Finning International Inc. (FTT.TO: Quote) posted second-quarter net income of C$81 million, down from C$82 million last year. Basic earnings per share dropped to C$0.47 from C$0.48 a year earlier.
On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of C$0.46 per share. Analysts' estimates typically exclude special items.
Revenue increased by 19% to C$1.77 billion from a year ago, as healthy market conditions in the second quarter drove growth in new equipment sales and record product support revenues. Analysts expected revenues of C$1.61 billion.
Quarterly revenues grew in all regions and across all business lines compared to the prior-year quarter. New equipment sales were particularly strong in Canada, while growth in product support was driven by South America.
Reflecting stronger than expected revenue growth year to date and solid order backlog, the company now expects its 2012 revenues, including the acquired former Bucyrus distribution business, to grow by 12% to 15% over 2011, up from the previous guidance of 8% to 10%.
Further, the Board of Directors has approved a quarterly dividend of C$0.14 per share, payable on September 7, 2012 to shareholders of record on August 24, 2012.
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by RTT Staff Writer
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