While they put a generally positive spin on things during the call, afterwards I was somewhat bothered by the feeling that for all three major programs, they kept running into big problems and having to redesign things, etc., sounding lost in their fog. I would not be surprised if at the next call, they were saying something like 'we were not profitable due to continued delays in getting these programs actually running, but hey the future is rosy.'
Yea, I am a little worried about that, too. I would have been a lot more comfortable if they had said "we've done these large programs before, and while they typically have issues that come up, the issues we're seeing on the three new programs are within the normal range of issues that can be expected for a program this complex".
That said, based on past calls, they have been careful to only promise what they have been able to deliver. I think the hesitation and murky outlook reflects their typical conservative approach to these calls.
The worst case scenario that I see would be the one you suggestd where they would say 'we were not profitable this quarter due to continued delays.." In that case, I still feel like the only downside would be an additional quarter of delay in what I think will be an impressive ramp in both revenue and profits. I've been here long enough that an addition quarter of waiting doesn't bother me.