(Adds details, share milestone)
* Q3 EPS C$0.23 vs C$0.17 year ago
* Revenue up 9 pct
* Says conditions in commercial aerospace market favorable
* Biz jet shipments likely to rise modestly
Feb 3 (Reuters) - Aerospace and industrial products maker Heroux-Devtek Inc reported a third-quarter profit that beat market expectations as robust demand for heavy mining equipment pushed up sales at its industrial products unit.
Heroux-Devtek, whose customers include Lockheed Martin , Boeing Co and Bombardier Inc, said conditions in the commercial aerospace market remained favorable and it sees manufacturers raising production till 2014.
The company hopes to benefit from increased deliveries from Boeing and Airbus in 2012. EADS is in the midst of an expansion, driven by growing demand from Asia and the Middle East for jetliners.
Heroux-Devtek sees strength in the business-jet market and said shipments are expected to increase modestly this year.
Heroux-Devtek - which makes landing gear, airframe components and gas turbine components for the power generation sector - draws more than two-thirds of its revenue from outside Canada, mainly from the United States.
For the October-December quarter, Heroux-Devtek's net income rose to C$6.9 million ($6.92 million), or 23 Canadian cents a share, from C$5.2 million, or 17 Canadian cents a share, a year ago.
Analysts on average were expecting profit of 18 Canadian cents a share, according to Thomson Reuters I/B/E/S.
Quebec-based Heroux-Devtek, which caters to both the commercial and defense sectors, has been posting a profit for the last four quarters.
Sales rose about 9 percent to C$93.4 million, topping analysts' average expectation of C$90.6 million.
Industrial revenue rose 53 percent, while the aerospace segment grew more than 5 percent.
Heroux-Devtek shares, which have gained about 18 percent of their value in the last three months, were trading up about 3 percent at C$8.05 on Friday on the Toronto Stock Exchange. ($1 = 0.9977 Canadian dollars) (Reporting by Shounak Dasgupta in Bangalore; Editing by Sreejiraj Eluvangal, Sriraj Kalluvila)