Canam Group's Q2 profit falls amid lower margins in most of its markets
BOUCHERVILLE, Que. - Canam Group Inc. (TSX:CAM) reports it had $4.5 million of net income in its second quarter, down from $7.4 million a year earlier, due to lower margins on the Quebec-based company's specialized structural steel products.
"However, our results at the end of the quarter allowed us to build positive momentum that appears to be confirmed by the increase in the backlog of orders," Canam president and CEO Marc Dutil said in a statement.
Canam Group's backlog of orders was a record $857 million as of June 28, up from $793 million at the end of the first quarter of 2014 and $619 million at the end of the second quarter of 2013.
Revenue was up 11.4 per cent from a year earlier, rising to $281 million from $252 million in the second quarter of 2013.
Canam's net income amounted to 11 cents per share, down from 18 cents per share.
Headquartered in Boucherville, Que., northeast of Montreal, Canam operates 21 plants across North America and employs 3,600 people in Canada, the United States, Romania, India and Hong Kong.
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