KHD posts 3Q decline

KHD posts 3Q decline
Published: 17 November 2009

Plant engineering and equipment supply firm KHD Humboldt Wedag International Ltd. said Monday its profit fell in the third quarter because of soft sales and restructuring charges.

Profit declined 76 percent to $7.5 million, or 25 cents per share, from $30.8 million, or $1.01 per share, in the same period last year.

The latest quarter included 25 cents per share in restructuring charges.

Revenue declined 23 percent to $148.2 million from $193.6 million.

Chief Executive Jouni Salo said the third quarter showed signs of improvement both in order intake and operating income.

The company also will record lower-than-expected restructuring charges, Salo said.

Shares of KHD soared $1.89, or 19.5 percent, to $11.59 in afternoon trading. The stock has ranged from $6.50 to $13.59 over the past year.