Finning International, Caterpillar dealer for Western Canada, the United Kingdom, Chile, Argentina, Uruguay and Bolivia, last week reported second quarter net income of CD $45.6 million, or $.52 per share, compared with $27.8 million or $.35 per share in the second quarter of 2004, an increase of almost 49 percent in basic earnings per share. Quarterly revenues reached a company record $1.27 billion, a 23 percent year-over-year increase.
The strong second quarter results reflect strong equipment sales and growing parts and service revenues.
“Business conditions remain buoyant and our strong order book points to a solid second half of 2005 and a good start for 2006. We are pleased with our record results being produced by our Canadian and South American operations, although we are disappointed with the results of our material handling business in the U.K.”
Earnings Before Interest and Taxes for the quarter was $80.5 million and net income for the quarter was $45.6 million, up from $56.8 million and $27.8 million, respectively, for the same period in 2004. Net income for the quarter was up 64 percent year over year.
Equipment rental in Canada increased from CD $30.4 million in Q204, to $43.3 million in this year’s second quarter, a 42.4-percent jump.
Based in Edmonton, Alberta, Finning is No. 17 on the RER 100, the highest ranked Canadian company. It operates 26 Cat Rental Store locations in British Columbia, Alberta, Yukon and the Northwest territories.
