Finning International Inc. (TSX:FTT) reported record sales and profits for its first quarter ending March 31, 2007.
Sales for the global Caterpillar equipment dealer rose more than 16% to $1.4 billion in the quarter compared with $1.2 billion in the same period in 2006.
Improved equipment sales and increased demand for customer support services in its Canadian and South American markets drove much of Finning's strong quarterly results. New equipment and power systems sales jumped 29% to $647.5 million from $500.9 million, and customer support services revenues increased 15% to $440 million from $381.2 million.
As a result, quarterly profits rose almost 23% to $69.9 million from $56.9 million in the first quarter of 2006.
Finning's outlook for the year remains strong with an increase in its per-share earning guidance moving up to between $2.95 and $3.20 from the $2.80 to $2.95 announced in its last quarterly report. The company's order backlog of $1.9 billion in products is double last year's.
By the end of May, the company expects to complete a two-for-one stock split of its issued and outstanding shares.
Finning's share price range during the past week: between $56.61 and $59.80; 52-week high: $61; 52-week low: $35.76.