Monday, PMFG Inc. (PMFG) said its fourth-quarter GAAP net earnings were $2.63 million or $0.20 per share versus a loss of $1.41 million or $0.11 per share in the prior year. However, non-GAAP net earnings, excluding the expenses related to the fair value adjustments of Nitram's backlog and inventory, for the quarter rose to $2.64 million or $0.20 per share from $1.92 million or $0.15 per share a year ago. On average, 3 analysts polled by Thomson Reuters expected earnings per share of $0.05 . Analysts' estimate typically excludes one-time items.
Revenues for the fourth quarter of 2009 declined to $37.59 million from $40.93 million in the comparable period. Three analysts estimated revenues of $36.97 million for the quarter. Based on the company's recent order pattern and a review of customer and channel activity, PMFG said it expects to continue to see reduced activity levels year over year for most of its major end markets for the first half of fiscal year 2010.
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