Finning sees record sales, but still sinks to loss

Finning International Inc. reported record revenues in its latest quarter, but wound up in the red after taking charges related to a slowdown in heavy equipment sales as a result of the global economic meltdown. Finning stuck with its guidance for a drop in sales of 3 per cent to 8 per cent this year. Finning, the world's largest dealer of Caterpillar construction equipment, reported record revenues of $1.57-billion in the fourth quarter, a 7-per-cent increase from the same quarter last year. It said the results were driven primarily by strong demand from mining customers in Canada and South America. It also reported a loss of $106.8-million, reversing a year-earlier profit of $70.5-million, after recording $166.4-million in one-time charges. Finning said the charges relate mainly to the closing of its Hewden rental depots. FTT (TSX) fell 60 cents to $12.67.