Finning International says second-quarter profits rise 129 per cent, revenue up

VANCOUVER – Construction equipment dealer Finning International Inc. (TSX:FTT) reported record second quarter earnings on higher revenues to due “exceptionally strong new equipment sales.”

The Vancouver-based company, the world’s largest Caterpillar dealer, said its second-quarter net income more than doubled to $82 million, or 48 cents per share, from $36 million, or 21 cents per share, a year ago.

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Revenue increased to $1.49 billion from $1.07 billion.

The company saw higher profitability in Canada, the United Kingdom, and Ireland on strong demand for products and service.

Finning is currently negotiating with Caterpillar regarding the potential purchase of some distribution rights regarding a new Caterpillar acquisition.

But the company said it predicts third quarter results will be partially impacted by a five-week strike in British Columbia, but the outlook for mining, construction and power systems remains strong for the next two years.