November 11, 2008 / 7:42 PM / 10 years ago

UPDATE 1-Uni-Select profit rises 20.4 pct, sales up 10 pct

* Q3 earnings per share C$0.63 vs C$0.52

* Revenues rise 10 pct to C$328.7 million

* Shares down 5 Canadian cents to C$20.20, thin volume

TORONTO, Nov 11 (Reuters) - Uni-Select Inc (UNS.TO) reported a 20.4 percent rise in third quarter profit on Tuesday, as reorganizing efforts and acquisitions helped the auto parts distributor weather the current economic downturn.

The distributor of replacement auto parts, equipment and tools, said it had net earnings of C$12.4 million ($10.3 million), or 63 Canadian cents a share, compared with C$10.3 million, or 52 Canadian cents, in the same quarter a year earlier.

Sales at the Boucherville, Quebec-based company rose 10 percent to C$328.7 million from C$298.8 million, with strong contributions from all three operating groups.

Analysts polled by Reuters had expected Uni-Select to earn 57 Canadian cents per share on revenues of C$336.3 million.

“The continued improvement, integration and reorganization programs put in place in 2007, combined with the contribution of recently acquired businesses, allow us to counter the effects of the economic environment currently prevailing in North America,” Richard Roy, president and chief executive officer, said in a statement.

The company recently purchased assets from Parts Depot and said it expected this acquisition would also help fourth-quarter results.

Shares of Uni-Select fell 5 Canadian cents to C$20.20 on the Toronto Stock Exchange.

$1=$1.20 Canadian Reporting by Ka Yan Ng; Editing by Frank McGurty

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