HQ Sustainable Maritime Industries (HQS) Shares Down 11%

Shares of HQ Sustainable Maritime Industries Inc. (AMEX: HQS) were down nearly 12% in morning trading.

Although HQ Sustainable Maritime Industries showed strong sales growth, the company's latest earnings report failed to meet Wall Street expectations.

HQ Sustainable Maritime Industries reported late Monday that 4th quarter 2009 net income was $1.6 million, or 12 cents per diluted share, compared to net income of $6.4 million, or 53 cents per diluted share, a year earlier.

HQ Sustainable Maritime Industries reported that net sales were up 8.2% to $23.3 million, compared to $21.5 million a year earlier.

The earnings news failed to live up to Wall Street expectations and sent share prices falling in the after-hours market.