Met-Pro Corporation Announces Third Quarter Financial Results
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Net Income Increases 34% on 18% Net Sales Growth
Harleysville, PA- Met-Pro Corporation (NYSE: MPR-News) today announced the Company's financial results for the third quarter ended October 31, 2012.
Net sales for the third quarter ended October 31, 2012 were $29.8 million, an increase of 18% compared with net sales of $25.2 million for the same quarter last year. Net income was $2.8 million or $0.19 per diluted share, increases of 34% and 36%, respectively, when compared with net income of $2.1 million or $0.14 per diluted share for the third quarter of last year.
New orders received in the third quarter were $24.4 million, compared with $27.5 million for the third quarter of last year. The Company's backlog of orders entering the fourth quarter totaled $28.6 million, which is equal to the order backlog at the same point last year.
"We are pleased with the results for the third quarter, which we were able to achieve despite a challenging global business environment," commented Raymond J. De Hont, Met-Pro's Chief Executive Officer and President. "Strong top line growth and focus on execution and cost control enabled us to achieve a 34% increase in net income. Each of the Company's business segments was profitable for the quarter. Though the pace of firm orders received in the third quarter slowed as compared to the third quarter of last year, our order backlog and the breadth of our quotation activity remain strong. While there is continuing economic uncertainty in the U.S and other key global economies that could impact our forecasts, we expect to report growth in full year earnings this fiscal year, which would be our third consecutive year having done so, and are well positioned to continue this trend next year."
Gross profit margin was 35.8% for the quarter as compared with 37.0% for the third quarter of last year and 31.1% for the second quarter of this year. Selling, general and administrative expenses were 21.5% of net sales for the current quarter as compared with 25.1% in the third quarter ended October 31, 2011 and 22.4% for the second quarter of this year.
Net sales for the nine months ended October 31, 2012 were $83.0 million, up 16% when compared with $71.8 million for the same period last year. Net income totaled $5.7 million and diluted earnings per share were $0.38 for the nine months ended October 31, 2012, increases of 14% and 12%, respectively, compared with net income of $5.0 million and diluted earnings per share of $0.34 for the same period last year.
On October 23, 2012, the Company announced a 2.1% increase in the quarterly dividend from $0.071 to $0.0725 per share, or $0.29 per share on an annualized basis. The increased dividend will be payable on December 17, 2012 to shareholders of record at the close of business on December 3, 2012. This is the twenty-second consecutive year that Met-Pro Corporation has paid a cash dividend.
Mr. De Hont and Neal E. Murphy, Vice President of Finance and Chief Financial Officer, will hold a conference call for investors today, December 6, 2012, at 11:00 AM (Eastern). Met-Pro's earnings release and the accompanying financial supplement, which includes significant financial information to be discussed during the conference call, will be available on Met-Pro's Investor Relations website at www.met-pro.com/news/news-releases prior to the beginning of the conference call.
Interested persons who wish to hear the live webcast should go to the Met-Pro Corporation website prior to the starting time to register, download and install any necessary audio software.
You may also participate by calling the US/Canada Dial-In Number 877-818-7738 or the International Dial-In Number 706- 643-9333 (Conference ID 65160720) at 10:55 AM (Eastern) today. A taped replay of the conference call will be available within two hours of the conclusion of the call and until December 20, 2012. To access the taped replay, call the US/Canada Dial-In Number 855-859-2056 or the International Dial-In Number 404-537-3406 and enter Conference ID 65160720.
About Met-Pro
Met-Pro Corporation, with headquarters at 160 Cassell Road, Harleysville, Pennsylvania, is a leading niche-oriented global provider of product recovery, pollution control, fluid handling and filtration solutions. The Company's diverse and synergistic solutions and products address the world's growing need for clean air and water, reduced energy consumption and improved operating efficiencies. Through its global sales organization, internationally recognized brands, and operations in North America, South America, Europe and The People's Republic of China, Met-Pro's solutions, products and systems are sold to a well-diversified cross-section of customers and markets around the world. For more information, please visit www.met-pro.com.
