November 10, 2010 / 5:52 PM / 7 years ago

UPDATE 1-Uni-Select profit up, but revenue hit by strong C$

* Q3 EPS C$0.67 vs C$0.40 a year earlier

* Adjusted EPS C$0.76 vs expected C$0.69

* Revenue down 2.8 pct on foreign exchange conversion

OTTAWA, Nov 10 (Reuters) - Auto parts distributor Uni-Select Inc (UNS.TO) reported a rise in quarterly profits on Wednesday thanks to higher U.S. sales, though it said the strong Canadian dollar hurt its revenues.

Montreal-based Uni-Select said net earnings rose to C$13.2 million ($13.2 million), or 67 Canadian cents a share, from C$7.9 million, or 40 Canadian cents, a year earlier.

Adjusted earnings per share from continuing operations, excluding foreign exchange movements, were 76 Canadian cents, compared with 71 Canadian cents a year earlier.

Analysts had expected, on average, adjusted earnings of 69 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Revenue fell 2.8 percent to C$349 million.

Uni-Select, which operates in Canada and the United States, said the conversion of its U.S. results into Canadian dollars cut into sales by C$12.1 million. Store closures in previous quarters lowered sales by another C$5 million.

Richard Roy, president and chief executive, said Uni-Select plans to pursue growth strategies and cost control measures to help it improve its profitability.

“We continue to be on the look-out for opportunities which will allow us to grow in Canada as in the U.S.,” he said in a statement.

Shares of the company, which also distributes automotive equipment and tools, were up 25 Canadian cents at C$26.29 on the Toronto Stock Exchange on Wednesday afternoon shortly after the results were released.

$1=$1.00 Canadian Reporting by John McCrank

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