FORT WAYNE, Ind. - WaterFurnace Renewable Energy Inc. (TSX:WFI) said Wednesday that it earned US$4.9 million in its latest quarter as sales fell nine per cent compared with a year ago.

The company, which keeps its books in U.S. dollars, said the profit amounted to 41 cents per share for the quarter ended Sept. 30 compared with a profit of $5.2 million or 43 cents per share a year ago.

Sales totalled $36.2 million, down from $40 million.

"We are pleased that we were able to maintain an earnings level in line with these lower sales," president and chief executive Tom Huntington said in a statement.

"As we enter the fourth quarter, we are seeing an uptick in sales orders, but do not expect to meet the record sales pace set last year."

WaterFurnace is a manufacturer of residential, commercial, industrial and institutional geothermal and water source heat pumps.