August 14, 2012 / 10:48 AM / 5 years ago

ATS Automation profit rises on strong transportation segment

(Reuters) - ATS Automation Tooling Systems Inc (ATA.TO), which makes factory automation systems, reported a higher first-quarter profit driven by strong performance in its transportation segment.

The company said the Eurozone crisis could reduce demand and order bookings at its European operations.

Net income from continuing operations rose to C$11.8 million, or 13 Canadian cents per share, from C$6.2 million, or 7 Canadian cents per share, a year earlier.

Revenue from continuing operations rose 20 percent to C$152.2 million.

Transportation revenue rose 69 percent to C$68.5 million on higher activity in the global automotive market.

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

Order bookings for the company, which has operations in Canada, United States, Europe, Southeast Asia and China, rose 7 percent to C$168 million.

Shares of the company ,which has a market value of C$739.6 million, closed at C$8.44 on Monday on the Toronto Stock Exchange.

Reporting by Krithika Krishnamurthy in Bangalore; Editing by Sriraj Kalluvila

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