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The Globe and Mail

Finning profit climbs 27% on record revenue

A caterpillar 992G loader removes rocks and tundra at The Meadowbank Gold Mine located in the Nunavut Territory of Canada on Tuesday, March 24, 2009.

NATHAN DENETTE/The Canadian Press

Heavy truck and equipment dealer Finning International Inc. reported Thursday a fourth-quarter profit of $71-million, up 27 per cent from a year earlier.

Revenue hit a record $1.8-billion on robust activity in mining and heavy construction.

The Vancouver based company, the world's largest dealer of Caterpillar heavy equipment, said its earnings amounted to 41 cents per share, compared to 32 cents per share in the comparable period of 2010.

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"We had numerous record setting achievements in the fourth quarter, including best-ever new equipment sales and total revenues from each of our operations," president and CEO Mike Waites said in a statement.

"Our robust results, together with continued strong market conditions, provide us with significant momentum heading into 2012."

The company said it logged its best-ever new equipment sales in all operations up 58 per cent from the same period a year earlier.

Vancouver-based Finning sells, rents and services equipment and engines in Western Canada, Chile, Argentina, Bolivia, Uruguay, as well as in the United Kingdom and Ireland.

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