DALLAS (AP) ¿ PMFG Inc., owner of Peerless Manufacturing Co., said Monday it turned a profit in its fiscal fourth quarter as cost cutting and improved efficiency more than offset a slight decline in sales.
For the three months ended June 30 the company earned $2.6 million, or 20 cents per share, compared to a loss in the year-earlier period of $1.4 million, or 11 cents per share.
Analysts polled by Thomson Reuters expected, on average, earnings per share of 5 cents.
Sales slipped to $37.6 million from $40.9 million. Analysts expected revenue of $37 million."In the natural gas, refining, petrochemical and power markets, lower capital spending, reduced demand, and delayed purchases resulted in lower revenues and orders during the fourth quarter of fiscal year 2009," CEO Peter J. Burlage said in a statement. "We continued to control spending, drive productivity improvements and generate synergies across our operations." For all of fiscal 2009, PMFG earned $2.9 million, or 22 cents per share, compared with $8.4 million, or 64 cents per share, in the previous fiscal year. Sales rose to $158 million from $140.5 million. Peerless Manufacturing makes industrial filtration and silencing equipment used by petroleum refineries, power plants and shipbuilders.