Release time : 2015-06-15 13:33:55
Quebec-based Kinecor reported sales of C$81.7 million (US$68.3 million) for the third quarter of 2008, up 11% from the same period 2007. Earnings improved to C$5.4 million (US$4.5 million), an increase of 17.3%.
Increases in sales of bearings and power transmission parts, and fluid power parts and service revenue, as well as C$4.3 million (US$3.6 million) of revenue from the acquisition of Weir Process Equipment, contributed to overall higher revenues for Kinecor. Increased natural gas drilling activity in western Canada and higher sales to manufacturing, agricultural and mining sector customers also contributed to the increase. Offsetting these revenue increases was a reduction in forestry sector sales in eastern Canada compared to last year.
For the nine months ended Sept. 30, 2008, sales declined slightly from 2007 levels to C$233.6 million (US$195.6 million). Earnings for the period were C$15.3 million (US$12.8 million), up 2% from the same period a year ago.
Kinecor is a Canadian distributor of bearings and power transmission products, hydraulic components and systems, and fluid handling equipment.