Finning International Inc. (FTT.TO) reported net income for the first quarter of C$73.4 million or C$0.43 per basic share, compared to C$64.3 million or C$0.37 per share for the year-ago quarter.
Revenue for the first quarter rose 8% to C$1.58 billion fromC $1.47 billion a year ago, driven by significantly higher revenue from South America, which more than offset modest revenue reduction in Canada and the UK & Ireland.
The company said its Board of Directors has approved a 9% increase in the quarterly dividend to C$0.1525 per share from C$0.14 per share, payable on June 6 to shareholders of record on May 23.
The company said its expects 2013 revenues to be flat to up 10% over 2012, driven by product support revenues which benefit from a full year's contribution from the expanded mining product line.
Separately, Finning International said it has appointed Scott Thomson as president and CEO, succeeding Mike Waites, effective June 17.
Waites announced his intention to retire from the company in January, pending the choice of a successor.
Thomson joins Finning from Talisman Energy Inc. (TLM.TO, TLM) where he was chief financial officer.
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