Wednesday, Altra Holdings Inc. (AIMC), reported a wider loss for the fourth quarter, hurt by lower revenues and non-recurring charges. Further, the company issued financial guidance for fiscal 2009.
The Braintree, Massachusetts-based company reported a net loss for the fourth quarter of $20.7 million or $0.81 per share, wider than $1.4 million or $0.06 per share in the same quarter last year.
Recurring net income for the quarter was $8.8 million or $0.34 per share, compared to $5.7 million or $0.22 per share in the prior year quarter.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.22 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter decreased 4% to $144.8 million from $150.9 million in the comparable quarter last year. Analysts expected the company to report revenue of $147.84 million for the quarter.
The company recorded a goodwill impairment charge of $31.81 million for the fourth quarter of 2008. There were no such charges recorded in the previous year quarter.
For the full year, net income was $6.49 million or $0.25 per share, compared to $11.46 million or $0.47 per share last year.
Net sales for the full year increased to $635.34 million from $584.38 million a year ago.
Analysts were looking for earnings of $1.33 per share on revenues of $638.35 million for fiscal 2008.
Looking ahead to the fiscal year 2009, the company expects sales in the range of $460 million - $500 million and recurring EPS in the range of $0.25 - $0.45.
Analysts currently expect the company to earn $1.33 per share on revenue of $638.35 million for the full year.
AIMC closed Wednesday's regular trading session at $5.02, up $0.07 or 1.41%. Further, the stock gained $0.02 or 0.40% in the after-hour trade.
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