RICHARDSON, Texas (AP) -- Furmanite Corp. shares jumped Friday after the pipe and valve repair company reported an increase in fourth-quarter revenue and forecast profit and revenue increases for the current year.
For the quarter ended Dec. 31, the Richardson, Texas-based company earned $1.1 million, or 3 cents per share, down from $11.2 million, or 30 cents per share, in the same quarter the year before. Furmanite attributed the drop in net income to a jump in its income tax rate and higher-than-expected restructuring costs.
Excluding one-time items, Furmanite said it would have posted a profit of 10 cents per share for the recent quarter.
Revenue rose 14 percent to $93.2 million from $81.8 million.
For the full year, the company earned $805,000, or 2 cents per share, down from $24 million, or 64 cents per share, in 2011. Revenue rose to $326.5 million from $316.2 million.
For 2013, Furmanite projected earnings of 40 cents to 44 cents per share on $370 million to $395 million.
In afternoon trading, the company's shares rose 54 cents, or 9 percent, to $6.59, after peaking at $6.65. Over the past 52 weeks, Furmanite's shares have traded between $3.69 and $6.76.