Canadian Caterpillar Finning posted $2.579 billion in net revenue in the fourth quarter of 2024, compared to $2.403 billion in the fourth quarter of 2023, a 7.3-percent increase. Equipment rental declined in the fourth quarter from $88 million in 2023 to $75 million in the fourth quarter of 2024, a 14.8-percent drop. Revenue from new equipment increased from $819 million to $921 million, a 12.5-percent boost.
For the full year, net revenue increased from $9.543 billion to $10.096 billion, a 5.8-percent increase. Equipment rental revenue declined from $327 million to $295 million, a 9.8-percent dropoff. New equipment revenue increased from $3.262 billion to $3.612 billion, a 10.7-percent jump.
“We are proud to have achieved several important milestones in 2024 including records of $10.1 billion of total net revenue and $5.5 billion of product support revenue,” said Finning president and CEO Kevin Parkes. “We delivered this growth in 2024 while also achieving record low SG&A as a percentage of net revenue of 16.3 percent and substantial free cash flow of $865 million. Importantly, we exited the year with strong momentum including record Q4 EPS of $1.02 while concurrently generating Q4 free cash flow of $399 million and rebuilding our backlog to a robust $2.6 billion.
“I am very pleased with how each region finished the fourth quarter. South America delivered product support revenue growth over 10 percent, our UK and Ireland team more than doubled their EBIT through effective strategy execution, and Canada demonstrated resilience, sequentially improving EBIT in difficult market conditions. The geographic and end market diversity of our business was critical to our strong performance in 2024, and this diversity, with approximately half of our business outside of Canada, will remain important as we move through 2025. Our focus in 2025 will remain squarely on executing our strategy to maximize product support, drive full-cycle resilience and grow our used, rental and power businesses to improve our return on invested capital.”
Finning is the world’s largest Caterpillar dealer, delivering service to customers for more than 90 years. Headquartered in Surrey, British Columbia, Canada, Finning provides Caterpillar equipment, parts, services, and performance solutions in Western Canada, Chile, Argentina, Bolivia, the United Kingdom, and Ireland.
