Passenger car sales climbed to 831000 units in April upfrom 604900

Passenger car sales climbed to 831,000 units in April, upfrom 604,900 units from a year earlier and 772,400 in March, datafrom the China Association of Automobile Manufacturers showed. OUTLOOK SEEN IMPROVING Analysts said the financial outlook of the industry mayimprove if steel and oil prices, which hovered at record highlevels for the first six to seven months of 2008, remain stable. “Beijing’s stimulus policies are having a longer-lastingeffect than expected,” said Qin Xuwen, an analyst with OrientSecurities. “As long as volume continues to grow, which is quitelikely given the records in March and April, and there is nosudden spike in commodity prices, bottom lines of automakers willimprove this year.” Qin expects SAIC’s earnings per share to jump to 0.4 yuanthis year from 0.10 yuan in 2008. Its previous year’s weakearnings were due in part to a whopping 3.08 billion yuan ($452million) in provisions made for its loss-making subsidiarySsangyong Motor Co (003620.KS). Changan Auto’s full-year earnings may also improve from an 89percent drop in the first quarter, he said, without providingspecific figures.

Sales at Changan’s car venture with Ford Motor(F.N) and Mazda Motor (7261.T) jumped a third in April.[ID:nSHA192988]Analysts are also counting on aggressive new model launchesby foreign automakers, which dominate the lucrative mid-to-highend segment, to bolster the bottom lines of their Chinese jointventure partners. General Motors GM.N, which makes sedans and minivans inChina in partnership with SAIC, will roll out at least five newmodels under the Buick and Chevrolet brands over the next two tothree years. [ID:nSHA265925] “Many foreign automakers are stepping up their new modeloffensives here as mature markets slump. That could be a big drawfor middle class buyers especially those eyeing their secondcars,” said Zhang Xin, an analyst with Guotai Junan Securities.

($1 = 6.82 yuan)(Additional reporting by Jacqueline Wong) Stocks China. ST LOUIS, May 8, 2009 (GLOBE NEWSWIRE) — LMI Aerospace, Inc. (Nasdaq:LMIA), aleading provider of design engineering services, structural components,assemblies and kits to the aerospace, defense and technology industries, todayannounced financial results for the first quarter of 2009.Net sales in the quarter ended March 31, 2009, were $64.0 million compared to$60.4 million in the quarter ended March 31, 2008, an increase of 6.0 percent.Net income for the first quarter of 2009 was $3.4 million or $0.30 per dilutedshare versus $4.5 million, or $0.40, per diluted share in the first quarter of2008. The results for the first quarter of 2009 include the operations of Intec,which was acquired in January 2009.

Earnings for the first quarter of 2009 werereduced by several unusual items, including $0.3 million for expenses related tothe acquisition of Intec, $0.2 million from the closing and disposition of ourTCA subsidiary, $0.4 million for severance and restructuring charges related towork force reductions, and $0.4 million from revaluation of a customer claim.The net after tax effect of these items on diluted earnings per share was $0.07.”In the March 2009 quarter, the effects of the Boeing labor strike abated by theend of January, inventory deferrals moderated, and engineering received from ourcustomers mid-quarter allowed us to invoice for tooling related to newdevelopment programs,” said Ronald S. Saks, President and Chief ExecutiveOfficer of LMI Aerospace, Inc. “The benefits of these positive changes wereoffset in part by reduced demand for large cabin Gulfstream aircraft because ofproduction rate cuts announced in March 2009 and by inventory reductionsassociated with these actions. We also continued to receive orders forcomponents and subassemblies for the Boeing 747-8 freighter model in the quarterand are beginning to receive orders on the passenger model in the second quarterof 2009. Large commercial aircraft benefited from higher salesof the Boeing 747 and 767 aircraft, which were partially offset by lower salesfor the Boeing 737. Increased sales for the Sikorsky Blackhawk and Boeing Apachecontributed to higher military products sales. The decline in technology saleswas due to the lower demand for semiconductor equipment components.Net sales for the Engineering Services segment for the first quarter of 2009 and2008 were as follows:Q1% ofQ1% of Category2009 Total2008Total ——————————- —————————– ($ in millions) Corporate and regional aircraft $4.923.6% $7.2 30.9% Large commercial aircraft9.646.1% 11.1 47.7% Military 5.827.9%3.5 15.0% Tooling0.5 2.4%1.56.4% —————————– Total $ 20.8 100.0$ 23.3100.0% =============================The decrease in sales was attributable mainly to having three fewer work days inthe first quarter of 2009 versus the year-ago quarter and lower customerovertime requirements.

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