Wednesday, Lufkin Industries Inc.'s (LUFK) third-quarter net earnings plummeted significantly to $4.99 million or $0.34 per share from $24.81 million or $1.65 per share last year.
Earnings from continuing operations for the recent quarter fell to $5.05 million or $0.34 per share from $24.96 million or $1.66 per share in the comparable period. On average, 3 analysts polled by Thomson Reuters expected earnings per share of $0.20. Analysts' estimate typically excludes one-time items.
Sales for the three months ended September 30, 2009 slid about 40% to $117.69 million from $195.09 million in the preioe year period.
Additionally, the company noted that as a result of the poor order intake in Power Transmission in the first quarter of this year, and its inability to book short delivery orders to fill capacity in this division during the second and third quarters, financial results will be negatively affected by reduced revenues and the deleveraging of fixed overhead in the fourth quarter.
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