KENT, Wash. (AP) — Industrial water jet maker Flow International Corp.'s shares soared after hours Wednesday after the company reported that its fiscal fourth-quarter earnings more than quadrupled as its revenue rose, results that beat market expectations.
The company, which is based in Kent, Wash., and sells water jets used for cutting and cleaning, earned $2.6 million, or 6 cents per share, for the quarter that ended April 30. That's up from $388,000, or 1 cent per share, a year earlier.
Its revenue rose to $63.4 million from $59.5 million, with the biggest gains in sales of standard systems and consumable parts, while its operating expenses rose just $900,000. Revenue from advanced systems fell.
Analysts expected earnings of 4 cents per share on revenue of $62.6 million, according to FactSet.
For the full year, Flow earned $9.4 million, or 20 cents per share, up from $766,000, or 2 cents per share. Its annual revenue increased 17 percent to $253.8 million.
Flow's shares jumped 48 cents, or 16.5 percent, to $3.40 after hours. They had ended regular trading, before the company reported its earnings, up 8 cents at $2.91.