Earnings report drives rise of Global Power shares
Wednesday, February 18th 2004, 12:00 am
News On 6
(New York-Dow Jones/AP) -- Shares of Global Power Equipment Group Inc. got a big boost Wednesday after the Tulsa-based company's better-than-expected earnings announcement.
Global Power shares climbed as much as 24% after the energy engineering firm reported fourth-quarter net income more than double what Wall Street analysts expected.
Global Power reported fourth-quarter net income of $5.1-million Tuesday. That amounted to 11 cents per share. Wall Street analysts had predicted earnings of 5 cents per share.
Analysts said the company beat expectations because of its ongoing focus on cost reductions and its continued eye toward finding projects overseas.
Global power makes power equipment, exhaust systems and boilers.