Finning Reports 2013 Q4 Results
Feb 19, 2014
Q4 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