BTU International down on Q2 profit decline
Shares of thermal processing systems maker BTU International, Inc. (Nasdaq: BTUI) have cooled off, down $1.47, or 10%, to $13.16, at 3:36 p.m. ET following news of a quarterly profit decline.
The net income for the second quarter ended July 1, 2007 was $0.2 million, or $0.02 per share, compared with a net income of $0.7 million, or $0.07 per share, during the same three months of 2006, the North Billerica, Mass.-based company announced after Tuesday’s close.
Wall Street was looking for earnings of $0.10 per share.
Revenues also came in below expectations, falling 38.7% to $13.8 million, compared with $22.5 million a year earlier. Analysts were projecting $15.9 million.
Chairman and CEO Paul J. van der Wansem blamed the disappointing results on heavy congestion at the port facilities in Shanghai, China.
BTU International sells solar processing systems to solar cell manufacturers serving the rapidly growing alternative energy markets, particularly in India and China. Sales to Europe and within the United States make up the remainder.
The company’s chief is placing great hopes on such “green” technologies.
“Revenues from our alternative energy business are on track to more than double this year,” van der Wansem said. “Recent bookings for solar energy systems were close to $6 million for customers producing either silicon-based or thin-film photovoltaic cells.”
