January 27, 2011 / 5:14 PM / 7 years ago

UPDATE 1-Richelieu profit rises on M&A; ups dividend

* Sales rise 8.5 pct

* Raises qtrly dividend by 22 pct to C$0.11/shr

TORONTO, Jan 27 (Reuters) - Richelieu Hardware Ltd (RCH.TO) said on Thursday its fourth-quarter profit rose 5.1 percent as sales benefited from acquisitions, allowing it to raise its quarterly dividend by 22 percent.

The St. Laurent, Quebec-based company earned C$10.4 million ($10.4 million), or 48 Canadian cents a share, in the quarter ended Nov. 30. that compared with a profit of C$9.9 million, or 45 Canadian cents a share, in the year-before period.

Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of 52 Canadian cents a share.

Quarterly sales rose 8.5 percent to C$117.9 million, driven by the acquisition of six small businesses during 2010, including Alberta’s Paint Direct, and New York’s Woodland Specialties.

Richelieu, which imports, manufactures, and distributes specialty hardware used in home construction and renovation, raised its quarterly dividend to 11 Canadian cents a share from 9 Canadian cents.

The company’s shares, which have risen 35 percent over the past 12 months, were up 28 Canadian cents at C$30.79 on the Toronto Stock Exchange.

    $1=$1.00 Canadian Reporting by Cameron French; editing by Rob Wilson

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