NEW YORK (TheStreet) -- Shares of Flow International (FLOW) leapt in late trades on Thursday after the maker of waterjet machines posted a much better than anticipated profit for its fiscal second quarter.
The Kent, Wash.-based company said it earned $2.8 million, or 6 cents a share, for the three months ended Oct. 31 on revenue of $64.5 million, up 22% from last year's equivalent period. The performance bested the average estimate of analysts polled by Thomson Reuters for a profit of a penny per share in the quarter on revenue of $60.4 million.
The company, whose machines are used for cutting and cleaning purposes, said its operating income of $5.2 million, which represents 8% of sales, represents its highest level of profitability in three years.
"We continue to reach new markets through both our direct and indirect channels, having now grown our top-line sequentially in eight of the past nine quarters," said Charley Brown , the company's CEO and president, in a statement. "Our strength has been driven by our industry leading product line and the increased reach and penetration of our two distribution channels. During this quarter alone, we sold products into more than 60 countries."The stock was last quoted at $3.15, up more than 30%, on after-hours volume of less than 20,000, according to Nasdaq.com. Based on Thursday's regular session closing price of $2.42, the shares were down more than 35% so far in 2011.
AlteraShares of Altera (ALTR) fell in extended action after the chip maker lowered its revenue outlook for its fiscal fourth quarter. The company cited widespread weakness from both small and large customers and across all geographies except North America. San Jose, Calif.-based Altera now sees a sequential revenue decline of 13-to-16% in the quarter ending this month, a deeper drop than its prior projection of 7-to-11% from the third-quarter total of $522.5 million. The current average estimate of analysts polled by Thomson Reuters is for revenue of $475 million in the December-ending period, implying a sequential decline of 9%. The stock was last quoted at $33.80, down 5%, on late volume of more than 200,000.
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