Telvent 1st-qtr profit declines with lower revenue

Telvent 1Q profit declines

ROCKVILLE, Md. — Spain’s Telvent GIT SA said Wednesday that its first-quarter profit fell nearly 7 percent as the information technology company’s revenue declined.

For the quarter that ended March 31, Telvent earned 5.7 million euro ($7.7 million), or 0.17 euro (23 cents) per share, down from 6.1 million euro, or 0.18 euro per share, in the year-ago quarter. When excluding one-time items, the company earned 0.30 euro (40 cents) per share.

Revenue dipped nearly 14 percent to 157.7 million euro ($212.2 million) from 182.5 million euro the year before, due mainly to drops in energy and global services revenues.

Adjusted revenue fell 7 percent to 165.1 million ($222.1 million) from 177.8 million euro.

Analysts polled by Thomson Reuters, who generally exclude one-time items from their estimates, expected a profit of 41 cents per share on $234.5 million in revenue.

Telvent shares fell 23 cents to $22.72 in after-hours trading, after finishing regular trading down 9 cents at $22.86.