Finning profits increase 27 per cent amid robust industry demand

·1 min read

VANCOUVER — Finning International Inc. says it earned $271 million in the second quarter of 2022, a 27 per cent increase from the previous year's quarter.

The world's largest Caterpillar dealer, which provides equipment to customers in the mining, construction, forestry and petroleum industries, says its profit attributable to shareholders amounts to 80 cents per share.

The company's profit attributable to shareholders was 56 cents per share in the second quarter of 2021.

Finning says its revenue in the second quarter was $2.29 billion, up from $1.85 billion the year before.

The company says its revenue increase reflects strong market conditions in all the regions in which it operates, as well as the success of its product support growth strategy.

Finning says it is seeing strong equipment backlog, a term that describes the retail value of new equipment units ordered by customers for future deliveries.

This report by The Canadian Press was first published Aug. 2, 2022.

Companies in this story: (TSX:FTT)

The Canadian Press

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