Thermon Group Holdings (NYSE: THR) reported Q2 EPS of $0.26, $0.05 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $69.9 million versus the consensus estimate of $82.31 million.

"This quarter we completed our third acquisition since February. We experienced double digit revenue growth in our U.S. business due to an increase in petrochemical and power generation activity. However, on a global basis, we experienced declines in both revenue and net income mostly due to weakness in our Canadian market where activity in the oil sands region has slowed significantly. In addition, negative foreign currency translation effects have greatly reduced our comparative revenue results. We are actively managing the downturn in Canada where we have restructured the organization and are working to rapidly integrate our new acquisitions to create wider opportunities for near term and long term growth," said Rodney Bingham, President and Chief Executive Officer.

Outlook

The foreign currency headwinds that we are currently facing combined with the decline in upstream oil and gas activity in Canada have negatively impacted our business more than initially anticipated. We are therefore revising our fiscal 2016 guidance to reflect a top line revenue percentage decline of mid- to high-single digits as compared to fiscal 2015. Our revised fiscal 2016 revenue guidance includes the revenue contributions from recent acquisitions.

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