Finning, the world’s largest Caterpillar dealer, increased revenues by 9 percent to CDN $1.768 billion (about U.S. $1.611 billion) in the second quarter, the company said. Higher revenues in Canada and the U.K. and Ireland were driven by strong new equipment sales and more than offset the revenue decline in South America. Product support revenues grew by 4 percent, driven mostly by higher parts sales in Canada.
Revenues increased 21 percent in Canada, as market activity was strong across most segments in Western Canada. Revenues also jumped 21 percent in the U.K. and Ireland. Revenues dropped 10 percent in South America.
Companywide rental revenues declined by 7 percent, and used equipment sales dropped 9 percent. Both areas were lower in all operations compared to the second quarter of 2013. Equipment rental declined from $92.8 million in the second quarter of 2013 to $86.3 million this year.
Finning, based in Vancouver, B.C., is the Caterpillar in western Canada, the U.K. and Ireland, Argentina, Chile, Bolivia and Uruguay. A major rental player especially in North America, Finning is No. 10 on the RER 100.
