Skip to main content

The Globe and Mail

Finning more than doubles profit in final quarter

Finning International Inc. , the world's largest Caterpillar heavy equipment dealer, says it earned $50-million in the fourth quarter — more than double its year-earlier profit.

The Vancouver-based company said Wednesday that the profit for the last three months of 2010 amounted to 29 cents a share, up from 13 cents or $22-million a year ago.

The results for the latest quarter included a charge of 4 cents a share related to Finning's investments and 3 cents a share linked to a new IT system. Foreign exchange also shaved 3 cents a share.

Story continues below advertisement

Revenue totalled $1.37-billion, up from $1.08-billion.

President and chief executive officer Mike Waites said the results were in line with the company's expectations.

"We expect good top-line growth in 2011 and beyond, reflecting robust commodity markets," Mr. Waites said in a statement.

He said Finning is continuing to invest in its product lineup and service capability to support customer demand.

Last summer, Finning expanded its operations in Britain to become the official Caterpillar distributor for Northern Ireland. In a separate agreement, it also negotiated a similar deal for the Republic of Ireland.

Finning rents and services giant dump trucks, backhauls and other equipment to mining companies, oil sands operators, construction companies and others around the world.

In Canada, the company operates in British Columbia, Alberta, the Yukon Territory, the Northwest Territories and Nunavut. Internationally, Finning has businesses in Argentina, Bolivia, Chile, Uruguay, and Britain.

Story continues below advertisement

Report an error
Comments are closed

We have closed comments on this story for legal reasons. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.