Finning International last week reported record quarterly revenue of CAD $1,426.4 million (about U.S. $1,283.4 million) for the first quarter of 2007, a 21.2-percent increase compared with the first quarter of 2006. Earnings from continuing operations before interest and income taxes were CAD $111.9 million (about U.S. $100.7 million) a 22-percent hike compared with the same period last year.
First-quarter net income from continuing operations was CA $69.9 million or $0.77 per diluted share, a 20.3-percent increased compared with the first quarter of 2006 and the best-ever first-quarter results in Finning’s history.
“We continue to generate excellent operating results, and break records for revenue and earnings,” said Finning International CEO Doug Whitehead. “This performance is driven by continued high equipment sales and growing demand for customer support services, especially in our Canadian and South American operations. The outlook beyond 2007 also looks very good as our order intake continues at attractive levels. The bright outlook is also supported by our order backlog, which is now at $1.9 billion, almost double this time last year, and up almost 23 percent from December 2006.”
Equipment rental revenue in Canada was CA $65.5 (about U.S. $58.9 million), up from CA $54.2 million (U.S. $48.7 million) for the first quarter of 2006, a 20.8-percent increase. Finning’s equipment rental revenue grew year over year in its South America and United Kingdom operations as well.
Finning is the world’s largest Caterpillar dealer, representing the manufacturer in Western Canada, the United Kingdom, Chile, Argentina, Uruguay and Bolivia. Based in Vancouver, B.C., Finning is No. 13 on the new RER 100.