Finning Reports 2014 Q2 Results
August 7, 2014
Q2 2014 HIGHLIGHTS
- Revenues increased by 9% to $1.8 billion. Higher revenues in Canada and the UK & Ireland were driven by strong new equipment sales and more than offset the revenue decline in South America. Product support revenues grew by 4%, driven mostly by higher parts sales in Canada.
- EBIT(1)(2) increased by 12% to $137 million due to improved EBIT in Canada. EBIT margin(1) was 7.8%, up from 7.6% in Q2 2013, reflecting higher EBIT margin in Canada and South America.
- Basic EPS(2) increased by 4% to $0.50, as the increase in EBIT was partly offset by a higher provision for income taxes compared to Q2 2013.
- The Company generated $123 million in free cash flow(1) compared to $7 million in Q2 2013, reflecting strong working capital(1) management across the Company.
- Invested capital declined by $80 million from Q1 2014, despite the $92 million increase in revenues.
For the complete results: View Q2 Results