May 10, 2011 / 8:44 PM / 7 years ago

UPDATE 1-Black Diamond Q1 profit doubles on higher rentals

* Q1 EPS C$0.59 vs C$30 year ago

* Q1 revenue up 80 pct at C$55.7 mln

* Sees Q2 results in line with Q1 (Follows alerts)

May 10 (Reuters) - Black Diamond Group , a Canada-based workforce equipment rental and energy services company, reported first-quarter net income that more than doubled, driven by higher lodging and rental revenue.

“It is anticipated that the second quarter will compare very favourably to the 2010 period and in-line with the recent period,” the company said in a statement.

January-March earnings rose more than two-fold to C$10.3 million, or 59 Canadian cents a share, from a year ago.

The company, which rents modular structures for use as workforce accommodation and provides equipment for energy-related services, posted an 80 percent rise in revenue at C$55.7 million.

Analysts on average expected earnings of 44 Canadian cents a share on revenue of C$49.1 million, according to Thomson Reuters I/B/E/S.

Shares of the Alberta-based company closed at C$28.16 on Tuesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Anil D’Silva)

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