*Q3 EPS $0.49 vs $1.16 yr ago
* Q3 rev falls 31 pct
* Sees Q4 EPS $0.17-$0.23 vs est $0.33
* Sees Q4 rev $153-$162 mln vs est $146.9 mln
Oct 28 (Reuters) - Industrial machinery maker Circor International Inc posted a 58 percent fall in quarterly profit on lower sales across its businesses, and forecast fourth-quarter earnings below market estimates, hurt by the ongoing recession.
Circor, which has reduced its workforce by 17 percent year-to-date, said it will continue to cut costs through plant consolidations and sourcing materials from India and China.
Circor expects fourth-quarter earnings of 17 cents to 23 cents a share, excluding items, on revenue of $153 million to $162 million.
Analysts on average were expecting earnings of 33 cents on revenue of $146.9 million, according to Thomson Reuters I/B/E/S.
For the third quarter, the company reported net income of $8.4 million, or 49 cents a share, compared with $19.8 million, or $1.16 a share, a year ago. Revenue fell 31 percent to $144.3 million.
Analysts on average were expecting the company to earn 30 cents a share, before special items, on revenue of $144.4 million.
Revenue from its energy products segment declined 46 percent, while instrumentation and thermal fluid controls products segment revenue fell 14 percent, the company said in a statement.
Shares of the company closed at $28.56 Wednesday on the New York Stock Exchange.
(Reporting by Fareha Khan in Bangalore; Editing by Pradeep Kurup) Keywords: CIRCOR/ (fareha.khan@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800 Reuters Messaging: fareha.khan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Q3 rev falls 31 pct
* Sees Q4 EPS $0.17-$0.23 vs est $0.33
* Sees Q4 rev $153-$162 mln vs est $146.9 mln
Oct 28 (Reuters) - Industrial machinery maker Circor International Inc posted a 58 percent fall in quarterly profit on lower sales across its businesses, and forecast fourth-quarter earnings below market estimates, hurt by the ongoing recession.
Circor, which has reduced its workforce by 17 percent year-to-date, said it will continue to cut costs through plant consolidations and sourcing materials from India and China.
Circor expects fourth-quarter earnings of 17 cents to 23 cents a share, excluding items, on revenue of $153 million to $162 million.
Analysts on average were expecting earnings of 33 cents on revenue of $146.9 million, according to Thomson Reuters I/B/E/S.
For the third quarter, the company reported net income of $8.4 million, or 49 cents a share, compared with $19.8 million, or $1.16 a share, a year ago. Revenue fell 31 percent to $144.3 million.
Analysts on average were expecting the company to earn 30 cents a share, before special items, on revenue of $144.4 million.
Revenue from its energy products segment declined 46 percent, while instrumentation and thermal fluid controls products segment revenue fell 14 percent, the company said in a statement.
Shares of the company closed at $28.56 Wednesday on the New York Stock Exchange.
(Reporting by Fareha Khan in Bangalore; Editing by Pradeep Kurup) Keywords: CIRCOR/ (fareha.khan@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800 Reuters Messaging: fareha.khan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.