April 29, 2010 / 8:57 PM / in 7 years

UPDATE 1-United Stationers profit rises, beats Street

* Q1 EPS 73 cents vs Street’s 68 cents

* Q1 revenue up 3 percent to $1.15 billion

* Shares close up 2 percent

SAN FRANCISCO, April 29 (Reuters) - United Stationers Inc USTR.O reported a higher quarterly net profit on Thursday that beat Wall Street estimates, helped by cost cuts and better operating margins.

The wholesaler, which stocks office products, furniture and industrial supplies, said net profit in its first quarter was $18.23 million, or 73 cents per share, compared with $13.52 million, or 57 cents per share, a year earlier.

Analysts, on average, had been expecting earnings of 68 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 3 percent to $1.15 billion, the company said, helped by gains in all segments except for furniture, where demand remains weak.

Operating margins rose to 3.1 percent of total sales from 2.6 in a year ago.

United Stationers did not give a second-quarter forecast, but said its sales growth to date in the quarter was up about 4 percent.

Shares closed at $62.63, up 2 percent, on the Nasdaq. (Reporting by Alexandria Sage. Editing by Robert MacMillan)

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