Finning Reports 2015 Q1 Results
May 6, 2015
Q1 2015 HIGHLIGHTS
- Basic EPS(2) was $0.31, which included severance and facility closure costs of $0.08 per share, and a tax benefit from previously unrecognized tax losses of $0.06 per share.
- In South America, the Company achieved a solid EBIT margin of 9.3%, up from 9.0% in Q1 2014, despite a 21% decrease in revenue in functional currency.
- In Canada, the Company has swiftly implemented cost reduction measures. As expected, Q1 2015 EBIT margin of 3.7% included significant severance and facility closure costs. Excluding these costs, Canada's EBIT margin of 5.8% was slightly below 6.0% in Q1 2014, while revenues declined by 12%.
- The Company intends to launch a share repurchase program, subject to regulatory approvals, reflecting the expectation of strong annual free cash flow(1).
- The Company raised its annualized dividend by 2 cents to 73 cents per share, reflecting the expectation of strong annual free cash flow and sustainable earnings growth over the long-term.
For the complete results: View Q1 Results