Ceradyne 2Q profit falls, shares rise

COSTA MESA, Calif. - Ceradyne Inc., a maker of ceramics for military armor and industry, said Friday its second-quarter profit fell 13.3 percent, and it narrowed its guidance. The company said it earned $33.2 million, or $1.25 per share, for the period that ended June 30. During the same period last year, it earned $38.3 million, or $1.38 per share. Revenue fell slightly to almost $185 million from about $185.4 million during last year's second quarter. Analysts surveyed by Thomson Financial were expecting a profit of $1.13 per share on revenue of $179.7 million. Ceradyne said it now expects to ship its new XSAPI/ESAPI body armor during the fourth quarter. At the same time, it said it now believes it will not ship any armor for the BULL combat vehicle. So it narrowed its 2008 guidance to a profit of $4.70 to $4.80 per share... [read full story]