November 10, 2010 / 1:51 PM / in 7 years

UPDATE 1-Ag Growth Q3 results beat estimates on strong demand

* Q3 EPS C$1.13 vs est C$1.01

* Sales rises 22 pct

* Raises dividend to C$0.20/shr

Nov 10 (Reuters) - Ag Growth International Inc (AFN.TO) reported quarterly results above market estimates as the Canadian maker of portable grain handling equipment posted its highest revenue in at least five years on strong demand and sales price.

”In the first quarter of 2011 we expect to bring on-line capacity at our new storage bin facility in Alberta which should enhance Ag Growth’s market share both domestically and overseas,“ Interim Chief Executive Gary Anderson said in a statement.”

The company expects the large 2010 harvest in the United States and higher-than-historical commodity prices will spur demand for portable and commercial grain handling equipment.

For the July-September quarter the maker of low-cost augers, belt conveyors, grain handling accessories and grain aeration equipment earned C$15.4 million, or C$1.13 per share, compared with C$15.1 million, or C$1.17 per share a year ago.

Sales rose 22 percent to C$83.1 million.

Analysts on average expected the company to earn C$1.01 per share on revenue of C$74.4 million, according to Thomson Reuters I/B/E/S.

Shares of the Winnipeg, Manitoba-based company which has a market capitalization of more than C$530 million, have gained more than 22 percent this year. They closed at C$22.22 on Tuesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi and Isheeta Sanghi in Bangalore; Editing by Don Sebastian)

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