ATS Automation profit doubles on acquisitions

Wed Nov 9, 2011 7:13am EST
 
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(Reuters) - Canada's ATS Automation Tooling Systems Inc's (ATA.TO: Quote) second-quarter profit almost doubled, helped by acquisitions that boosted revenue at its transportation business.

The Canadian company, which also serves life sciences, electronics, energy and consumer products companies, doubled its net income from continuing operations to C$9.3 million, or 11 Canadian cents a share, from C$4.8 million, or 5 Canadian cents a share, a year ago.

Revenue from continuing operations rose 28 percent to C$145.9 million.

Revenue from its transportation business rose more than sevenfold to C$64.7 million while its energy business, which has been hurt by lower subsidies for solar power in France and Germany, fell 39 percent to C$18.4.

The results exclude its solar unit Photowatt.

Photowatt France has filed for bankruptcy while ATS started a formal sale process for its unit in Ontario as it looks to exit the solar business.

ATS shares closed at C$7.29 on Tuesday on Toronto Stock Exchange.

(Reporting by Ankur Banerjee in Bangalore; Editing by Don Sebastian)