UPDATE 1-Force Protection Q1 profit tops Street view

lunes 11 de mayo de 2009 14:46 CEST

* Q1 EPS $0.11 vs est $0.08

* Q1 sales more than halved

May 11 (Reuters) - Defense contractor Force Protection Inc (FRPT.O: Cotización) posted a higher-than-expected quarterly profit, helped by increased exposure to the higher-margin service and support business.

First-quarter net income rose to $7.4 million, or 11 cents a share, from $7.0 million, or 10 cents a share, a year ago.

Net sales more than halved to $184.7 million during the period, as there were no vehicle pass-through sales from General Dynamics Land Systems.

Sales in the year-ago quarter included $196.4 million of pass-through sales from General Dynamics Land Systems.

The company has a joint venture with General Dynamics (GD.N: Cotización), where all General Dynamics revenue for the Cougar variant of the mine-resistant vehicles show in Force Protection income statement, but is essentially a pass-through.

Analysts were expecting earnings of 8 cents a share, before special items, on revenue of $138.8 million, according to Reuters Estimates.

Force Protection shares closed at $7.51 Friday on Nasdaq. (Reporting by Dhanya Ann Thoppil in Bangalore; Editing by Anne Pallivathuckal)