Finning revenues fall 24 per cent; profit down

Finning International Inc. said revenues fell 24 per cent in the second quarter compared with last year due to a decline in new equipment sales and rentals in the weak global economy. Vancouver-based Finning, the world's largest Caterpillar equipment dealer, said sales were $1.17-billion in the April-June period compared to $1.53-billion last year as construction, mining and other sectors had less need for its products as a result of the recession. Net income fell 29 per cent to $48-million compared with $67-million for the same quarter last year. Earnings per share were 28 cents compared with 39 cents last year, and slightly weaker than analysts were expecting. FTT (TSX) fell $2.10 to $16.84.