Finning International Inc. (TSX:FTT) set a new revenue record with a 2.3% increase for its second quarter, which ended June 30, 2008.
Even though the Canadian dollar appreciated relative to the U.S. dollar and British pound, quarterly revenue for the Vancouver heavy equipment dealer exceeded $1.5 billion for the first time in the company's history due to stronger sales. Revenue for the same period in 2007 was $1.49 billion.
Net income, however, fell 9.3% to $67.2 million from $75.3 million. According to Finning, the decline was due primarily to costs associated with the acquisition and integration of Collicutt Energy Services Ltd., which it acquired last year.
With a strong backlog of new equipment orders worth $1.7 billion, Finning expects strong performance for the year. It projects annual earnings per share in the range of $1.65 to $1.75.
Finning's share price range during the past week: between $25.67 and $26.50; 52-week high: $33.91; 52-week low: $22.65.