TORONTO, ON — Richelieu Hardware reported a slightly better second-quarter profit on Monday that missed estimates, but was boosted by growing sales in the United States and acquisitions on both sides of the border, according to Reuters. The Montreal, ON-based company said sales increased 13.4 % to $101.14 million, boosted by a near-doubling of sales to the United States to $21.12 million in the quarter. Richelieu credits acquisitions in Nashville, TN, and Dartmouth, Nova Scotia, for much of the sales increase. Profit margins were adversely affected by higher raw material costs, which in turn led to earnings of 35.04 cents per share, This result was 3.79 cents lower than the 38.83-cent earnings estimated by experts, and resulted in Richelieu stock slipping 30.31 cents, or 1.3 % on the Toronto Stock Exchange. Read more.



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