Met-Pro 2Q Profit Plunges 56 Pct On Weak Demand
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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV