Vancouver-based heavy-equipment dealer Finning International Inc. says strong sales in South America were offset by weakness in its Canadian and European operations during the fourth quarter.
As a result, Finning’s revenue slipped to $1.78-billion – about 2per cent below a record $1.81-billion set a year earlier and nearly $100-million below a consensus estimate.
The company’s adjusted earnings also missed estimates – coming in at 55 cents per share, 2 cents short of the consensus compiled by Thomson Reuters.
However, Finning’s net income rose to $105-million or 61 cents per share, up from $71-million or 41 cents per share a year before and 4 cents ahead of the consensus estimate.
Finning’s fourth quarter net income included 6 cents per share from a gain on the sale of property in Canada and 4 cents per share from a new acquisition.