Finning Provides Preliminary Q1, 2014 Revenue Figures
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 11, 2014) -
Today, Finning International Inc. (TSX:FTT) provided preliminary
revenue numbers for the first quarter of 2014.
On a consolidated basis, revenues for the 2014 first quarter are
expected to be approximately $1.676 billion, up 8% over prior year
quarter. New equipment sales grew by 8% and product support
increased by 9% over this period.
In Canada, first quarter revenues were approximately $891
million, an increase of 18% over Q1, 2013. New equipment revenue
was approximately $340 million (up 35%) and product support revenue
was approximately $445 million (up 13%) over this period.
In the company's South American operations, Q1, 2014 revenues
were approximately $550 million, down 10% (or 18% in local
currency) over the prior year quarter. As expected, new equipment
revenues were significantly lower than the prior year quarter. New
equipment revenues of approximately $216 million decreased by 24%
(or 30% in local currency). Product support was up approximately $6
million or 2% (down approximately US$ 20 million or 7% in local
currency).
In the UK & Ireland, first quarter revenues grew to
approximately $236 million, an increase of 23% (5% in local
currency) over the same period last year. New equipment revenues
grew 27% to approximately $137 million (up 8% in local currency)
and product support by 18% to approximately $75 million (up
slightly in local currency) during the quarter.
As indicated during the company's quarterly earnings call on
February 19, 2014, the first quarter results in Canada will be
negatively impacted by the weakening of the Canadian dollar and the
results from our South American operations will be affected by the
Argentine peso devaluation, which will increase the effective tax
rate.
The company is providing the preliminary first quarter revenues
to ensure full disclosure after comments made by a Finning
executive at a conference in Chile with respect to the current
mining market environment in that country. The company will release
its financial results for Q1, 2014 after market close on May 13,
2014.
Finning International Inc. (TSX:FTT) is the world's largest
Caterpillar equipment dealer delivering unrivalled service to
customers for over 80 years. Finning sells, rents and provides
parts and service for equipment and engines to help customers
maximize productivity. Headquartered in Vancouver, B.C., the
Company operates in Western Canada, Chile, Argentina, Bolivia,
Uruguay, as well as in the United Kingdom and Ireland.
Forward-Looking Disclaimer
This report contains statements about the Company's business
outlook, objectives, plans, strategic priorities and other
statements that are not historical facts. A statement Finning makes
is forward-looking when it uses what the Company knows and expects
today to make a statement about the future. Forward-looking
statements may include words such as aim, anticipate, assumption,
believe, could, expect, goal, guidance, intend, may, objective,
outlook, plan, project, seek, should, strategy, strive, target, and
will. Forward-looking statements in this report include, but are
not limited to, statements with respect to: expectations with
respect to the economy and associated impact on the Company's
financial results; expected revenue; EBIT margin; ROIC; market
share growth; expected results from service excellence action
plans; anticipated asset utilization, inventory turns and parts
service levels; and the expected target range of the Company's net
debt to invested capital ratio. All such forward-looking statements
are made pursuant to the 'safe harbour' provisions of applicable
Canadian securities laws.
Unless otherwise indicated by us, forward-looking statements in
this report describe Finning's expectations at April 11, 2014.
Except as may be required by Canadian securities laws, Finning does
not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
Forward-looking statements, by their very nature, are subject to
numerous risks and uncertainties and are based on several
assumptions which give rise to the possibility that actual results
could differ materially from the expectations expressed in or
implied by such forward-looking statements and that Finning's
business outlook, objectives, plans, strategic priorities and other
statements that are not historical facts may not be achieved. As a
result, Finning cannot guarantee that any forward-looking statement
will materialize. Factors that could cause actual results or events
to differ materially from those expressed in or implied by these
forward-looking statements include: general economic and market
conditions; foreign exchange rates; commodity prices; the level of
customer confidence and spending, and the demand for, and prices
of, Finning's products and services; Finning's dependence on the
continued market acceptance of Caterpillar's products and
Caterpillar's timely supply of parts and equipment; Finning's
ability to continue to improve productivity and operational
efficiencies while continuing to maintain customer service;
Finning's ability to manage cost pressures as growth in revenues
occur; Finning's ability to reduce costs in response to slowing
activity levels; Finning's ability to attract sufficient skilled
labour resources to meet growing product support demand; Finning's
ability to negotiate and renew collective bargaining agreements
with satisfactory terms for Finning's employees and the Company;
the intensity of competitive activity; Finning's ability to raise
the capital needed to implement its business plan; regulatory
initiatives or proceedings, litigation and changes in laws or
regulations; stock market volatility; changes in political and
economic environments for operations; the integrity, reliability,
availability and benefits from information technology and the data
processed by that technology. Forward-looking statements are
provided in this report for the purpose of giving information about
management's current expectations and plans and allowing investors
and others to get a better understanding of Finning's operating
environment. However, readers are cautioned that it may not be
appropriate to use such forward-looking statements for any other
purpose.
Forward-looking statements made in this report are based on a
number of assumptions that Finning believed were reasonable on the
day the Company made the forward-looking statements. Refer in
particular to the Outlook section of the Company's MD&A. Some
of the assumptions, risks, and other factors which could cause
results to differ materially from those expressed in the
forward-looking statements contained in this report are discussed
in Section 4 of the Company's Annual Information Form (AIF).
Finning cautions readers that the risks described in the AIF are
not the only ones that could impact the Company. Additional risks
and uncertainties not currently known to the Company or that are
currently deemed to be immaterial may also have a material adverse
effect on Finning's business, financial condition, or results of
operations.
Except as otherwise indicated, forward-looking statements do not
reflect the potential impact of any non-recurring or other unusual
items or of any dispositions, mergers, acquisitions, other business
combinations or other transactions that may be announced or that
may occur after the date hereof. The financial impact of these
transactions and non-recurring and other unusual items can be
complex and depends on the facts particular to each of them.
Finning therefore cannot describe the expected impact in a
meaningful way or in the same way Finning presents known risks
affecting its business.
Finning International Inc.Mauk BreukelsVice President, Investor
Relations and Corporate Affairs(604)
331-4934mauk.breukels@finning.comwww.finning.com
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