Pollution control systems maker Met-Pro Corporation (MPR) Friday reported a sharp decline in net profit for the third quarter that also missed Street view, primarily due to lower net sales resulting from the slowdown in global economic activity that began last year.
For the third quarter, the Harleysville, Pennsylvania-based company's net earnings were $1.02 million or $0.07 per share compared to $3.01 million or $0.20 per share in the prior-year period.
On an average, three analysts polled by Thomson Reuters expected Met-Pro to earn $0.12 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter declined to $19.81 million from $27.98 million in the third quarter of fiscal 2008. Analysts expected the company to generate revenues of $22.64 million for the quarter.
On a segmental basis, sales from product recovery/pollution control technologies was $9.01 million versus $13.86 million in the prior year, sales from fluid handling technologies slumped to $5.78 million from $8.21 million in the 2008-year period. Sales from Mefiag filtration technologies was $2.50 million compared to $2.81 million, and sales from filtration/purification technologies fell to $2.51 million from $3.09 million a year ago.
During the three-month period, selling expenses slipped to $2.37 million from $3.14 million, and general and administrative costs were $2.77 million versus $2.95 million in the corresponding period prior year. Met-Pro had tax provisions of $0.52 million in the quarter compared to a provision of $1.17 million in last year.
The company's new orders in the quarter were $25.5 million, up 31% sequentially from its second quarter. Met-Pro stated that recovery in new orders is being led by an improvement in large project bookings within its product recovery/pollution control technologies segment, which totaled $5.5 million in the third quarter.
Commenting on the results, chairman and chief executive officer Raymond De Hont said, "Results in the quarter reflect the lagging effect on both net sales and earnings from the slowdown in global economic activity that began last year."
For the nine-month period, net income plummeted to $3.16 million or $0.22 per share from $7.64 million or $0.50 per share in the 2008-year period. Year-to-date net sales were $60.33 million versus $78.78 million in the same period last year.
In October, Met-Pro had declared a quarterly dividend of $0.06 per share, payable on December 11, 2009 to shareholders of record at the close of business on November 27, 2009.
In Friday's regular trading session, MPR is currently trading on the New York Stock Exchange at $9.40 per share up $0.06 or 0.64% on a volume of 25,437 shares. In the past 52-week period, the shares have been trading in a range of $5.88 to $13.78.
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