Hardware distributor Richelieu Hardware Ltd. reported a first-quarter of $7 million, unchanged from the same period a year before as acquisitions helped its sales jump 18.9 per cent.
Earnings per share for the quarter ticked up a penny to 33 cents. Sales rose to $113.2 million from a year-earlier $95,183, despite a tailwind from the strength of the loonie versus the U.S. dollar, as the company benefited from a number of acquisitions in Canada and the U.S. during the year.
“We achieved good growth for a first quarter, historically the weakest period of the year,” president and CEO Richard Lord said in a statement.
“Although the context remained challenging in the United States, our market penetration efforts yielded positive results, as reflected by the 15.1 per cent internal growth in our U.S. dollar sales, to which was added a 40.4 per cent growth from the five acquisitions closed since the beginning of 2010 in the United States.”
Richelieu imports and manufactures specialty hardware and related products sold to kitchen and bathroom cabinet, furniture, and window and door manufacturers as well as the residential and commercial woodworking industry and hardware retailers.
Shares in the company were up nine cents at $30.10 in midday trading on the Toronto Stock Exchange.