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Rona Q2 earnings hit by one-time items as it fights off Lowe's

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Canadian home improvement retailer Rona (TSE:RON) said Wednesday that second-quarter profits, including the impact of usual items, was about $3 million lower in the second quarter than the same period last year.

Montreal-headquartered Rona, which is fending off an unwanted takeover proposal from Lowe's (NYSE:LOW), says its net profit for the quarter fell to $34.1 million. After adjustments to exclude $9.5 million in unusual items, 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 shy of analyst estimates compiled by Thomson Reuters.

Revenue was in line with estimates, rising by 3.4 per cent from a year ago to $1.4 billion.

Last week Rona rejected a $1.76 billion hostile takeover from U.S. rival Lowe’s, citing it was not in the best interest of stakeholders.
 
Lowe's is offering to acquire all Rona shares for $14.50 each, a 22 per cent premium on Rona's stock price the day prior to the offer.

Quick facts: Rona Inc

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TSX:RON
Market: TSX
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