10:56 AM EDT, 10/10/2024 (MT Newswires) -- Richelieu Hardware ( RHUHF ) was at last look down 2% on Thursday as it reported third quarter earnings and revenue that missed forecast, but talked up "promising opportunities" going forward.

The company reported net earnings fell 22% to $24 million, or $0.41 per share. Including non-controlling interests, net earnings attributable to shareholders of the corporation were $22.7 million, a decrease of 23.9% from Q3 2023. Net earnings per share were $0.41, basic and diluted, compared to $0.53, basic and diluted, for Q3 2023, a decrease of 22.6%.

Capital IQ had forecast EPS normalized of $0.44 and GAAP of $0.43.

Consolidated sales were $467.7 million, up 1.9% from last year's $459 million. The increase stemmed from a positive contribution from the acquisitions of 3.2% and an internal decrease of 1.3%. But Capital IQ had forecast $468.7 million.

"We believe that the housing shortage currently affecting North America will present promising opportunities for Richelieu," said CEO Richard Lord. ?Furthermore, although the renovation market is currently slowing down, we expect it to regain momentum in the coming months, leading to increased demand for our products and services. Sectors such as kitchen cabinets, closets, space planning, and commercial renovations are particularly promising and will continue to be crucial for our future growth."

The company will pay a quarterly dividend of $0.15 per share, on November 7.

Price: 39.00, Change: -0.84, Percent Change: -2.11