VANCOUVER - Finning International Inc. (
TSX:T.FTT,
Stock Forum) earned $86.2 million in its latest quarter as revenue improved more than 10 per cent, the Vancouver-based company announced Thursday.
The world's largest Caterpillar (
NYSE:CAT,
Stock Forum) equipment dealer said the profit amounted to 50 cents per share, compared with a profit of $81.2 million or 47 cents per share a year earlier.
Finning's revenue for the three months ended Sept. 30 was $1.78 billion, up from $1.59 billion in the same quarter last year, helped by new equipment sales in Canada.
Revenue from Canada was up 25 per cent compared with a year ago, while South America dipped by less than one per cent and revenue from its U.K.-Ireland segment was flat year-over-year.
The company's order backlog at Sept. 30 stood at $1 billion, down from $1.1 billion at the end of June.
Finning president and chief executive Scott Thomson said the results were in line with expectations, but noted that there was some uncertainty in the economic environment.
“The mining sector, particularly in South America, is under pressure and we are actively managing our cost structure so that it remains in line with expected business levels,” he said in a statement.
Finning also announced Thursday that chief operating officer Juan Carlos Villegas would add the role of president of Finning Canada.
Andy Fraser, currently president of Finning Canada, was named executive vice-president of customer and external relations for Finning International.
Fraser will focus on the company's relationships with its largest customers as well as community and government relations.