Aeroflex tops consensus, shares soar
By Barbara C. Costanza, CBS.MarketWatch.com
Last Update: 5:00 PM ET Feb 1, 2001
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PLAINVIEW, N.Y. (CBS.MW) -- Aeroflex Inc. shares soared 24 percent Thursday after the company posted better-than-expected earnings for its fiscal 2001 second quarter.
The maker of microelectronic equipment for broadband applications (ARXX) posted second-quarter earnings of $6.6 million, or 11 cents a share, up from $1 million, or 2 cents a share, earned in the same quarter last year.
The latest profit excludes a one-time charge taken for in-process research and development gained in a recent acquisition, according to Aeroflex. Analysts polled by First Call had expected a profit of 9 cents a share.
Sales jumped to $58.5 million, up from $41.9 million last year, as Aeroflex's operating profit as a percentage of sales widened to 16.3 percent from the prior year's 5.7 percent.
Aeroflex said it continues to benefit from strong bookings and a "robust" backlog of business, reflecting in part the launch of new products.
The top-line results for the latest quarter equated to 16 percent on a sequential basis, better than the company's target of 13 percent announced in early January.
"We are well positioned to expect a strong second half of the fiscal year," said Michael Gorin, the Long Island, N.Y.-based company's president, in a statement.
Shares rose $6.27 to close at $32.27.
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Barbara C. Costanza is earnings editor of CBS.MarketWatch.com, based in Los Angeles. |
