Maine & Maritimes Corp.

Maine & Maritimes Corp. (MAM) recently reported solid third-quarter results and have year-to-date earnings are up more than 300%

Company Description

Maine & Maritimes Corporation is a holding company that manages its investments within the utility and facilities infrastructure competitive space, while providing sustainable engineering, facility lifecycle asset management services to internal and external clients within Atlantic Canada and New England.

Formed in 2003 as the parent company of Maine Public Service Company, a Maine-based electric transmission and distribution utility, the holding company wholly owns three companies and their subsidiaries.

Stong Third-Quarter Results

Maine & Maritimes announced third-quarter earnings that included earnings per share of 8 cents. Analysts were expecting a loss of 9 cents giving the company its third earnings surprise in the past 4 quarters.

The company lost 28 cents in the third quarter of 2007. For the 9-months of 2008 the company has earned $1.21, 4 times more than the 30 cents earned at this point in 2007.

Analysts Are Bullish

Since the latest earning announcement the 2008 and 2009 full-year consensus estimates have climbed 15 cents to $2.05 and $2.25, respectively.

Given these projections growth for 2008 will be 31% and another 10% in 2009.

The Chart

The annual earnings estimates have been climbing for the past couple years. Currently shares are seeing a support level near $33. Take a look at the "Price & Consensus" chart below.