Canadian Manufacturing

NFI Group reports a loss of U.S. $42.6M in Q3

The Canadian Press
   

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NFI CEO Paul Soubry says the results reflect the ongoing impacts of unreliable supplier performance, associated production inefficiencies and heightened inflation on input costs.

NFI Group Inc. reported a loss of US$42.6 million in its latest quarter compared with a loss of US$15.4 million in the same quarter last year as its revenue edged higher.

NFI chief executive Paul Soubry says the results reflect the ongoing impacts of unreliable supplier performance, associated production inefficiencies and heightened inflation on input costs.

The bus maker, which keeps its books in U.S. dollars, says the loss amounted to 56 cents per share for the company’s third quarter compared with a loss of 22 cents per share a year earlier.

Revenue for the quarter totalled US$514.0 million, up from US$492.0 in its third quarter of 2021.

On an adjusted basis, NFI says it lost 63 cents per share in its latest quarter compared with an adjusted loss of 16 cents per share in the same quarter last year.

The company says it is in talks with Export Development Canada, the Manitoba government and other banking syndicate members regarding credit facility covenant relief and potential financing solutions.

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