Finning Reports Q3 2011 Results
November 8, 2011
Q3 2011 HIGHLIGHTS
- Revenue increased by over 10% to $1.3 billion, driven by continued growth in new equipment sales in all operations and record product support revenues in South America and the UK and Ireland in functional currency.
- South America delivered record quarterly EBIT. In the UK and Ireland, EBIT more than tripled over the prior year's quarter.
- As previously disclosed, the five-week strike in British Columbia and the enterprise resource planning (ERP) implementation resulted in lower Canadian revenues, and additional system support costs were incurred, reducing earnings by approximately 25 cents per share in Q3 2011.
- Consolidated EBIT declined by just over 50% to $46 million, and basic EPS was $0.21 compared to $0.37 in Q3 2010 primarily due to the impact of the Canadian ERP implementation.
- Backlog improved to $1.8 billion, reflecting continuing robust demand from mining and heavy construction sectors.
For the complete results: View Q3 Results