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LONDON, Nov 20 (Reuters) - British engineering group Tomkins Plc met forecasts on Thursday with a six percent rise in third-quarter operating profit and said its restructuring was on track to take advantage of its markets when they improved.
Operating profit before exceptional items and goodwill amortisation for the three months to the end of September was 74.4 million pounds ($126.4 million). Analysts had forecast between 70 million and 77 million pounds for the quarter.
Sales rose by 5.2 percent to 820.3 million pounds after solid growth in its industrial and automotive business and a stronger U.S. residential construction market. A recovery in margins in air-system components helped operating profits.
Tomkins makes more than two-thirds of its sales in the United States and it has been hit by slow U.S. economic recovery and the weakening of the dollar against other major currencies.
"Our achievements in the third quarter demonstrate that we remain on track to realise our 2003 objectives of preparing the group for improvements in our markets while delivering a satisfactory financial performance," Chief Executive Jim Nicol said in a statement.
"Regardless of whether our end markets improve in 2004, Tomkins will be a better company because of our focus upon product and process innovation, manufacturing excellence and global expansion."