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ATLANTA, Oct 26 (Reuters) - Ceradyne Inc (CRDN.O), a maker of ballistic armor, diesel engine parts and industrial bearings, reported an 8 percent fall in quarterly profit on Tuesday, but its shares rose 4 percent as it forecast earnings for 2011 above current Wall Street estimates.
The company, which has been diversifying its product line as orders for body armor have tapered off, said sales of solar products and a turnaround in its industrial ceramic business would aid 2011. It added its share of overall revenue tied to defense, now at 33 percent compared with 74 percent in 2007, would continue to fall in 2011.
Net income came to $4.5 million, or 18 cents a diluted share, for the third quarter, compared with $4.9 million, or 19 cents a share, a year earlier.
Analysts had expected profit of 22 cents a share, according to Thomson Reuters I/B/E/S.
Quarterly net sales fell 15 percent to $91.8 million. The company said new orders in the quarter rose to $110.8 million from $100.5 million a year before.
Ceradyne stood by a prior forecast calling for profit per share this year of 80 cents to $1.18 and projected 2011 EPS of $1.35 to $1.75.
Analysts on average have expected per-share profit of 94 cents for this year and $1.29 for 2011.
Shares of Ceradyne were up 95 cents, or 4 percent, to $25.01 in morning Nasdaq trading. (Reporting by Karen Jacobs, editing by Gerald E. McCormick)
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| NA4909R KOYO | 68 | 22 | |
| NA5912 KOYO | 85 | 34 |