Headwaters says net loss increased

SOUTH JORDAN — Energy and building products company Headwaters Inc. said Tuesday that its net loss grew substantially during the first quarter due to a goodwill-impairment charge, but predicted better-than-expected profit for the year.

Headwaters reported a net loss of $406.3 million, or $9.78 per share during the quarter. That compares with a year-ago loss of $9.2 million, or 22 cents per share.

Without the $465.7 million goodwill charge, the loss in the most recent period would have been $34 million, or 82 cents per share.

Revenue fell 20 percent to $137.7 million.

Analysts, who typically exclude items, were expecting a quarterly loss of 23 cents per share on revenue of $152.4 million.

Headwaters says it still expects to turn a profit in 2009, predicting earnings should range from 25 cents to 45 cents per share, excluding the big goodwill charge and including expected tax benefits later in the year.