(Montreal) Richelieu Hardware reported better-than-expected results as it continues to benefit from the strength of the renovation market.
Posted at 2:42 p.m.
For the fourth quarter (ended November 30), the Montreal company announced net income attributable to shareholders up 64.6% to 44.6 million, compared to the same period last year.
Adjusted net earnings per share reached $0.79, compared to $0.48 for the same period last year. Sales, meanwhile, rose 24.8% to 398.2 million.
Prior to the earnings release, analysts had expected revenue of $366.7 million and earnings per share of $0.62, according to data from the firm Refinitiv.
The company pointed out that sales in the manufacturers market increased by 27.8% to 265.1 million. In the retail market, volume has returned to pre-pandemic levels, the company says. The acquisitions will have made it possible to offset the decline in existing activities. The segment thus recorded a 10.4% increase in sales to 59.5 million.
Sales are up in both Canada (21%) and the United States (39.3%) to reach 260.1 million and 109.9 million US, respectively.