May 11, 2010 / 11:58 AM / 8 years ago

UPDATE 1-Rocky Mountain Dealerships Q1 profit soars

* Q1 EPS C$0.10 vs C$0.05 last year

* Q1 sales up 12 pct to C$120.5 mln

May 11 (Reuters) - Rocky Mountain Dealerships Inc’s RME.TO first-quarter profit more than doubled, helped by strength in demand for new agricultural and construction equipment.

For the quarter ended March 31, the company posted a net income of C$1.8 million, or 10 Canadian cents a share, compared with a net income of C$728,000, or 5 Canadian cents a share, a year ago.

Rocky Mountain Dealerships, which sells, rents and leases new and used agriculture and construction equipment, said net sales for the quarter rose 12 percent to C$120.5 million.

Analysts on average were expecting earnings of 10 Canadian cents a share on revenue of C$125.6 million, according to Thomson Reuters I/B/E/S.

New equipment sales for the quarter rose 30 percent to C$61.9 million.

“We will continue to pursue highly accretive acquisitions,” Chief Executive Matt Campbell said in a statement.

Shares of the company closed at C$8.40 Monday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Ratul Ray Chaudhuri)

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