Finning Q2 profit up on strong sales across its regions and efficiencies in Canada
Demand in Canada remains healthy, with net revenue up 18% from last year to due to higher new equipment sales and the acquisition of 4Refuel
VANCOUVER – Finning International Inc. says its second-quarter net income was up 11 per cent from the same time last year amid strong sales in all its regions and improved efficiencies following restructurings in Canada and South America.
The Vancouver-based heavy equipment dealer – which also operates Caterpillar dealerships in the United Kingdom and Ireland – reported $88 million of net income, or 54 cents per share with $2 billion of net revenue.
That was up from $81 million of net income or 48 cents per share, with $1.73 billion of net revenue in 2018.
Adjusted earnings came in at 54 cents per share.
Analysts had estimated 42 cents per share of adjusted earnings and $1.8 billion of net revenue, according to financial markets data firm Refinitiv.
Finning said demand in Canada remains healthy, with net revenue up 18 per cent from last year to due to higher new equipment sales and the acquisition of 4Refuel, which contributed $28 million of net revenue in the quarter.