CFM Reports Increase in Hearth Products Sales
Jan 23, 2003
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CFM Corp., a Canadian home products manker, reported nearly a 20-percent rise in first-quarter profit as sales rose 40 percent led by its hearth and heating-products division. The company, which makes stoves, fireplaces and barbecues, said net earnings rose to C$16.5 million (U.S. $10.8 million), or C$0.41 ($0.27) a share, in the quarter ended Dec. 28. That was up from C$13.9 million ($9.1 million), or C$0.37 ($0.24) per share, a year earlier. Sales were up 40 percent to C$180 million ($117.5 million) in the quarter from C$128 million ($83.6 million) in the first quarter of last year. The company reconfirmed financial guidance and said it expects to earn between C$1.25 ($0.82)and C$1.35 ($0.88) during fiscal 2003. (Reuters)

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