Finning pushes ahead to higher Q4 profit
VANCOUVER - Vancouver-based heavy-equipment dealer Finning International Inc. (TSX:FTT) says strong sales in South America were offset by weakness in its Canadian and European operations during the fourth quarter.
As a result, Finning's revenue slipped to $1.78 billion — about two per cent below a record $1.81 billion set a year earlier and nearly $100 million below a consensus estimate.
The company's adjusted earnings also missed estimates — coming in at 55 cents per share, two cents short of the consensus compiled by Thomson Reuters.
However, Finning's net income rose to $105 million or 61 cents per share, up from $71 million or 41 cents per share a year before and four cents ahead of the consensus estimate.
Finning's fourth quarter net income included six cents per share from a gain on the sale of property in Canada and four cents per share from a new acquisition.