low of $14.26 earlier
in the day.
(Reporting by Tenzin Dekeva in Bangalore; Editing by Don
Sebastian and Maju Samuel)