May 8 (Reuters) - Finning International Inc’s profit fell 7 percent on higher costs, even as the heavy equipment dealer raised its outlook for the next two years.
Finning said it now expects revenue to grow 8 to 10 percnt this year, and 10 to 15 percent in 2013. New equipment sales are expected to be comparable to levels posted in 2011.
Finning, the largest dealer of Caterpillar equipment, also increased its dividend by 8 percent to 14 Canadian cents per share.
Net income for the first quarter fell to C$67 million ($66.92 million), or 39 Canadian cents per basic share, from C$72 million, or 42 Canadian cents per basic share, a year earlier.
Revenue rose 16 percent to C$1.47 billion. New equipment sales grew 15 percent to C$631.4 million.
Finning’s shares, which have risen 16 percent so far in 2012, closed at C$25.35 on Tuesday on the Toronto Stock Exchange.