May 11, 2011 / 9:09 PM / 7 years ago

UPDATE 1-Finning profit soars on new equipment sales

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May 11 (Reuters) - Finning International Inc , the world’s largest dealer of Caterpillar Inc equipment, posted a jump in quarterly profit on higher equipment sales.

Finning reported net income of C$72 million, or 42 Canadian cents per basic share, compared with C$27 million, or 16 Canadian cents per basic share, a year ago.

Revenue rose 32 percent to C$1.3 billion, helped mainly by a 60 percent rise in new equipment sales.

Analysts, on average, were expecting Finning to earn 31 Canadian cents per share on revenue of C$1.19 billion, according to Thomson Reuters I/B/E/S.

The company expects revenue to grow, on average, by 10 percent every year over the next three years.

Shares of the Vancouver, British Columbia-based company, closed at C$25.88 on Wednesday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Saumyadeb Chakrabarty)

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