Earnings reports from Pittsburgh groups

EQT

EQT Corp. nearly tripled its profits during the third quarter, reporting a net income of $88.3 million, or 58 cents per share, compared to $31.9 million, or 21 cents per share, during the same three months last year. The Downtown-based company attributed the showing to higher production from its Marcellus Shale wells, more sales and lower midstream costs.

Net income for EQT Midstream Partners, which EQT spun off in a 2012 IPO, was $27.7 million, or 60 cents per share, compared with $16 million, or 40 cents per share last year.

The company also revealed the lackluster results of its first three Utica Shale wells. CEO Dave Porges called their production “not eye-popping” but said he was encouraged. The wells cost about $8.5 million a piece, but the company expects the average cost going forward to be closer to $6.5 million.

Federated Investors

Federated Investors said third quarter profits fell 32 percent on an 11 percent drop in revenue. An increase in fees the Pittsburgh investment manager waived on its money market products and a one-time gain recorded in the same quarter a year ago accounted for the decline. The company reported net income of $37.7 million, or 36 cents per share, on revenue of $211.9 million vs. earnings of $55.8 million, or 54 cents per share, and revenue of $238.5 million in the year-ago quarter.

Kennametal

Kennametal reported an 18 percent drop in fiscal first quarter profits on a 2 percent drop in sales and trimmed its earnings outlook. The Latrobe tool maker said net income totaled $37.8 million, or 48 cents per diluted share, on sales of $619.8 million vs. earnings of $46.4 million, or 57 cents per share, and sales of $629.5 million in the year-ago quarter. The company now expects earnings of $2.90 to $3.05 per share vs. its prior forecast of $2.90 to $3.10 per share for the fiscal year ending June 30.

GNC

Pittsburgh-based GNC Holdings Inc. on Thursday reported $675.6 million in revenue for the third quarter, up 8.7 percent of last year’s figure of $621.6 million. GNC acquired A1 Sports Limited, a multi-brand sports nutrition e-commerce retailer in the United Kingdom. The company is now adjusting its outlook for the year from a range of $2.83 to $2.88 a share to $2.85 to $2.89 a share.

Wesco

Wesco International Inc., a distributor of electrical and other equipment based in Station Square, reported profit of $69.2 million, or $1.32 per share, for the quarter ended September 30. During the same time last year, the company reported profit of $63.4 million, or $1.25 per share. Sales increased 16 percent over the past quarter as compared to the same period last year.

Wabtec

Wilmerding-based Wabtec Corp. on Thursday reported net income for the third quarter of $73.9 million, or 76 cents per share, up from $63 million or 65 cents per share in the third quarter of 2012. Wabtec’s third-quarter revenue also rose, to $631 million, compared to $588 million for the third quarter last year.