HARLEYSVILLE, Pa. (AP) ¿ Met-Pro Corp., which makes product recovery, pollution control and fluid handling equipment, said Friday that its second-quarter profit plunged by more than half, blaming weak demand from large project and industrial markets.
For the quarter ended July 31, Met-Pro earned $1.2 million, or 8 cents per share, down 56 percent from $2.7 million, or 18 cents per share, in the same quarter last year.
Sales dropped 26 percent to $20.9 million from $28.1 million, as sales at all four of the company's divisions decreased.
The results fell short of Wall Street predictions. Analysts polled by Thomson Reuters expected a profit of 13 cents per share on $24 million in revenue.Met-Pro said its large project and industrial markets continued to be weak during the recent quarter, with demand lagging general economic conditions. The company said it was also forced to absorb a larger amount of pension, health benefits and stock compensation expenses than it did during the prior-year period. Met-Pro shares added 21 cents to $10.70 in morning trading.