Met-Pro Earnings: Here’s Why Shares are Down Now
Met-Pro Corp. (NYSE:MPR) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.22%.
Met-Pro Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 11.11% to $0.10 in the quarter versus EPS of $0.09 in the year-earlier quarter.
Revenue: Decreased 12.73% to $22 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Met-Pro Corp. reported adjusted EPS income of $0.10 per share. By that measure, the company missed the mean analyst estimate of $0.14. It missed the average revenue estimate of $26.75 million.
Quoting Management: “Our results for the first quarter reflect the effect of the delayed timing of orders and shipment of projects for certain customers, with revenues and bookings both down from year ago levels,” stated Raymond J. De Hont, Chief Executive Officer and President. “Behind those results, however, our pipeline remains robust, as the Met-Pro brands continue to create new business opportunities across our various businesses, both domestically and internationally. On a positive note, our efficiency initiatives and disciplined cost control enabled us to expand gross margins, while reducing selling, general and administrative expenses compared with the first quarter a year ago. In addition, our balance sheet has never been stronger. Based on the overall tenor of business, the significant improvements being achieved operationally, and our growing pipeline of potential opportunities, we continue to remain optimistic regarding our forward prospects.”
Key Stats (on next page)…
Revenue decreased 18.46% from $26.98 million in the previous quarter. EPS decreased 37.5% from $0.16 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.16 to a profit $0.17. For the current year, the average estimate has moved up from a profit of $0.66 to a profit of $0.67 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)