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BAE lifts 2008 outlook on demand for armored cars
Reuters - Saturday, August 2
By Mark Potter
LONDON - BAE Systems, Europe's biggest defense company, long distance mousetrap cars lifted 2008 earnings expectations on Friday as it beat first-half forecasts, boosted by strong demand for armored vehicles for war zones in Iraq and Afghanistan.
The vw based kit cars British firm said earnings saturn cars before mousetrap cars interest, tax and amortization leapt 26 percent to 881 million pounds in the six months to June 30.
Excluding a 61 million pound profit on the disposal of its surveillance and attack business, this beat analysts' average forecast of 796 million pounds, according to a company poll.
However, a 12 percent rise in sales to 7.75 billion pounds was below some analysts' forecasts, held back by a 19 percent drop in sales at hot grils and hot cars the firm's Programs & Support business due to a transition on its Typhoon fighter jets program.
Chief Executive Mike Turner, who will be succeeded by Chief Operating Officer Ian King next month, said demand was driven by a 29.5 percent rise in quotes about muscle cars sales, excluding acquisitions, of armored cars -- particularly mine-resistant ambush-protected vehicles.
"We have a lot of long-term business in that sector, but clearly we are benefiting from current operations in Iraq and Afghanistan," he told reporters.
BAE, the world's used cars in my area third-biggest defense company, said its order book stood at a record 41.1 billion pounds, up from 31.7 billion the same time last year, and Finance Director George Rose expected analysts to lift their 2008 profit forecasts.
Analysts are currently forecasting BAE to report full-year EBITA of dirt race cars for sale 1.76 billion pounds, according to a company poll.
Morgan Stanley analysts said BAE shares looked attractive versus their U.S. peers, trading at 12.1 times forecast earnings against a U.S. sector average of 14.8 times.
" the lackluster top-line performance coupled with the overhang of the DoJ investigation is likely to somewhat offset the used cars nashville increased guidance," they said, keeping an "equal-weight" rating on BAE shares.
PROSPECTS
BAE is being investigated in the United States nitro powered rc cars over corruption allegations stemming from a Saudi arms deal in the 1980s. A similar investigation in Britain was halted on fears that aerodynamics of rc cars Saudi Arabia might stop sharing anti-terrorism intelligence if the probe continued. BAE has always denied any wrongdoing.
At 0855 GMT, hayabusa powered cars BAE shares were up 0.8 oldsmobile cars percent at 453.75 pence, outperforming a 0.6 percent fall on cars new the UK's FTSE-100 index of leading shares and valuing the company at about 16 billion hybrid rental cars pounds.
Turner said BAE was looking to expand its six so-called "home markets" of Australia, Britain, Saudi Arabia, South Africa, Sweden and the United States, with a particular focus on India, and South Korea and Japan.
"We see those three in particular as markets we'd like to add to our home market list," he said on a conference call.
Turner was also relaxed about the prospects for U.S. defense spending under either U.S. used cars ireland presidential hopeful John McCain or Barack Obama.
"The U.S., whether it's McCain or Obama, are determined to maintain national security their role in the world. defense spending will stay at very, very high levels."
BAE, which also makes howitzers, bridge-laying vehicles and self-propelled artillery, proposed an interim dividend used cars joliet illinois of 5.8 pence a share, up from 5 pence the same time last year.
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