Finning Releases Q2 Financial Results
August 12, 2010
Finning reports stronger second quarter results – improving market activity in all operations.
Q2 Highlights (from continuing operations):
- Consolidated EBIT of $67 million, while below Q2 2009, improved by 61%from Q1 2010 driven by higher EBIT performance from Canada and the UK. Results from South America continue to be solid.
- Product support remained strong in mining and improved in non-mining sectors, particularly construction. Consolidated product support revenues increased by 10% from Q2 2009 and were up significantly in all operations, by 16%-18% in local currencies.
- The Company remains on track to achieve its annual targets for permanent cost reduction, free cash flow and net debt to capital ratio.
- Market activity continued to improve in all operations and across all sectors. Consolidated order backlog of $1.0 billion was up 10% from Q1 2010.
For the complete results: View Finning Q2 Results