Met-Pro Corp., which makes pollution control technologies, said Friday its third-quarter profit plunged two-thirds on weak markets, surprising Wall Street.
Net income of $1 million, or 7 cents per share, was down from $3 million, or 20 cents per share, in the same period last year.
Revenue of $19.8 million for the quarter ended Oct. 31 was down 29 percent from $28 million in the year-ago period.
Analysts surveyed by Thomson Reuters expected the Harleysville, Pa., company to earn 12 cents per share on revenue of $22.6 million.
Raymond J. De Hont, chairman and CEO, said the results "reflect the lagging effect" on sales and earnings from the recession.
However, he said Met-Pro's markets have shown some improvement, with new third-quarter orders at $25.5 million, up 31 percent from the second quarter. De Hont said it was the company's best quarterly bookings since the third quarter of last year.
Met-Pro makes pollution control technologies for purification of air and liquids and fluid handling technologies for corrosive, abrasive and high temperature liquids, among other products.
Shares edged up 3 cents to $9.37 in midday trading.