, a maker of products for the energy and construction industries, said its fourth-quarter earnings fell 37.7% from the year-ago period.
The South Jordan, Utah-based company earned $28 million, or 61 cents a share, in the quarter, compared with $44.9 million, or 95 cents a share, a year ago. Analysts surveyed by Thomson First Call were expecting earnings of 48 cents a share in the most recent quarter.
Fourth-quarter revenue fell 12.7% from a year ago to $275.2 million as against analysts' expectation of $281.9 million.
The company expects to earn $1.60 a share to $1.80 a share for the year 2007. Analysts expect earnings of $1.56 a share for the full year.
Total revenue, operating income, and net income for the quarter ended September were down versus the previous year quarter, consistent with expectations, primarily due to the phase-out of Section 45K (formerly Section 29) of the internal revenue code. "Our financial performance for the fourth fiscal quarter was impacted by lower oil prices, which improved our Section 45K business, but we also experienced more pressure on our construction materials segment than expected. Since all but one of our Section 45K customers are currently operating, we expect a robust first fiscal quarter in synfuel. If oil prices remain at lower levels into 2007, earnings could be significantly higher than our forecasted range," the company said
Shares fell $1.21 to $24.79.
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