February 7, 2012 / 9:48 PM / 6 years ago

UPDATE 1-Powell Industries posts Q1 loss

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Feb 7 (Reuters) - Powell Industries Inc, which makes energy distribution and control systems, posted a first-quarter loss, hurt by cost overruns on a large project at its Canada operations, and forecast 2012 profit below market expectations.

Powell said it expects 2012 earnings of $1 to $1.25 a share, on revenue of $625 million to $675 million.

Analyst, on average, were expecting earnings of $1.36 a share on revenue of $655.3 million, according to Thomson Reuters I/B/E/S.

For the October-December quarter, net loss was $1.7 million, or 15 cents a share, compared with a net income of $2.4 million, or 21 cents a share, a year ago. Revenue rose 26 percent to $157.5 million.

Shares of the company closed at $38.37 on Tuesday on the Nasdaq. (Reporting by Megha Mandavia in Bangalore; Editing by Maju Samuel)

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