May 6, 2010 / 12:35 PM / in 7 years

UPDATE 1-Manitoba Q1 profit misses, backs low-end of '10 outlook

* Q1 adj EPS C$0.46 vs est C$0.62

* Rev down 6 pct

* Says low-end of FY10 prior outlook achievable

May 6 (Reuters) - Canada’s Manitoba Telecom Services Inc MBT.TO posted a quarterly profit that missed estimates, hurt by aggressive price competition and a non-cash increase in pension expense.

“Based on what we are seeing in our business and the economy generally, we believe we can achieve the low end of our outlook ranges in 2010,” Chief Executive Pierre Blouin said in a statement.

The regional communications company’s prior forecast was earnings of C$2 to C$2.50 per share, on revenue from continuing operations of C$1.78 billion to C$1.88 billion in 2010. [ID:nN03168438]

For the first quarter, the company earned C$20.4 million, or 32 Canadian cents a share, compared with C$37 million, or 57 Canadian cents a share, a year earlier.

On an adjusted basis, the company earned 46 Canadian cents a share. Revenue for the quarter fell 6 percent to C$442 million.

Analysts on average were expecting earnings of 62 Canadian cents a share, before special items, on revenue of C$461.5 million, according to Thomson Reuters I/B/E/S.

Shares of the Winnipeg-based company closed at C$31.74 Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Ratul Ray Chaudhuri)

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