financetom
Business
financetom
/
Business
/
Finning International Q2 Profit Drops 2% on Lower Revenue
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
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.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US fund association picks new board as risks loom of higher tax, new regulations
US fund association picks new board as risks loom of higher tax, new regulations
Oct 2, 2024
NEW YORK (Reuters) - The Managed Funds Association, an alternative asset management trade group, announced on Wednesday its new board of directors, as well as its chair Jody Gunderson, managing principal at $16 billion credit investment firm AB CarVal, as the industry prepares for the threat of higher taxes and new regulation. The new team comes as the advocacy group...
Vera Therapeutics Expands Development of Kidney Disease Drug Pipeline
Vera Therapeutics Expands Development of Kidney Disease Drug Pipeline
Oct 2, 2024
07:08 AM EDT, 10/02/2024 (MT Newswires) -- Vera Therapeutics ( VERA ) said Wednesday that it would expand the development of its lead asset, atacicept, following positive results from the ongoing phase 2 and 3 trials in patients with IgA nephropathy and other autoimmune kidney indications. The company said it plans to initiate a study in Q4 to give its...
Foran Mining Closes US$250 Million Upsized Project Finance Credit Facility
Foran Mining Closes US$250 Million Upsized Project Finance Credit Facility
Oct 2, 2024
07:09 AM EDT, 10/02/2024 (MT Newswires) -- Foran Mining ( FMCXF ) on Wednesday said it has closed an upsized US$250 million senior secured project credit facility with a fund managed by Sprott Resource Lending. The non-revolving facility has a maturity date of Sept. 30, 2031. The credit facility amends and restates the company's original US$150 million senior secured project...
Correction: Market Chatter: Apple to Launch New iPhone SE, iPad Air Models in Early 2025
Correction: Market Chatter: Apple to Launch New iPhone SE, iPad Air Models in Early 2025
Oct 2, 2024
07:11 AM EDT, 10/02/2024 (MT Newswires) -- (Corrects the targeted year of launch in the headline.) Apple ( AAPL ) is readying production of a new iPhone SE that will be its latest entry-level model and will debut early next year, Bloomberg reported Tuesday, citing people with knowledge of the matter. The company also plans to release new iPad Air...
Copyright 2023-2026 - www.financetom.com All Rights Reserved