UPDATE 2-LMI Aerospace Q1 results top Street, shares up
* Q1 EPS ex-items 37 cents vs 28 cents est
* Q1 net sales $64 mln vs $61.3 mln est
* Backs prior segment outlook
* Shares up 33 pct
(Recasts, adds analyst comments, share movement
May 8 (Reuters) - LMI Aerospace Inc (LMIA.O: Cotización), which makes parts for the aerospace and defense industries, posted better-than-expected quarterly profit, boosted by sales at its aerostructures segment, sending its shares up 33 percent.
"The beat is not surprising as expectations for the stock have plummeted throughout 2009, given macroeconomic headwinds, the downturn in aerospace and management's lowering of expectations," Jesup & Lamont analyst Alex Hamilton said in a note.
However, the analyst, who rates the stock "hold," said despite the successful quarter LMI will struggle throughout 2009 and 2010.
"The market environment is still challenging and we are working to cover anticipated future production rate cuts in 2010 with new program awards," Chief Executive Ronald Saks said in a statement. Continuación...