February 26, 2009 / 12:32 PM / in 9 years

UPDATE 1-Canam posts Q4 profits below market view

* Q4 shr C$0.29 vs. est. C$0.31

* Q4 rev C$239.6 mln vs. est. C$235.1 mln

Feb 26 (Reuters) - Construction products fabricator Canam Group CAM.TO posted lower-than-expected quarterly profits, as sales dropped 5 percent from the year-ago period.

However, the company reported a rise in its backlog. As of Dec. 31, 2008, Canam’s backlog was worth C$313 million, ($249.2 million) compared with C$300 million a year ago.

“The increase is attributed to the rising value of the U.S. dollar against the Canadian dollar, representing a difference of C$17 million,” Canam said in a statement.

Fourth-quarter net earnings were C$13.7 million, or 29 Canadian cents, on revenue of C$239.6 million.

Analysts on average had expected earnings of 31 Canadian cents, according to Reuters Estimates.

For alerts, double-click on [ID:nWNAB7260] ($1=1.256 Canadian Dollar) (Reporting by Amulya Nagaraj in Bangalore; Editing by Gopakumar Warrier)

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