February 11, 2010 / 7:02 PM / 8 years ago

UPDATE 1-Canada's GLV Q3 profit lags mkt, gives weak rev view

* Gives FY11 revenue view below market estimates

* Q3 normalised EPS C$0.05 vs est C$0.06

* Rev from pulp and paper group down 37 pct

Feb 11 (Reuters) - Canadian plant equipment maker GLV Inc GLVa.TO reported lower-than-expected third-quarter results, hurt by a slowdown in the global paper and pulp industry, and forecast fiscal 2011 revenue below market view.

For the third quarter ended Dec. 31, GLV reported normalized net earnings of C$1.6 million, or 5 Canadian cents a share, compared with C$4.7 million, or 18 Canadian cents a share, last year.

Including one-time items, GLV earned C$1.9 million, or 5 Canadian cents a share, compared with C$464,000, or 2 Canadian cents a share, last year.

The company, which provides equipment and systems used in pulp and paper production, and water treatment said revenue for the quarter fell 9 percent to C$139.7 million, mainly due to a 37 percent fall in revenue from its pulp and paper group.

Analysts on average were expecting earnings of 6 Canadian cents a share, on revenue of C$122 million, for the third quarter, according to Thomson Reuters I/B/E/S.

However, the company’s order backlog nearly doubled sequentially to C$442.4 million, attributed to its recent acquisition of Christ Water Technology.

For fiscal year ending March 31, the company sees revenue in the range of C$725 million to C$775 million, below market view of C$779.97 million.

Shares of the company were down 8 Canadian cents at C$9.02 in afternoon trade Thursday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Gopakumar Warrier)

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