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Unusual items drag down Rona profit, adjusted earnings up less than estimates
BOUCHERVILLE, Que. – Rona Inc. (TSX:RON) says its profit including the impact of usual items was about $3 million lower in the second quarter than during the same period last year.
The home-improvement retailer, which is fending off an unwanted takeover proposal from Lowe’s, says its net profit for the quarter fell to $34.1 million.
After adjustments to exclude $9.5 million in unusual items and other factors, Rona’s profit rose to $43.6 million or 36 cents per share.
That’s up from $37 million or 28 cents per share a year earlier but was a penny per share below analyst estimates compiled by Thomson Reuters.
Revenue at Canada’s biggest home-improvement chain was in line with estimates, rising by 3.4 per cent from a year ago to $1.4 billion.
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