February 10, 2011 / 5:01 PM / in 7 years

REFILE-UPDATE 1-GLV adjusted Q3 profit beats Street

(Refiles to remove extraneous text at the top of story)

* Q3 ad EPOS C$0.05/shr vs. est. loss C$0.02/shr

* Revenue up 37 pct

* Sees FYI rev C$675-C$700 mln

Feb 10 (Reuters) - Canadian plant equipment maker GLV Inc posted adjusted profit that beat Street, helped by growth in its water treatment, and pulp and paper units, and forecast 2011 revenue in line with market view.

The company said, for the full-year, it expects revenue of C$675-C$700 million.

Analysts, on average, were expecting full-year revenue of C$677.8 million, according to Thomson Reuters I/B/E/S.

“The results for the third quarter show a marked improvement in profitability compared with the two previous fiscal quarters,” Chief Executive Richard Verreault said, adding that “efforts to consolidate our water treatment operations under the Oviedo brand are starting to pay off.”

For the quarter ended Dec. 31, GLV posted a loss of C$0.9 million, or 2 Canadian cents per share, compared with a profit of C$1.7 million, or 5 Canadian cents per share, a year ago.

Excluding items, the firm earned 5 Canadian cents per share on revenue of $190.7 million, up 37 percent against analysts’ expectations of a loss of 2 Canadian cents per share on revenue of C$177.2 million.

Shares of the company were trading 1.5 percent up at $7.54 on Thursday morning on the Toronto Stock Exchange. (Reporting by Soham Chatterjee in Bangalore; Editing by Joyjeet Das) (Created by Joyjeet Das)

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