July 27, 2011 / 10:19 PM / 7 years ago

UPDATE 2-Exco Technologies Q3 rises on higher demand, ups dividend

* Q3 EPS C$0.10 vs C$0.09 year ago

* Q3 consolidated sales up 14 pct to C$48.8 mln

* Buys extrusion tool making business in Colombia (Adds segment-wise sales in paragraphs 3,4, details of new buy in paragraph 6, dividend raise in paragraph 7)

July 27 (Reuters) - Canadian auto parts maker Exco Technologies Ltd posted a higher third-quarter profit on strong demand for its products across all segments.

Third-quarter consolidated sales for the company, which makes die casts, moulds and components for the die-cast, extrusion and automotive industries, rose 14 percent to C$48.8 million.

The casting and extrusion segment reported sales of C$31.4 million, up 18 percent from last year.

Sales at the company’s automotive solutions segment, which makes interior trim components mainly for passenger and light truck vehicles, rose 8 percent to $17.4 million.

The company said it does not see any further impact in coming quarters from the tsunami in Japan on the vehicle supply and production chain.

The company said it bought an extrusion tool making business in Colombia for about $750,000 keeping in line with its strategy to offset high raw material costs by moving production to low-cost countries.

The company raised its dividend to 3 Canadian cents per share from 2.5 Canadian cents per share.

Third-quarter net income rose to 11 percent to C$3.9 million, or 10 Canadian cents per share.

Shares of the Ontario-based company, which have lost 16 percent of their value in the last three months, closed at C$3.62 on Wednesday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Roshni Menon and Sriraj Kalluvila)

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