November 8, 2010 / 12:18 PM / 8 years ago

UPDATE 1-Hemisphere GPS posts wider-than-expcted Q3 loss

* Q3 loss/shr $0.04 vs est loss/shr $0.02

* Q3 rev up 46 pct at $13.2 mln

Nov 8 (Reuters) - Hemisphere GPS Inc HEM.TO, a Canadian maker of GPS products for agriculture, marine and other markets, posted a wider-than-expected quarterly loss, hurt in part by higher expenses. For the third quarter, net loss was $2 million, or 4 cents a share, compared with net loss of $3.8 million, or 7 cents a share, a year ago.

Hemisphere GPS, which competes with companies like Trimble Navigation Ltd (TRMB.O) and Canada-based NovAtel Inc, said revenue rose 46 percent to $13.2 million. Higher sales in its agriculture segment helped the revenue.

Analysts on average were expecting a loss of 2 cents a share on revenue of $12.97 million, according to Thomson Reuters I/B/E/S.

Operating expenses for the quarter were up 6 percent at $8 million.

The Calgary, Alberta-based company’s shares, which have gained 30 percent in value since it reported its second-quarter results in August, closed at 95 Canadian cents Friday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Maju Samuel)

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