Vancouver-based Caterpillar equipment dealer Finning International Inc. posted second-quarter revenue of $1.48 billion, a 39% increase over 2010’s second quarter.
The company also posted record earnings of $81.9 million, up from a loss of $87.5 million for the same quarter last year.
“Results from the first half of the year have exceeded the company’s expectations, driven by record product support revenues and exceptionally strong new equipment sales,” the company stated Friday in a news release.
“Our outstanding performance in the second quarter reflects continued strong demand for our products and services coupled with significant improvement in our operating leverage,” said Finning president and CEO Mike Waites.
However, the company states a recent five-week strike in B.C. could negatively affect its third quarter results in Canada. (See “Strike by B.C., Yukon Finning workers ends” – BIV Business Today, August 2.)
Waites noted the current market volatility but expressed confidence in the company’s future.
“As we look ahead, we are monitoring the current volatility in capital markets closely and are well-positioned to adjust as necessary,” he said. “We see significant opportunities for Finning and remain confident in our ability to deliver long-term sustainable growth.”
A company spokesman was not available by press deadline.
Jenny Wagler
Twitter: JennyWagler_BIV