PMFG Q1 Loss Widens

(RTTNews) - PMFG Inc. (PMFG) reported that its first-quarter net loss attributable to common stockholders widened to $1.6 million or $0.07 per share from $0.3 million or $0.01 per share in the prior year.

On a non-GAAP basis, net loss attributable to common shareholders was $1.6 million, or $0.08 per share, wider than $0.1 million, or a $0.01 per share in the comparable quarter last year.

Revenue in the latest first quarter declined by 11.8% to $29.07 million from $32.98 million. The decline in revenue is attributed in part to lower revenue in the EMEA and APAC geographical regions, as well as the impact of transitioning to new manufacturing facilities in the United States and China.

On average, analysts polled by Thomson Reuters expected the company to report breakeven per share and revenues of $35.96 million for the quarter. Analysts' estimates typically exclude special items.

For fiscal 2014, the company continues to expect revenue growth of 8% to 13% over fiscal 2013 with consolidated gross margins of between 32% and 34% and for operating expenses to increase approximately 4% to 6%.