Costa Mesa-based Ceradyne Inc. reported better than expected first-quarter sales and profits on Tuesday.
The company, which makes industrial ceramics used in bulletproof vests for soldiers and military vehicles, reported a profit of $6.9 million excluding investment losses.
That was up from a profit of $700,000 a year earlier and topped the $4.6 million expected on average by Wall Street analysts.
Revenue came in at $110 million, up 10% from a year earlier and beating the $95 million expected by Wall Street.
Ceradyne, which is looking to diversify as sales of body armor fall, saw a big shift in sales in the quarter.
Body armor sales made up about 30% of revenue, down from about half in 2009. Newer lines of business in the solar, industrial and oil and gas markets provided the bulk of sales.
“Our goal of a more balanced, diversified product line with increasing levels of non-defense products while maintaining our military products at a reduced level from prior years is falling into place,” Chief Executive Joel P. Moskowitz said.
Ceradyne reiterated its 2010 guidance offered in February.
The company said it expects a yearly profit of $15.4 million to $26.9 million. Analysts on average expect a 2010 profit of $20 million.
Sales are seen coming in at $380 million to $430 million. Wall Street projects $386 million in 2010 sales.
