Finning Reports 2015 Q2 Results
August 6, 2015
Q2 2015 HIGHLIGHTS
- Basic EPS(1) was $0.36. Severance costs were $0.03 per share, and a one-time negative impact of an increase in the provincial tax rate in Alberta was $0.01 per share.
- The Company generated $69 million in free cash flow(2) with significant contribution from Canada.
- The Company repurchased close to one million of its shares in Q2 at an average price of $23.85 per share.
- EBIT(1)(2) margin in South America remained strong at 9.5% (10.1% excluding severance costs).
- Canada's EBIT margin was 6.2% (6.5% excluding severance costs). Canada's SG&A(1) was 13% lower than Q2 2014, driven by cost reductions and operational improvements.
- Effective July 1, 2015, the Company completed the previously announced acquisition of the operating assets of the Caterpillar dealership in Saskatchewan, and has successfully transitioned the business into Finning Canada operations.
For the complete results: View Q2 Results