February 5, 2010 / 12:55 PM / 8 years ago

UPDATE 1-Heroux-Devtek Q3 profit misses estimates

* Sees lower sales for FY 2010

* Q3 EPS C$0.12 vs est C$0.13

* Revenue down 10 pct to C$76.6 mln

* Backlog at C$418 mln

Feb 5 (Reuters) - Aerospace and industrial manufacturer Heroux-Devtek Inc (HRX.TO) posted a third-quarter profit that narrowly missed estimates, hurt by a decline in revenue from its industrial sales segment.

The company also said it expects slightly lower sales for the fiscal year ending March 31, compared with the previous year.

For the quarter ended Dec. 31, Heroux-Devtek posted net income of C$3.5 million ($3.25 million), or 12 Canadian cents a share, compared with C$5.2 million, or 16 Canadian cents a share, last year.

Sales fell 10 percent to C$76.7 million.

Analysts’ average estimate was for a profit of 13 Canadian cents, on revenue of about C$81 million, according to Thomson Reuters I/B/E/S.

Sales at the industrial sales segment fell 61 percent to C$4.1 million, hurt mainly by lackluster conditions in the power-generation industry, the company said in a statement.

As at Dec. 31, the company’s funded backlog stood at C$418 million, down from C$434 million as of Sept. 30.

Shares of Heroux-Devtek closed at C$5.26 Thursday on the Toronto Stock Exchange. ($1=1.076 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Vinu Pilakkott)

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