UPDATE 1-Magellan Q1 beats estimates on better demand in Canada

* Q1 EPS C$0.06 vs C$0.41

* Q1 rev C$177.9 mln vs C$179.3 mln

* Canada sector revenue up 17 pct to C$98.8 mln

May 17 (BestGrowthStock) – Aerospace industry supplier Magellan
Aerospace Corp’s (MAL.TO: ) first-quarter results beat estimates
despite a 61 percent fall in income, helped by strong demand in
its Canadian segment.

The company earned C$3.1 million, or 6 Canadian cents a
share, compared with net income of C$7.9 million, or 41
Canadian cents a share a year ago.

Revenue dipped by 1 percent to C$177.9 million, while
revenue from the Canadian segment rose 17 percent to C$98.8
million.

Analysts on average were expecting earnings of 3 Canadian
cents a share on revenue of C$175.5 million, according to
Thomson Reuters I/B/E/S.

Magellan, which recently inked a $425 million supply deal
with British engine-maker Rolls-Royce (RR.L: ) and its German
unit, also said demand for new aircraft in the civil airline
sector remains stronger than expected.

“Order rates are returning to more traditional levels,
following slowness during the global economic crisis,” Magellan
added.

Shares of the company closed at C$2.62 Friday on the
Toronto Stock Exchange.

Stock Market Advice

(Reporting by Arnika Thakur in Bangalore; Editing by Don
Sebastian)

UPDATE 1-Magellan Q1 beats estimates on better demand in Canada