August 11, 2010 / 9:18 PM / 7 years ago

UPDATE 1-Finning posts Q2 loss on sale of UK unit

* Q2 loss C$1.23/shr vs EPS C$0.28 yr ago

* Q2 revenue down 2 pct

Aug 11 (Reuters) - Finning International (FTT.TO), the world’s largest dealer of Caterpillar (CAT.N) equipment, posted a quarterly loss, primarily hurt by an after-tax charge from selling its UK rental business.

For the second quarter, the Vancouver-based company reported a net loss of C$210.1 million, or C$1.23 Canadian cents a share, compared with a profit of C$47.8 million, or 28 Canadian cents a share, a year earlier.

Revenue fell 2 percent to C$1.08 billion, hurt by foreign currency fluctuations and weakness in its Canada and South America markets.

Used-equipment sales fell 2 percent while and rental revenue decreased 15 percent.

Analysts on average were expecting earnings of 18 Canadian cents a share, before special items, on revenue of C$1.02 billion, according to Thomson Reuters I/B/E/S.

Consolidated backlog was $1.0 billion at June 30, up from $0.9 billion at March 31.

In May, the company sold its UK rental business, Hewden, for an after-tax loss of C$244 million, or C$1.43 per share.

Shares of the company, which operates in Western Canada, South America and Britain, closed at C$19.94 Wednesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Unnikrishnan Nair)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below