Quarterly profits contract for Canam Group in Q4
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Boucherville, Quebec-based structural steel fabricator Canam Group Inc. announced Tuesday Q4 2010 profits of $755,000, compared to a $5.1 million net profit in Q4 2009. Consolidated sales for the quarter were $248.4 million in Q4 2010, a 66 percent surge from the $149.7 million in consolidated sales in Q4 2009.
For the full year 2010, consolidated sales totaled $751.3 million, a 20 percent increase over the $625.8 million in sales in 2009.
The Canam Group's President and COO Marc Dutil attributed the annual growth rate in sales from the acquisition of FabSouth in February 2010, while the contraction of gross margins reflects the downturn in non-residential construction across North America.