Canadian Manufacturing

NFI Group reports Q3 loss, cites supply chain issues

On an adjusted basis, NFI says it lost US$11.3 million or 16 cents per share in its most recent quarter.

November 3, 2021  The Canadian Press

NFI Group Inc. says it lost US$15.4 million in its latest quarter as the bus maker dealt with global supply disruptions that reduced the availability of key parts and components and hurt production.

The Winnipeg-based company, which keeps its books in U.S. dollars, says the loss amounted to 22 cents per share for the quarter ended Sept. 26.

The result compared with a loss of US$24.9 million or 40 cents per share in the same quarter last year.

Revenue in the quarter totalled US$492.0 million, down from US$663.9 million.

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On an adjusted basis, NFI says it lost US$11.3 million or 16 cents per share in its most recent quarter, compared with an adjusted profit of US$5.7 million or nine cents per share a year earlier.

Analysts on average had expected an adjusted loss of 17 cents per share and US$497.9 million in revenue, according to financial markets data firm Refinitiv.