October 22, 2008 / 7:26 PM / 9 years ago

UPDATE 1-Canam Group profit rises 6.3 percent

TORONTO, Oct 22 (Reuters) - Canam Group CAM.TO posted a 6.3 percent rise in quarterly earnings on Wednesday and said its healthy order book and diversified construction-products business put it in a good position to weather an economic downturn.

Canam earned C$15 million ($12 million), or 31 Canadian cents a share, in the third quarter ended Sept. 27, up from C$14.1 million, or 29 Canadian cents a share a year ago.

Four analysts had expected earnings of 26 Canadian cents a share, according to data compiled by Reuters Estimates.

Sales were C$231.7 million, down slightly from C$238.3 million.

“These quarterly results, the size of our order backlog, the diversification of our activity sectors and the strength of our balance sheet indicate that the company is well positioned with respect to the expected economic slowdown,” said Marc Dutil, Canam’s president and chief operating officer.

Canam said its order backlog stood at C$340 million as of Sept. 27, compared with C$352 million on June 28.

The company said that, as of Oct. 21, it had bought back 2,185,100 of its shares at an average price of C$6.14 a share, for a total of C$13.4 million.

Canam shares were up 1 Canadian cent, or 0.18 percent, at C$5.46 on the Toronto Stock Exchange. ($1=$1.25 Canadian) (Reporting by John McCrank; editing by Rob Wilson)

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