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Finning International Q2 Profit Drops 2% on Lower Revenue
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Finning International Q2 Profit Drops 2% on Lower Revenue
Aug 6, 2024 3:04 PM

05:30 PM EDT, 08/06/2024 (MT Newswires) -- Finning International ( FINGF ) on Tuesday said its second-quarter profit fell 2% on lower revenue.

The heavy-equipment dealer said it earned $144 million, or $1.02 per share in the period, down from $148 million, or $1.00, in the year-prior quarter.

Revenue fell 3.4% to $2.65 billion from $$2.56 million.

"We are pleased with continued momentum in our used equipment strategy and encouraged by sequential recovery in our product support revenue. Equipment order intake was very strong reflecting significant strategic wins in each region, including contracts with multiple copper mines in Chile, the oil sands in Canada, and data centers in the UK and Ireland," chief executive Kevin Parkes said in a release.

The company said it ended the quarter with a order backlog of $2.2 billion, up 11% from the end of the first quarter.

Finning ( FINGF ) shares up $0.41 to $$36.99 on the Toronto Stock Exchange.

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