May 3, 2012 / 1:17 PM / 6 years ago

UPDATE 1-Label maker CCL Industries' profit up on North America sales

May 3 (Reuters) - Label and specialty packages maker CCL Industries Inc reported a 13 percent rise in its first-quarter profit, boosted by strong sales in North America.

Net income rose to C$30.4 million ($30.7 million), or 89 Canadian cents per Class B share, from C$26.8 million, or 80 Canadian cents per share, a year ago.

Revenue for the company, which makes labels for home, healthcare and durable goods, rose 8 percent to C$341.4 million.

The results were driven by “a very good performance in North America” where the company saw “evidence of a solid consumer recovery,” Chief Executive Geoffrey Martin said.

However, economic uncertainty in Europe, currency depreciation in Latin America and concerns about near-term sustainability of growth rates in Asia are a worry, Martin said in a statement.

Shares of the Toronto-based company, which has a market value of C$1.27 billion, closed at C$37.71 on Wednesday on the Toronto Stock Exchange.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below