Quarterly profit drops for Headwaters Inc.

Headwaters Inc., a Utah-based alternative fuels company, reported its first-quarter profit declined 42 percent because of higher oil prices.

Net income for the period ended Dec. 31 fell to $9.91 million, or 23 cents a share, from $17 million, or 37 cents a share, a year earlier, the South Jordan-based company said in a statement Tuesday. Sales dropped to $248.9 million from $274.9 million.

Headwaters stock rose 35 cents to close at $11.70 on Tuesday. During the past year, the share price has ranged from $10.50 to $11.71.