Met-Pro Misses Estimates (MPR)

Met-Pro Corporation MPR announced on Thursday morning that it failed to meet consensus Wall Street estimates. Met-Pro Corporation reported that its 3rd quarter net income rose to $1.4 million, or 10 cents per share, up from $1.0 million, or 7 cents per share, a year earlier. The company's revenue rose 8% to $21.38 million, up from $19.81 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 12 cents per share, on revenue of $22.56 million. Chairman and chief executive officer Raymond J. De Hont said, "We are encouraged by our solid third quarter new order bookings and our recent success in closing several large projects. We are also encouraged by the improvement in gross margin during the third quarter, 36% versus 34% for last year's third quarter, as well as the improvement in income from operations as a percentage of sales, 10% versus 8% for last year's third quarter. The gradual improvement in global economic conditions, together with our steady quotation activity and underlying fundamental strength of our business, gives us continued optimism about our future prospects." Met-Pro Corporation (MPR) closed the previous trading day at $11.32 per share. Analysts covering the company's stock give it a consensus price target of $11.75 per share. Read more from Benzinga's Company news.