MONTREAL - U.S. sales growth during the third quarter offset a decline in Canada, where market conditions were weaker, Richelieu Hardware Ltd. (TSX:RCH) said Thursday as it reported flat quarterly earnings.
The company, which makes a variety of fasteners, hinges and other products for retailers and manufacturers, said it earned $12.82 million attributable to shareholders for the quarter compared with $12.76 million attributable to shareholders a year ago.
Earnings per share rose to 62 cents per diluted share from 60 cents a year earlier.
Overall sales in the three months ended Aug. 31 were $149.1 million, up from $148.8 million in the comparable period of 2012.
Richelieu said it felt the lingering effects of a strike by Quebec's construction industry and a weak market.
The company's overall Canadian sales fell by 3.1 per cent to $110.6 million, including $89.9 million in sales to manufacturers and $20.7 million in sales to retailers and renovation superstores.
Sales to the Canadian manufacturing segment were down 2.8 per cent from a year earlier while the retail segment's sales were down 4.6 per cent.
In the United States, however, Richelieu's sales grew US$2.9 million or 8.6 per cent to US$37.1 million, mostly to manufacturers. Expressed in Canadian currency, U.S. sales amounted to $38.5 million, up 11.5 per cent.
© Copyright 2013