Exco Technologies profit and sales up
TORONTO - Exco Technologies Ltd. (TSX:XTC) said Friday it earned $7.1 million in its latest quarter, up sharply from a year ago, helped by higher sales and a recovery in the auto industry.
The maker of die-casting and extrusion tooling and equipment as well as automotive interior trim components for cars and light trucks said the profit amounted to 17 cents per diluted share for the quarter ended Sept. 30.
The results for the quarter ended Sept. 30 compared with a profit of $2.7 million or six cents per diluted share a year ago.
Sales totalled $61.7 million, up from $54 million.
"As we look toward the next year we believe the economic recovery in the North American automotive industry should continue to grow at a slow but steady pace," the company said.
For its full financial year ended Sept. 30, Exco reported a profit of $24.4 million or 60 cents per share on $242.5 million in sales. That compared with a profit of $13.3 million or 32 cents per share on $202.6 million in sales in the previous year.
Shares in the company were down 10 cents at $5.60 on the Toronto Stock Exchange on Friday.