Camco Earnings Rise Feb 5, 2003

Printable format  Email this Article  Search

Canada's Camco Inc. said it returned to profitability in the fourth quarter, helped by a growing North American appliance market. But the maker of refrigerators, freezers and clothes dryers warned that due to shrinking orders it is "exploring options" for its Hamilton plant. That includes adding to the product line, reducing production volumes or even closing the plant, Camco said.

The company said that depending on the decision, it could result in a major expenditure or writedown. Camco, which makes app liances for such brands as General Electric, Hotpoint and Moffat, also has a plant in Montreal. The company said it earned C$6.1 million (U.S. $4.0 million), or C$0.31 a share, for the quarter ended Dec. 31, up from a loss of C$500,000, or C$0.02, for the same period last year.

Fourth-quarter sales climbed to C$182 million from C$179 million in the same quarter a year ago. It credited 12.2-percent growth in the Canadian appliance market in 2002, as well as 6.6-percent growth in the U.S.

Back to Daily News