MONTREAL – Richelieu Hardware Ltd. (TSX:RCH) says its profits grow 14 per cent in the third quarter, helped by stronger sales in Canada and the U.S. and a recent acquisition.
The company, which supplies products to manufacturers and home improvement retailers, reported a profit of $14.7 million for the period ended Aug. 31, compared with $12.9 million in the same period a year earlier.
The profit amounted to 74 cents per dilluted share, versus 62 cents per dilluted share a year ago.
Third quarter revenue climbed to $167.8 million, up from $149.2 million in the third quarter of 2013.
The Montreal-based company said its Canadian operations grew internally by 6.7 per cent in Canada, and 8.1 per cent in the U.S in the third quarter.
The acquisition of XM Export – Import Canada Inc., a distributor of hardware in Canada, which closed in the quarter, also helped boost earnings.
Richelieu distributes, imports and manufactures specialty hardware products in Canada and the U.S.
Note to readers: This is a corrected story. A previous version incorrectly said XM Export distributes in the U.S.