Richelieu Hardware Ltd. (TSE:RCH) 2Q18 Earnings Miss Street Estimate

Richelieu Hardware Ltd

Richelieu Hardware Ltd. (TSE:RCH) reported net income for the second quarter of C$ 18.24 million or C$ 0.31 per share, compared to income C$ 17.65 million or C$ 0.30 per share for the year-ago quarter.

The based company recorded sales for second quarter rose 8% to C$ 263.37 million from C$ 243.27 million in the same quarter last year.

Analysts polled by Thomson Reuters expected RCH to report income of C$ 0.33 per share on revenue of C$ 267.30 million for the second quarter.

Over the coming periods, our priorities are to optimize synergies with our acquisitions – keep innovating and providing outstanding service to our customers – develop and deepen our markets – improve operational efficiency, and in accordance with our growth strategy, realize new acquisitions in key markets in Canada and the United States, said Mr. Richard Lord, President and CEO for Richelieu.

Additionally, the board of directors approved a quarterly dividend of C$ 0.06 per share. This dividend is payable on August 2nd, 2018, to shareholders of record as at July 19, 2018.

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