Canada's ATS Automation posts profit on lower solar loss

Thu May 24, 2012 7:26am EDT
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(Reuters) - Canada's ATS Automation Tooling Systems Inc (ATA.TO: Quote), which makes factory automation systems and solar energy equipment, reported a quarterly profit, aided by growth at its transportation business and a narrower loss at its solar operations.

Fourth-quarter net income was C$3 million, or 4 Canadian cents per share, compared with a loss of C$79.5 million, or 91 Canadian cents per share, last year.

ATS also serves customers in industries such as life sciences, computer electronics, energy and consumer products.

Loss from discontinued operations was C$7.9 million compared with C$93.9 million a year earlier. During the quarter, a French court appointed a buyer for its solar panel unit in the country.

Total revenue from continuing operations rose 17 percent to C$173.5 million.

Transportation revenue more than doubled to C$74 million, while sales at its life sciences unit increased 3 percent to C$57 million.

ATS shares closed at C$8.91 on the Toronto Stock Exchange on Wednesday.

(Reporting by Maneesha Tiwari in Bangalore; Editing by Sreejiraj Eluvangal)