February 29th, 2024

Finning reports Q4 profit down, hit by foreign exchange loss

By The Canadian Press on February 7, 2024.

VANCOUVER – Finning International Inc. reported its fourth-quarter profit fell compared with a year ago as it was hit by a foreign exchange loss in Argentina due to government currency restrictions and a devaluation of the Argentine peso.

The heavy equipment dealer says its net income attributable to shareholders totalled $85 million or 59 cents per diluted share for the quarter ended Dec. 31, down from $136 million or 89 cents per share in the same quarter last year.

Net revenue for the quarter totalled $2.40 billion, up from $2.37 billion in the last three months of 2022.

The company says used equipment sales were up 48 per cent compared with a year earlier, while new equipment sales were down four per cent.

On an adjusted basis, Finning says it earned 96 cents per share in its latest quarter compared with an adjusted profit of 89 cents per share a year earlier.

Shares in Finning were down $3.64 or about nine per cent at $36.08 in early afternoon trading on the Toronto Stock Exchange.

This report by The Canadian Press was first published Feb. 7, 2024.

Companies in this story: (TSX:FTT)

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