April 20, 2010 / 7:48 PM / 8 years ago

UPDATE 1-Winpak Q1 earnings beats market estimates

* Q1 EPS $0.19 vs est $0.15

* Q1 rev up 11 pct to $132.9 mln

* Sees 2010 capex of $30 mln to $35 mln

* Says looking to buy cos to complement core areas

April 20 (Reuters) - Canada’s Winpak Ltd (WPK.TO), which makes packaging materials and machines, posted first-quarter earnings that beat estimates, helped by higher demand and lower expenses.

The company said demand appears solid across all product groups and is expected to continue for the near future.

For 2010, the company said it expects capital expenditures of $30 million to $35 million as it continues to invest in technology.

For the first quarter, the company earned $12.3 million, or 19 cents per share, compared with $9.7 million, or 15 cents per share, a year ago.

Analysts on average were expecting the company to earn 15 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 11 percent to $132.9 million, but fell short of analysts’ expectations of $135.2 million. Volumes grew by 14.2 percent.

Winpak said it was still on the lookout for companies to complement its food and health care packaging divisions.

Shares of the Winnipeg, Manitoba-based company were down 5 percent at C$9.31 in afternoon trade on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Don Sebastian)

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