April 29, 2009 / 4:38 PM / in 9 years

UPDATE 1-Canam quarterly profit slips, but beats estimates

* Q1 EPS C$0.12 versus C$0.16 a year earlier

* Revenue up 11 percent to C$184.7 million

* Reuters Estimates Q1 share view C$0.09

* Shares rise 6.9 percent to C$6.78

TORONTO, April 29 (Reuters) - Construction products fabricator Canam Group CAM.TO posted a lower quarterly profit on Wednesday due to losses taken in Mexico, the United States and Romania that it described as “peripheral”.

First-quarter net earnings were C$5.4 million ($4.5 million), or 12 Canadian cents a share, versus C$7.6 million, or 16 Canadian cents a share, in the same quarter a year earlier.

Four analysts had expected, on average, earnings of 9 Canadian cents a share, according data compiled by Reuters Estimates.

The company also said its board approved a quarterly dividend of 4 Canadian cents per common share.

Canam said sales were up 11 percent at C$184.7 million.

The company said its backlog at the end of the quarter was worth C$278 million, compared with C$313 million a year earlier.

Shares of Canam were up 44 Canadian cents, or 6.9 percent, to C$6.78 on the Toronto Stock Exchange.

Canam operates 12 plants specialized in the design and fabrication of construction products such as welded beams, joists and girders. The company has about 3,000 employees in Canada, the United States, Romania and India, and has partnerships with companies in China, France, Mexico, Russia, Saudi Arabia and the United Arab Emirates.

$1=$1.20 Canadian Reporting by John McCrank; editing by Peter Galloway

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