August 10, 2010 / 12:01 PM / 7 years ago

UPDATE 1-Rocky Mountain profit falls on wet weather conditions

* Q2 EPS C$0.17 vs C$0.28 yr ago

* Net sales down 6 pct

Aug 10 (Reuters) - Agriculture and construction equipment broker Rocky Mountain Dealerships Inc (RME.TO) reported a 19 percent drop in quarterly profit as wet weather impacted new and used equipment sales. For the second quarter, net income fell to C$3.1 million ($3.02 million), or 17 Canadian cents a share, from C$3.8 million, or 28 Canadian cents a share, a year ago.

Net sales fell 6 percent to C$146.2 million.

New equipment sales were down 9 percent at C$82.1 million, while used equipment sales fell to C$37.0 million from C$38.8 million, a year ago.

New and used equipment sales fell mainly due to wet, unfavorable weather conditions experienced throughout the Canadian Prairie provinces, the company said in a statement.

Analysts on average were expecting earnings of 29 Canadian cents a share, on revenue of C$153.2 million, according to Thomson Reuters I/B/E/S.

Shares of Rocky Mountain closed at C$7.98 Monday on the Toronto Stock Exchange. ($1=1.027 Canadian Dollar) (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Maju Samuel)

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