Canam profit falls 57 percentAugust 06, 2009
(Reuters) - Construction products maker Canam Group Inc
Second-quarter net earnings were C$5.2 million ($4.9 million), or 12 Canadian cents a share, versus C$12.1 million, or 25 Canadian cents a share, in the same quarter a year earlier.
Analysts had expected earnings before exceptional items of 15 Canadian cents a share, according to Reuters Estimates.
The company also approved a quarterly dividend of 4 Canadian cents per share and renewed its share buyback program.
The Saint-Georges, Quebec-based company said under the normal course issuer bid it may purchase up to 3.6 million common shares, representing 10 percent of its public float.
Sales for the quarter fell more than 19 percent to C$151.2 million in the three months to the end of June.
The company, which designs and manufactures welded beams, joists and girders, said its backlog at the end of the quarter was worth C$278 million, compared with C$239 million a year earlier.
The company has about 3,000 employees in Canada, the United States, Romania and India, and has partnerships with companies in China, France, Mexico, Russia, Saudi Arabia and the United Arab Emirates.
Canam announced earlier this week that one of its units had won a contract worth almost C$60 million to help build a retractable roof on the new Marlins baseball park near Miami, Florida.
Shares of the company closed at C$7.40 Wednesday on the Toronto Stock Exchange.
($1=1.071 Canadian Dollar)
(Reporting by Chakradhar Adusumilli in Bangalore, Editing by Saumyadeb Chakrabarty)