Big increases for Finning
By Joe Malone09 November 2017
Finning, the Canadian distributor for Caterpillar equipment, has announced revenues of CA$1.55 billion (€1.05 billion) for third quarter of 2017 – a year-on-year increase of 16%.
The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) also grew 26% year-on-year, to CA$149 million (€101 million).
Finning said its third-quarter performance saw its revenues grow across all regions and lines of business.
In Canada, the company’s revenues grew 19%, aided by the integrated management of its rental fleets, as well as a recovery in the construction market.
South America also saw a rise of 19% for Finning, while the UK and Ireland increased 4% for the company.
Scott Thomson, president and CEO of Finning, said, “I am pleased with continued improvement in our financial performance, supported by strengthening activity in our key markets.
“While pricing remains highly competitive, the reduced cost structure and operational discipline is having a positive impact on profitability. In addition, our working capital metrics continue to improve as we optimise our global supply chain while capitalising on growing demand for parts and equipment.”
He added that, as a result, the company was achieving a higher return on invested capital across all its regions.