Finning International Inc. (TSX:FTT) ("Finning" or the "Company") reported first quarter 2017 results today. All monetary amounts are in Canadian dollars unless otherwise stated.
"Our first quarter results provide a solid start to the year, reflecting strong execution to advance our operational priorities and the positive impact of a reduced cost base across our operations. While total revenues declined from last year, product support increased and profitability improved," said Scott Thomson, president and CEO of Finning International Inc. "Despite an encouraging increase in equipment backlog, we expect new equipment markets to remain soft and competitive in the near term. Given continued uncertainty in our territories, we maintain our expectation that 2017 revenue will be essentially flat relative to last year.""Despite continued top line pressures, each of our regions is achieving meaningful progress in working capital efficiencies, driven in large part by improvement in our equipment supply chain. This gives me confidence in our ability to demonstrate a significantly improved return on invested capital when demand recovers," concluded Mr. Thomson.
Q1 2017 FINANCIAL SUMMARY
Invested Capital and ROIC
Q1 2017 HIGHLIGHTS BY OPERATION
The Board of Directors has approved a quarterly dividend of $0.1825 per share, payable on June 8, 2017 to shareholders of record on May 25, 2017. This dividend will be considered an eligible dividend for Canadian income tax purposes.
Q1 2017 INVESTOR CALL
The Company will hold an investor call on May 10 at 10:00 am Eastern Time. Dial-in numbers: 1-800-319-4610 (Canada and US), 1-416-915-3239 (Toronto area), 1-604-638-5340 (international). The call will be webcast live and archived for three months at http://www.finning.com/en_CA/company/investors.html. Finning no longer provides a phone playback recording; please use the webcast to access the archived call.
Finning International Inc. (TSX: FTT) is the world's largest Caterpillar equipment dealer delivering unrivalled service to customers for over 80 years. Finning sells, rents, and provides parts and services for equipment and engines to help customers maximize productivity. Headquartered in Vancouver, B.C., the Company operates in Western Canada, Chile, Argentina, Bolivia, the United Kingdom and Ireland.
SOURCE: Finning International Inc.
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