Structural fabricator Canam upbeat as net income falls
Feb 24, 2010 | 12:19 PM
| Corinna Petry
Citing the slowdown in non-residential construction activity throughout North America last year, structural steel fabricator Canam Group Inc. saw its fourth-quarter and full-year earnings sag.
The Boucherville, Quebec-based company posted net income of Canadian $5 million ($4.8 million) for the final three months of 2009, down 63.4 percent from C$13.7 million in the same period a year earlier, on sales that slid 35.2 percent to C$149.7 million ($141.9 million) from C$230.9 million.
"Despite fierce competition and the ensuing pressure on gross margins," the company was able to remain profitable during the difficult economic period "because of its excellent performance in executing infrastructure and complex large-scale structural steel projects," said Marc Dutil, Canam's president and chief operating officer.....
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