April 28, 2010 / 4:02 PM / 7 years ago

CORRECTED - UPDATE 1-Canam posts loss, blames tough economy

* Posts C$0.02/shr loss vs year-before profit C$0.12/shr

* Revenue drops 41 pct

* Says results reflect tough economy (Corrects second bullet to show revenue fell 41 percent, not 17 percent)

OTTAWA, April 28 (Reuters) - Canam Group Inc CAM.TO said “harsh economic conditions” in the first half of 2010 were to blame for the quarterly loss the construction products maker reported on Wednesday.

Canam, which designs and manufactures welded beams, joists and girders, said it lost C$922,000 ($891,100), or 2 Canadian cents a share, for the three months to the end of March.

That compared with a profit of C$5.37 million, or 12 Canadian cents a share, in the same quarter a year earlier.

Revenue fell to C$105.6 million from C$180 million.

Analysts, on average, had expected Canam to earn 6 Canadian cents a share on revenue of C$136.2 million, according to Thomson Reuters I/B/E/S.

Quebec-based Canam said orders worth a total C$180 million for BC Place in Vancouver and the Marlin stadium in Miami are scheduled to start in the second half of the year.

The company said its backlog rose 41 percent to C$590 million from C$417 million at the same time last year, reflecting new orders and its bigger stake in U.S. steel fabricator FabSouth.

Shares of Canam fell 1.2 percent, or 11 Canadian cents, to C$8.75 on the Toronto Stock Exchange on Wednesday morning. ($1=$1.01 Canadian) (Reporting by Susan Taylor; editing by Peter Galloway)

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