Oct 27 (Reuters) - Canadian construction equipment maker Canam Group Inc’s quarterly profit rose on strength across segments and a one-time gain from an insurance proceed.
Net income for the quarter ended September 24 rose to C$9.7 million ($9.6 million), or 22 Canadian cents a share, compared with C$2.4 million, or 5 Canadian cents a share, a year ago.
The death of an executive officer with Canam’s American subsidiary led to a tax-free $10 million gain for the company.
Canam, which designs and manufactures welded beams, joists and girders, said its revenue rose 9 percent to C$225.6 million.
The company said higher joist and steel deck activities, helped it post better sales, even though the North American non-residential construction market remained highly competitive.
Steel deck is used to support the concrete or insulating membrane of a roof, while joist girder is a primary structural component of a building.
Separately, the company also said it may buy back 5 percent of its shares for cancellation. ($1 = 1.014 Canadian Dollars) (Reporting by Aftab Ahmed in Bangalore; Editing by Joyjeet Das)