September 30, 2010 / 3:06 PM / 7 years ago

UPDATE 1-Richelieu Hardware profit and sales rise

* EPS C$0.48 vs C$0.40; avg. estimate C$0.47

* Consolidated sales up 8.2 percent

TORONTO, Sept 30 (Reuters) - Canada’s Richelieu Hardware Ltd (RCH.TO) posted a 16.7 percent rise in quarterly earnings on Thursday helped by growth in sales of kitchen cabinets and furniture.

Net income rose C$10.3 million ($10 million), or 48 Canadian cents a share, for the third quarter ended August 31. That was up from C$8.87 million, or 40 Canadian cents, in the year-before quarter.

Analysts on average had forecast a profit of 47 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Consolidated sales at the Canadian specialty hardware distributor rose 8.2 percent, to C$116 million.

During the quarter, the company acquired Canadian-based Gordon Industrial Materials Ltd and New Century Distributors in New Jersey.

Richelieu shares dropped 10 Canadian cents at C$27.79 mid morning on the Toronto Stock Exchange.

$1=$1.03 Canadian Reporting by Solarina Ho solarina.ho@thomsonreuters.com;+1 416 941 8067; Reuters Messaging: solarina.ho.thomsonreuters.com@reuters.net

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