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.