UPDATE 1-ShengdaTech Q3 misses estimates, shares down

Mon Nov 9, 2009 10:42pm GMT
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* Q3 EPS $0.09 vs est. $0.10

* Rev nearly halves

* Shares down 13 pct in after-market trade

Nov 9 (Reuters) - ShengdaTech Inc (SDTH.O: Quote, Profile, Research) posted a lower-than-expected quarterly profit as sales nearly halved, partly hurt by lower selling prices, sending its shares down about 13 percent in trading after the bell.

For the third quarter, the Chinese manufacturer of specialty additives posted a net income of $4.6 million, or 9 cents a share, down from $9.2 million, or 17 cents a share, in the same period last year.

Revenue declined about 49 percent to $25.4 million.

Analysts, on average, were looking for earnings of 10 cents a share, before items, on revenue of $25.34 million, according to Thomson Reuters I/B/E/S.

The nano-precipitated calcium carbonate product maker said revenues were hurt by the cessation of production and revenue resulting from the mandatory closure of its Bangsheng Chemical Facility last year.

Shares of the company dropped to $5.81 in after-market trade. They closed at $6.65 Monday on Nasdaq. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Maju Samuel)

 
 

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