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UPDATE: Lufkin Posts Downbeat Q1 Profit, Issues Weak Q2 Forecast

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Courtesy of Benzinga.

Lufkin Industries Inc (NASDAQ: LUFK) posted a weaker-than-expected first-quarter profit and issued a weak second-quarter profit forecast.

Lufkin projects Q2 earnings of $0.80 to $0.90 per share on revenue of $300 million. However, analysts were projecting earnings of $0.95 per share on revenue of $316 million.

Lufkin’s quarterly profit dropped to $10.9 million, or $0.34 per share, from $12.4 million, or $0.40 per share, in the year-ago period. Excluding items, Lufkin earned $0.56 per share.

Its revenue surged 44% to $279.5 million. However, analysts were expecting a profit of $0.59 per share on revenue of $276.1 million.

Lufkin shares closed at $72.30 on Friday.

(c) 2012 Benzinga.com. All rights reserved. This material may not be published in its entirety or redistributed without the approval of Benzinga.


For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.

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