Costa Mesa-based defense contractor Ceradyne Inc. said Monday it expects 2009 profits to meet or exceed its prior projections but sees revenue falling short.
Ceradyne now sees profits before charges coming in higher than the $15.4 million it forecast in October, when it lowered guidance.
The company expects to see $14 million in charges for the year from restructuring costs and lower valuations of assets.
Ceradyne, which makes ceramic body armor for soldiers, has been cutting costs for the past year or so.
2009 sales are seen coming in below Ceradyne’s October projection.
The company now forecasts $401 million in revenue for last year, versus a prior expectation of $410 million to $415 million.
The company blamed the lower revenue outlook on the Pentagon’s recently revised ceramic body armor testing and inspection procedures.
The changes resulted in about $8 million worth of body armor set to ship in the fourth quarter being pushed back to 2010, according to Ceradyne.
Even with the shift, the company didn’t revise its outlook for 2010.
The company expects sales of $380 million to $430 million with earnings of $15.5 million to nearly $27.1 million for this year.
Ceradyne is set to host an investor and analyst conference Monday to review its ongoing bid to diversify.
Defense sales made up half of the company’s $303 million in sales for the first nine months of 2009.
The company has moved into solar, industrial and oil and gas emerging markets.
Joel Moskowitz, Ceradyne’s chief executive, and Jerrold Pellizzon, its chief financial officer, are set to make presentations, which are set to broadcast over the Internet.
