Finning’s Canadian rental business drops 19% in Q1
By Belinda Smart12 May 2021
Finning International says rental revenue in its home market of Canada, a critical rental market for the company, was down 19% in Q1 2021 year on year.
The Caterpillar dealer says the drop was due to work stoppages at pipeline and construction sites to mitigate the spread of Covid-19.
However, net revenue in Canada increased by 2%, driven by strong used equipment sales, particularly in mining.
Overall, the company says business strengthening, with lead times for new equipment and growing demand causing it to focus on rebuilds and re-sale of used equipment to capture market recovery.