January 27, 2010 / 11:17 PM / 8 years ago

UPDATE 1-Canada's Exco Technologies swings to Q1 profit

* Q1 EPS C$0.05 vs loss C$0.06/shr year ago

* Revenue down 15 pct to C$37.6 mln

* Says has C$17.8 mln in cash and no debt

* Raises quarterly dividend

Jan 27 (Reuters) - Canada’s auto parts maker Exco Technologies Ltd (XTC.TO) swung to a first-quarter profit, helped by improving sales trends at its automotive solutions segment.

Net income was C$1.9 million ($1.8 million), or 5 Canadian cents a share, compared with a loss of C$2.4 million, or 6 Canadian cents a share, a year ago.

Revenue for the quarter fell 15 percent to C$37.6 million.

    Two analysts on average were expecting the company, which makes components for the die-cast, extrusion and automotive industries, to earn 2 Canadian cents a share, according to Thomson Reuters I/B/E/S.

    Exco’s automotive segment earned C$1.1 million in the first quarter, compared with C$171,000 a year ago.

    The company, which also increased its quarterly cash dividend by C$0.0025 to 2 Canadian cents per share, said it currently has no debt and more than C$17.8 million in cash on hand.

    Shares of the company closed at C$2.31 Wednesday on the Toronto Stock Exchange.

    $1=1.068 Canadian Dollar Reporting by Abhiram Nandakumar in Bangalore; Editing by Anne Pallivathuckal

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