Finning Doubles Q1 Profits

May 1, 2000 12:00 PM, RENTAL EQUIPMENT REGISTER STAFF

EDMONTON, Alberta - Edmonton- based Finning International, a Caterpillar dealer for western Canada, reported last month that its first-quarter profits more than doubled because of increased activity in western Canada's forestry and construction industries.

Finning posted Q1 net income of (U.S.) $9.1 million, or 12 cents a share, for the period ended March 31, compared with $4.2 million, or 5 cents a share, in the same period in '99. Finning did about $26.7 in rentals worldwide in the first quarter, $16.02 million in Canada.

For the year 1999, Finning posted total revenues of (U.S.) $682.1 million, with $106.2 million in equipment rentals worldwide, $63.7 million coming from Canada. It also has sales and rental operations in the United Kingdom and Chile, with heavy-equipment, material-handling and power systems divisions.

Finning is No. 14 on the RER 100.

Ace to Open Oregon Branches PORTLAND, Ore. - In April, Ace Hardware Corp. partnered with Ace Hardware Northwest, LLC, to open three new stores here within the year.

For the joint venture, Ace retailers Chris and Joanie Dunn, who own and operate two Ace stores in Canby and Enterprise, Ore., put up the initial capital investment. Ace Hardware Corp. offered special dating and additional capital to attain all up-front inventory.

Said Ace Hardware president and CEO David Hodnik of the joint venture: "Partnering with such 'world-class' retailers gives us the perfect avenue to expand Ace market share and overall results at retail. While we're still determining which markets we'll enter, we have identified several in the immediate Portland area that have all the right elements - demographics, competition and future potential growth."