Canada

Finning Reports 2013 Q4 Results

Feb 19, 2014

Financial ResultsQ4 2013 HIGHLIGHTS

  • Revenues rose by 3% to $1.8 billion driven by higher parts and service revenues.
  • Earnings before finance costs and income taxes (EBIT)(1) were $145 million compared to $148 million in Q4 of last year. Excluding one-time items, EBIT performance improved from Q4 of last year.
  • Basic earnings per share (EPS) of $0.54 were below $0.60 in Q4 2012, reflecting lower EBIT and higher provision for income taxes.
  • Improvements in working capital(1) decreased invested capital(1) by $204 million from Q3 2013, mainly through the reduction of equipment inventory in all operations.
  • Free cash flow(1) of $365 million was $120 million higher than in Q4 2012, driving the ratio of net debt to invested capital(1) to 41% at the end of 2013, down from 48% at the end of September 2013 and 50% at the end of 2012.

For the complete results: View Q4 Results