UPDATE 1-CVTech's Q1 profit soars as energy segment rev triples
* Q1 EPS C$0.03 vs C$0.01 yr ago
* Revenue up 189 pct to C$77.3 mln
May 14 (Reuters) - CVTech Group Inc (CVT.TO), a Canadian electrical services provider, posted a nearly seven-fold jump in quarterly earnings, as energy segment revenue soared, helped by winter storms that hit the northeast United States.
For the first quarter, net income was C$2.2 million ($2.16 million), or 3 Canadian cents a share, compared with C$323,000, or 1 Canadian cent a share, a year ago.
Revenue rose 189 percent to C$77.3 million. Revenue at its energy segment more than tripled to C$70.9 million.
Analysts on average were expecting the company to earn 4 cents per share, according to Thomson Reuters I/B/E/S.
Drummondville, Quebec-based CVTech's shares, which have lost nearly 25 percent of their value in the last three months, closed at C$1.18 on the Toronto Stock Exchange. ($1=1.021 CANADIAN DOLLAR) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju Samuel)
- Children's corpses reveal desperate attempts to escape Korean ferry |
- Russia says it will respond if Ukraine interests attacked |
- 'Bridgegate' scandal threatens next World Trade Center tower
- Obama seeks to ease Asian allies' doubts during visit to Japan |
- NYPD Twitter campaign backfires, thousands of negative tweets