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BAE lifts 2008 outlook on demand for armored cars
By Mark Potter Fri Aug 1, 4:41 AM ET
LONDON (Reuters) - BAE Systems, fastest cars in the world Europe's biggest defense company, 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 British firm said earnings before interest, tax and amortization (EBITA) leapt 26 percent to 881 million pounds ($1.75 billion) in the six months to June 30.
Excluding a 61 million pound profit on the certified used cars in milwaukee disposal of its surveillance and attack business, this beat analysts' average romano cars 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 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 old school cars was driven by a 29.5 percent rise in sales, excluding acquisitions, of armored cars -- classic cars for sale california particularly pink cars sale mine-resistant ambush-protected (MRAP) vehicles.
"We have a lot of long-term ebay classic cars business in that sector, but clearly we are benefiting from current operations in Iraq and Afghanistan," he told reporters.
BAE, the world's third-biggest defense company, said its order book stood at neighborhood electric cars 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 cars black book price currently forecasting BAE to report full-year EBITA of 1.76 billion pounds, according to a company hpi rc cars 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.
"(But) the lackluster top-line performance coupled with the overhang of the DoJ (U.S. Department of Justice) investigation is likely to somewhat offset the increased guidance," they said, keeping an "equal-weight" rating on BAE shares.
PROSPECTS
BAE is being investigated in the United States over corruption allegations dnk used cars hallowell maine stemming from a Saudi arms deal in the 1980s. A similar investigation in Britain was halted on fears that Saudi Arabia might stop sharing anti-terrorism intelligence if the gm cars and trucks probe continued. BAE chevy cars has always denied any wrongdoing.
At 0855 GMT, BAE shares colorado springs used cars were up 0.8 percent at 453.75 pence, outperforming a 0.6 percent fall on the UK's FTSE-100 index of leading shares and valuing the company at about 16 billion pounds.
Turner said BAE was looking to expand its six so-called "home markets" of Australia, Britain, Saudi Arabia, nascar driver cars South Africa, Sweden and the United States, crumple zones in cars with a particular focus on India, and South Korea and Japan.
"We see those three in particular as markets we'd cars under dollars like to exotic cars for sale add to our home market list," he said on a conference call.
Turner was also relaxed about homemade cars the prospects for U.S. defense spending under used cars clarksburg wv either U.S. presidential hopeful John McCain or Barack Obama.
"The U.S., whether it's McCain or Obama, are determined to maintain national security (and) their role in the world. defense spending will stay at very, very high levels."
BAE, which also makes howitzers, bridge-laying vehicles and honda cars of henderson self-propelled artillery, proposed an interim dividend of 5.8 pence a share, up from 5 pence the same time last year.
(Editing by Will Waterman; editing by Sue Thomas)
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