Profire Energy Inc. (PFIE), a technology company which creates, installs and services burner management systems and other combustion technologies for the oil and gas industry, reported that its net income for its fiscal first quarter ended June 30, 2014 increased to $2.2 million or $0.05 per share, from $1.6 million or $0.04 per share in the same year-ago quarter.
Total revenues for the first quarter of 2015 increased 83% to a record $13.1 million from $7.2 million in the same year-ago quarter. The increase in revenues was primarily due to improved sales execution, and increased efficacy in a number of growing sales territories, including Texas, Colorado, and Pennsylvania. The increase is in part driven by leveraging new service personnel, as well as the expansion of existing sales and service territories.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.03 per share and revenues of $9.55 million for the quarter. Analysts' estimates typically exclude special items.
As previously reported, Profire Energy currently expects fiscal 2015 total revenues to range between $46 million and $48 million, which represents an increase of 30% to 36% from the prior year. The Company also expects net income to range between $7 million and $9 million, which represents an increase of 25% to 61% from the prior year. Wall Street expects revenues of $46.70 million for fiscal 2015.
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