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Richelieu Hardware profits surge 20 per cent to $15.9 million in fourth quarter

MONTREAL – Richelieu Hardware (TSX:RCH) says its net earnings attributable to shareholders increased 20 per cent to $15.9 million in the fourth quarter on higher revenues both in Canada and the United States.

The Montreal-based company said it earned 80 cents per diluted share for the period ended Nov. 30, up from 64 cents per share a year earlier.

Revenues grew 14.5 per cent to $177.8 million.

Sales to manufacturers increased 14 per cent to $152.3 million while sales to hardware retailers and renovation superstores grew 16.4 per cent to $25.5 million.

Canadian sales increased 10.2 per cent to $127.7 million, mainly from internal growth.

In the U.S., revenues grew 18.2 per cent to US$44.8 million. They were up 27 per cent when translated into Canadian dollars.

For the full year, Richelieu’s net earnings attributable to shareholders were $52.4 million or $2.63 per diluted share. That compared with $46.4 million or $2.22 per share in 2013.

Revenues grew more than 10 per cent to $646.9 million from $586.8 million a year earlier as the company completed five acquisitions, including three in Canada.