Exco Technologies Ltd. (TSX:XTC) has announced a big increase in fiscal first-quarter revenue and earnings and says it will increase its quarterly dividend 20 per cent.
The Toronto-based maker of products and equipment for the die-cast, extrusion and automotive industries says net income in the three months ended Dec. 31 increased 43 per cent to $9.6 million as sales revenue shot up 88 per cent to $119.9 million.
The profit amounted to 23 cents per diluted share and compared with earnings of $6.7 million or 16 cents in the same year-earlier period when sales totalled just under $64 million.
Exco said the inclusion of revenue from Automotive Leather Group Pty, acquired on March 1, was primarily responsible for the significantly higher year-over-year sales in the quarter. However, it noted that sales at its existing businesses also grew by 22 per cent.
The new, higher dividend of six cents per share will be paid March 27 to shareholders of record on March 13.
Exco employs more than 5,000 workers at 18 locations in 10 countries.
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