Royal rebounds

Royal Group Technologies Ltd. announced sales of $547 million for the fourth quarter ending Sept. 30. According to a press release, this figure represented a 15% increase from a year earlier. A writedown for old recycling equipment reduced fourth quarter profit to $21.7 million. For the year, Royal’s profits totaled $129.2 million, up from $117.4 million.
The results "reflect solid progress toward our goals for free cash flow and debt reduction," said Royal CEO Vic De Zen. For the year, sales of home improvement products were up 42%, while consumer products sales increased by 5%. Sales in the company’s window coverings business declined. Royal generated 62% of it sales in the U.S., 29% in Canada and 9% outside elsewhere.