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RECORD PROFITS FOR FINNING


Thursday, 14 Nov 2002 ( #83 ) - VANCOUVER, Canada
News Story
Finning International has reported record profits for the third quarter ended September 30.

Finning had a profit of CAD35.6 million (USD22.6 million) on sales of CAD790.9 million (USD501.1 million), compared to a profit of CD29.9 million (USD18.9 million) on sales of CD799.7 million (USD506.7 million) for the third quarter of 2001.

Finning president Doug Whitehead said the result was consistent with company forecasts.

"We were expecting revenues for the year to be flat to slightly down, following a record year in 2001 and an uncertain economic outlook for 2002, but we would nonetheless deliver slightly higher earnings,’’ he said.

Mr Whitehead said the tower crane business of Finning’s Hewden Stuart subsidiary in Scotland was sold to construction firm PC Harrington Contractors Ltd in October. Hewden Stuart, which Finning acquired in 2001, focuses on equipment rental.

The Hewden Stuart unit acquired a majority of the remaining assets of Maxxiom Ltd of England on September 10 for CAD44 million (USD27.9 million). The purchase, which added 7200 units to Hewden Stuart’s fleet, followed the June 2001 purchase of Maxxiom’s 640-unit fleet of forklifts and telehandlers.

Finning sells, rents, finances and supports Caterpillar equipment and engines, along with complementary machinery, in Western Canada, the United Kingdom and Chile.
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