February 19, 2008 / 7:09 PM / 10 years ago

UPDATE 1-Finning profit rises 34 percent as revenue climbs

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TORONTO, Feb 19 (Reuters) - Finning International (FTT.TO) said on Tuesday its fourth-quarter profit rose 34 percent as sales of heavy equipment climbed, overshadowing the negative impact of a stronger Canadian currency.

The Canadian company earned C$70.5 million ($69.5 million), or 39 Canadian cents a share, in the three months ended Dec. 31. This was up from C$52.7 million, or 29 Canadian cents a share, in the year-before period.

Analysts polled by Reuters Estimates had expected, on average, profit of 37 Canadian cents per share.

“Despite the pressure of the significantly stronger Canadian dollar relative to the U.S. dollar, Finning’s profitability improved in 2007,” Chief Financial Officer Mike Waites said in a statement.

Revenue during the quarter rose to C$1.46 billion from C$1.37 billion, the company said.

For the year, earnings per share were C$1.54, in line with company forecasts.

Finning’s stock was up 81 Canadian cents at C$30.56 on the Toronto Stock Exchange on Tuesday afternoon.

$1=$1.01 Canadian Reporting by Cameron French; Editing by Peter Galloway

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