August 13, 2008 / 3:02 PM / 10 years ago

ATS Automation shares up 21 pct on strong earnings

TORONTO (Reuters) - Shares of ATS Automation Tooling Systems Inc (ATA.TO) rose over 21 percent on Wednesday after the company said revenue from backlog orders helped it record a quarterly profit that was well above market expectations.

ATS shares were up C$1.17 at C$6.69 on the Toronto Stock Exchange on Wednesday morning.

ATS, which makes manufacturing and other industrial equipment, reported earnings of C$12.9 million ($12.1 million), or 17 Canadian cents a share, in the three months ended June 30. That compares with a loss of C$8.9 million, or 15 Canadian cents a share in the same period a year ago.

Analysts had expected earnings of 2 Canadian cents a share, on average, according to Reuters Estimates.

Cambridge, Ontario-based ATS said revenue rose 36 percent to C$212.1 million, lifted by stronger order backlog entering the quarter.

It said higher revenue from its healthcare, computer-electronics, and energy sectors more than offset a decline in automotive revenue.

($1=$1.07 Canadian)

Reporting by John McCrank; editing by Rob Wilson

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