UPDATE: Met-Pro Q1 Profit Drops 82%

Met-Pro (NYSE: MPR) reported an 82% drop in its fiscal first-quarter profit.

Met-Pro's quarterly profit fell to $0.2 million, or $0.02 per share, from $1.26 million, or $0.09 per share, in the year-ago period.

Its sales declined 13% to $22 million. However, analysts were expecting earnings of $0.14 per share on sales of $27 million.

Met-Pro's gross margin widened to 36.5% from 35.5%.

Met-Pro shares dropped 0.22% to $13.40 in pre-market trading.