August 6, 2008 / 11:31 AM / 10 years ago

Heroux-Devtek reports higher first-quarter profit

TORONTO, Aug 6 (Reuters) - Heroux-Devtek Inc (HRX.TO) reported a higher first-quarter profit on Wednesday, helped in part by strength in its aerospace and industrial segments.

The Longueuil, Quebec-based said it earned C$5.7 million ($5.5 million), or 18 Canadian cents a share, in the period ended June 30, up from C$4.2 million, or 13 Canadian cents a share, in the year-earlier period.

Operating income was C$9.8 million, up from C$6.4 million, with marked improvements in both the aerospace and industrial segments, the company said.

Sales for the quarter grew by 4.8 percent to C$82.6 million, up from $78.8 million for the same period last year.

“Despite a weaker economy and a high Canadian dollar, our three divisions increased their sales during the first quarter and, more importantly, all generated a positive net income,” Gilles Labbe, president and chief executive, said in a release.

Heroux-Devtek said it remains in “growth mode,” but will eye risks associated with a weaker U.S. economy and high crude oil price on the commercial aerospace market. ($1=$1.04 Canadian) (Reporting by Jennifer Kwan; Editing by Scott Anderson)

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