May 24th, 2024

NFI Group shrinks net loss in Q1 as revenues rise to US$722.7 million

By The Canadian Press on May 2, 2024.

NFI Group Inc. logo is shown in a handout. THE CANADIAN PRESS/HO

WINNIPEG – NFI Group Inc. reported a net loss of US$9.4 million in its first quarter, compared with a net loss of US$46 million a year earlier.

The bus maker says its net loss per share was eight cents US, compared with a loss of 60 cents US during the same quarter last year.

Revenues totalled US$722.7 million, up almost 38 per cent from US$525.2 million a year earlier.

The majority of that revenue came from transit buses, which brought in US$449.5 million in revenue, up almost 66 per cent.

The company says its manufacturing revenue increased almost 46 per cent year-over-year, largely driven by higher new vehicle deliveries, higher average sales prices per unit and product mix.

NFI Group says its deliveries of zero-emission buses and coaches were up more than 21 per cent in the quarter.

This report by The Canadian Press was first published May 2, 2024.

Companies in this story: (TSX:NFI)

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