Finning reports record year in 2012, though Canadian revenues were off in fourth quarter

Vancouver-based Finning International Inc. has announced record annual results, despite a small slippage in fourth-quarter revenues, according to a published report in BIV.

The company reported 2012 annual revenues of $6.6 billion, up 12% over 2011. It simultaneously reported fourth-quarter 2012 revenues of $1.8 billion, a 2% decline from the fourth quarter of 2011.

The company attributed the fourth-quarter slide to lower new equipment sales, which it said were partly offset by 11% growth in product support.

It noted that, for the quarter, both its Canadian and U.K. and Ireland operations posted lower revenues compared with the previous year. However, the company reported that its South American operations "posted record revenues across most lines of business." Finning said its Canadian operations recorded a 20% slide in revenues in the fourth quarter, mostly due to a 36% decline in new equipment sales "from the exceptionally strong fourth quarter of 2011."

"We had an outstanding 2012 marked by numerous strategic achievements and record financial performance," said Mike Waites, president and CEO of Finning International Inc. CEO Waites has given notice of this upcoming retirement later in 2013.

Source:BIV