Ceradyne Inc. (CRDN, Financial) filed Quarterly Report for the period ended 2012-09-30.
Ceradyne, Inc. has a market cap of $846.3 million; its shares were traded at around $34.85 with a P/E ratio of 18.8 and P/S ratio of 1.5. The dividend yield of Ceradyne, Inc. stocks is 1.7%. Ceradyne, Inc. had an annual average earning growth of 23.7% over the past 10 years.
On a constant currency basis, sales for the nine months ended September 30, 2012 were $120.9 million, a decrease of $5.0 million, or 4.0%, from the corresponding prior year period. Sales declined for the reasons stated above. Sales of industrial products for the nine months ended September 30, 2012 were $60.7 million, a decrease of $10.4 million, or 14.5%, from $71.1 million in the corresponding prior year period. Sales of defense products for the nine months ended September 30, 2012 were $22.7 million, an increase of $1.2 million, or 5.7%, from $21.5 million in the corresponding prior year period. Included in sales of defense products for the nine months ended September 30, 2012 were inter-segment sales of $16.4 million compared to $14.5 million in the prior year period. The increase of $1.9 million in inter-segment sales was due to an increase in demand for boron carbide powder used in body armor plates manufactured by our Advanced Ceramic Operations division. Sales of automotive/diesel products for the nine months ended September 30, 2012 were $20.7 million, a decrease of $1.8 million, or 8.1%, from $22.5 million in the corresponding prior year period. Lower demand from European automotive original equipment manufacturers accounted for the decrease in sales.
During the three months ended September 30, 2012, the decrease in sales at our Thermo Materials segment was due to lower shipments of crucibles to the solar energy market, partially offset by increased shipments of ceramic missile radomes to the defense industry. Sales of crucibles used in the manufacture of photovoltaic cells for the three months ended September 30, 2012 were $3.9 million, a decrease of $11.4 million, or 74.4%, from $15.3 million in the corresponding period a year ago. The decrease was due to the continuing slowdown of demand in the solar energy market due to a reduction of government subsidies for the installation of solar panels and a buildup of inventories of solar cells and solar wafers in end market distribution channels. Sales to the defense industry for the three months ended September 30, 2012 were $4.5 million, an increase of $1.9 million, or 74.0%, from $2.6 million when compared to the corresponding prior year period due to increased sales of ceramic missile radomes.
Our Boron business segment comprises the business units Ceradyne Boron Products, SemEquip, Inc. and Ceradyne Canada. The reason for the decrease in sales in this segment for three months ended September 30, 2012 were lower sales to the nuclear industry. Sales to the nuclear industry were $4.7 million, a decrease of $5.5 million, or 53.7%, from $10.2 million in the corresponding period last year. Of the $5.5 million decrease in sales to the nuclear industry, $4.7 million originated from our Ceradyne Canada business unit. Offsetting this was an increase in shipments by $1.3 million to the semiconductor industry.
For the nine months ended September 30, 2012, sales to the nuclear industry were $20.8 million, a decrease of $1.8 million, or 8.2%, from $22.6 million in the corresponding period last year and sales by our SemEquip business unit were $144,000, a decrease of $2.6 million, or 94.8%, from $2.8 million. Partially offsetting this decrease was an increase in sales of $1.1 million to the semiconductor industry.
Read the The complete Report
Ceradyne, Inc. has a market cap of $846.3 million; its shares were traded at around $34.85 with a P/E ratio of 18.8 and P/S ratio of 1.5. The dividend yield of Ceradyne, Inc. stocks is 1.7%. Ceradyne, Inc. had an annual average earning growth of 23.7% over the past 10 years.
Highlight of Business Operations:
On a constant currency basis, sales for the three months ended September 30, 2012 were $36.5 million, a decrease of $3.4 million, or 8.6%, from the corresponding quarter of the prior year. The major factor causing the decrease in sales was weakness in the European economy which impacted all product lines except the PetroCeram® ceramic sand screens whose sales increased by $0.2 million. Sales of industrial products for the three months ended September 30, 2012 were $18.7 million, a decrease of $3.8 million, or 16.8%, from $22.5 million in the corresponding quarter of the prior year. Sales of defense products for the three months ended September 30, 2012 were $5.4 million, a decrease of $0.8 million, or 12.7%, from $6.2 million in the corresponding quarter of the prior year. Included in sales of defense products for the three months ended September 30, 2012 were inter-segment sales of $3.8 million compared to $2.9 million in the prior year. Sales of automotive/diesel products for the three months ended September 30, 2012 were $6.5 million, a decrease of $1.2 million, or 15.5%, from $7.7 million in the corresponding quarter of the prior year.On a constant currency basis, sales for the nine months ended September 30, 2012 were $120.9 million, a decrease of $5.0 million, or 4.0%, from the corresponding prior year period. Sales declined for the reasons stated above. Sales of industrial products for the nine months ended September 30, 2012 were $60.7 million, a decrease of $10.4 million, or 14.5%, from $71.1 million in the corresponding prior year period. Sales of defense products for the nine months ended September 30, 2012 were $22.7 million, an increase of $1.2 million, or 5.7%, from $21.5 million in the corresponding prior year period. Included in sales of defense products for the nine months ended September 30, 2012 were inter-segment sales of $16.4 million compared to $14.5 million in the prior year period. The increase of $1.9 million in inter-segment sales was due to an increase in demand for boron carbide powder used in body armor plates manufactured by our Advanced Ceramic Operations division. Sales of automotive/diesel products for the nine months ended September 30, 2012 were $20.7 million, a decrease of $1.8 million, or 8.1%, from $22.5 million in the corresponding prior year period. Lower demand from European automotive original equipment manufacturers accounted for the decrease in sales.
During the three months ended September 30, 2012, the decrease in sales at our Thermo Materials segment was due to lower shipments of crucibles to the solar energy market, partially offset by increased shipments of ceramic missile radomes to the defense industry. Sales of crucibles used in the manufacture of photovoltaic cells for the three months ended September 30, 2012 were $3.9 million, a decrease of $11.4 million, or 74.4%, from $15.3 million in the corresponding period a year ago. The decrease was due to the continuing slowdown of demand in the solar energy market due to a reduction of government subsidies for the installation of solar panels and a buildup of inventories of solar cells and solar wafers in end market distribution channels. Sales to the defense industry for the three months ended September 30, 2012 were $4.5 million, an increase of $1.9 million, or 74.0%, from $2.6 million when compared to the corresponding prior year period due to increased sales of ceramic missile radomes.
Our Boron business segment comprises the business units Ceradyne Boron Products, SemEquip, Inc. and Ceradyne Canada. The reason for the decrease in sales in this segment for three months ended September 30, 2012 were lower sales to the nuclear industry. Sales to the nuclear industry were $4.7 million, a decrease of $5.5 million, or 53.7%, from $10.2 million in the corresponding period last year. Of the $5.5 million decrease in sales to the nuclear industry, $4.7 million originated from our Ceradyne Canada business unit. Offsetting this was an increase in shipments by $1.3 million to the semiconductor industry.
For the nine months ended September 30, 2012, sales to the nuclear industry were $20.8 million, a decrease of $1.8 million, or 8.2%, from $22.6 million in the corresponding period last year and sales by our SemEquip business unit were $144,000, a decrease of $2.6 million, or 94.8%, from $2.8 million. Partially offsetting this decrease was an increase in sales of $1.1 million to the semiconductor industry.
Read the The complete Report
