Furmanite Profit Misses Estimate; Cuts FY Guidance - Quick Facts

(RTTNews) - Furmanite Corp (FRM) Friday reported third-quarter net earnings of $1 million or $0.03 per share compared with $2 million or $0.06 per share last year.

Excluding items, adjusted earnings for the quarter were $0.05 per share. Analysts polled by Thomson Reuters estimated earnings of $0.12 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter were up 24.7% at $124 million compared with $99.5 million in the prior year.

CEO Charles Cox said, "Although we encountered unexpected softness in our Americas markets during the third quarter, we expect stronger market conditions through year-end, as well as improved cost efficiencies..."

Looking ahead to the full year, the company now expects earnings of $0.27 to $0.33 per share on revenues of $535 million to $550 million. It earlier expected earnings of $0.45 to $0.50 per share on revenues of $560 million to $580 million.

Analysts expect earnings of $0.43 per share for the year.

Furmanite, based in Houston, provides specialty industrial services and engineering project solutions.