(Montreal) Richelieu Hardware posted profits on Thursday up 25.5% for its second quarter, compared to the same period last year, while its revenues rose 31.4% — a result above expectations. analysts.
Posted at 1:27 p.m.
The Montreal specialty hardware manufacturer and distributor saw net income attributable to shareholders reach $40.7 million in the quarter ended May 31, which compares to a profit of $37.4 million in the same period a year earlier. early.
Earnings per share were 83 cents, compared to 66 cents for the previous second quarter.
Richelieu’s revenues climbed to 487.9 million from 371.4 million a year earlier. The company attributed just over half of the increase in revenue to its organic growth, while the rest came from its acquisitions.
Analysts on average had expected earnings of 71 cents per share and revenue of 454.9 million, according to forecasts compiled by financial data firm Refinitiv.
Richelieu’s sales in Canada soared 17.8% in the most recent quarter to 292.3 million, while sales in the United States rose 54.8% — a record increase — to 154, 0 million US.
“Richelieu achieved a very good performance in the second quarter, which reflects, among other things, the positive spinoffs from our acquisitions and our investments in recent years in new market segments,” said President and Chief Executive Officer Richard Sir.
“The expansion of several of our distribution centers in strategic US markets is progressing according to schedule,” he added. While integrating our most recent acquisitions, we will pursue our growth strategy based on innovation, business acquisitions and our value-added multi-access service in order to seize promising opportunities for short- and long-term growth. »
Richelieu’s Board of Directors approved the payment on August 4 of a dividend of 13 cents per share to shareholders of record as of July 21, 2022.
The action of Richelieu took Thursday afternoon $ 1.80, or 5.1%, to trade at $ 36.94 on the Toronto Stock Exchange.
Company in this dispatch: (TSX: RCH)