UPDATE: Lufkin Industries Posts Upbeat Q4 Results, Issues Weak Q1 Profit Forecast

Lufkin Industries Inc (NASDAQ: LUFK) posted better-than-expected fourth-quarter results, but issued downbeat first quarter profit forecast.

Lufkin Industries projects Q1 earnings of $0.50 to $0.60 per share, on revenue of $270 million to $280 million. However, analysts were expecting earnings of $0.93 per share, on revenue of $285.2 million.

Lufkin Industries' quarterly net profit from continuing operations rose to $20.7 million, or $0.67 per share, from $14.3 million, or $0.47 per share, in the year-ago period. Excluding items, Lufkin Industries' earnings from continuing operations came in at $0.80 per share. Its revenue surged 44% to $279.3 million.

Analysts were expecting earnings of $0.76 per share on revenue of $255.33 million.

Lufkin Industries shares fell 0.52% to close at $79.82 yesterday.