August 11, 2010 / 1:22 PM / 7 years ago

UPDATE 1-Ag Growth Q2 beats Street, sees firm equipment demand

* Q2 EPS C$0.90 vs est C$0.80

* Revenue C$72.4 mln vs est C$68.6 mln

* Says may benefit from huge crop in the U.S.

Aug 11 (Reuters) - Canada’s Ag Growth International Inc AFN.TO reported quarterly profit that beat analysts estimates and said it was seeing significant increase in demand for its commercial grain handling equipment.

“Current conditions suggest we may benefit from another huge crop in the U.S., which should be supportive of demand for our portable equipment,” Chief Executive Rob Stenson said in a statement.

However, the CEO said that poor crop conditions in western Canada would negatively impact sales of its portable grain handling equipment and grain storage bins.

For the second quarter, the company earned C$12.4 million, or 90 Canadian cents a share, compared with C$16.4 million, or C$1.14 a share, a year ago.

Revenue rose to C$72.4 million.

Analysts on average expected the company to earn 80 Canadian cents a share on a revenue of C$68.6 million, according to Thomson Reuters I/B/E/S.

Shares of the Winnipeg, Manitoba-based company closed at C$36.60 Tuesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Prem Udayabhanu)

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