Cordant Technologies Inc., formerly known as Thiokol Corp., said Tuesday that it expects earnings for the quarter ended June 30 to exceed analysts' expectations of 90 cents per share by about 10 percent.
Based on preliminary data, the company said, its fiscal fourth quarter will exceed prior estimates and contribute to record earnings for the 1998 fiscal year. Final results will be released Aug. 4.Salt Lake City-based Cordant also said earnings from operations for calendar year 1998 are expected to be about 30 percent higher than they were in calendar year 1997. And it expects further earnings growth in 1999 of about 10 percent.
Cordant is moving to a Dec. 31 fiscal year from June 30 effective at the end of this year.
"We expect commercial aircraft revenues, which comprise approximately 35 percent of total revenues, to increase moderately through (calendar year) 1999," said James R. Wilson, Cordant chairman and chief executive. "Industrial markets served by Huck and Howmet should show top-line growth during the same period. . . . Finally, the Thiokol Propulsion business continues its excellent performance."