Finning International, Vancouver, reported a 20 percent earnings increase in its third quarter sales, which were $22.8 million U.S., or 28 cents a share, up from $19.1 million, or 24 cents a year ago. Sales fell 1 percent to $506.2 million from $511.8 a year ago.
The results reflect a focus on operating costs and asset productivity while building business in more stable markets and a broader geographic base, the company said. CEO Doug Whitehead said that the market was challenging but stable, adding that Finning will achieve its 2002 targets.
"As we indicated earlier this year, we were expecting revenues for the year to be flat to slightly down following a record year in 2001 and an uncertain economic outlook for 2002, but we would nonetheless deliver slightly higher earnings," Whitehead said. "Our results for Q3 are consistent with this guidance.
Finning is No.17 on the RER 100.
