February 16, 2011 / 9:58 PM / 7 years ago

UPDATE 2-Finning profit up, sees commodities lifting revenue

* Q4 EPS C$0.29 vs year-earlier C$0.13

* Q4 revenue up 26 pct

* Order backlog up 6 pct to C$1.3 bln (Adds details, share price)

VANCOUVER, British Columbia, Feb 16 (Reuters) - Finning International Inc (FTT.TO) said on Wednesday it expected to sell more Caterpillar mining and construction equipment and post higher revenue as commodity prices keep rising in 2011.

Finning, the world’s largest dealer of Caterpillar Inc (CAT.N) equipment, also said its earnings more than doubled in its fourth quarter.

“We are well positioned to capitalize on growth opportunities. We expect good top line growth in 2011 and beyond, reflecting robust commodity markets,” Finning Chief Executive Mike Waites said.

Net income rose to C$50 million ($51 million), or 29 Canadian cents a basic share, in the three months to the end of December, mostly due to higher profits in Canada.

That compared with C$22 million, or 13 Canadian cents a basic share, in the same period the year before.

Revenue at the Vancouver-based company rose 26 percent to C$1.4 billion. It said its order backlog rose 6 percent to C$1.3 billion.

Finning’s shares closed up 30 Canadian cents at C$28.85 on the Toronto Stock Exchange on Wednesday. It released its results after the market closed.

$1=$0.99 Canadian Reporting by Nicole Mordant; editing by Frank McGurty

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