Intermagnetics says Q4 earns up, sees growth ahead
LATHAM, NY, July 19 (Reuters) - Intermagnetics General Corp. (NasdaqNM:IMGC - news), which makes superconducting materials and other related refrigeration equipment, said on Thursday that its fiscal fourth-quarter profits rose about 24 percent, hitting the high end of Wall Street's estimates, fueled by strong product demand.
Intermagnetics General said net income for the three months ended May 27 rose to $2.6 million, or 16 cents per diluted share, from $2.1 million, or 14 cents per share, a year earlier.
Wall Street analysts polled by research firm Thomson Financial/First Call expected earnings of 15 cents to 16 cents a share, with an average estimate of 15 cents.
Net sales for the quarter rose to $39.7 million from $29.4 million a year earlier. Intermagnetics also said it would increase staffing and sees its facilities expanding.
The company said its 2002 full-year sales growth would be in the range of 17 percent to 18 percent, with earnings growth at the high-end of the 15 percent to 20 percent range.
Intermagnetics shares closed at $32.01 at the end of Wednesday trading on the NYSE. |
