November 10, 2010 / 10:43 PM / 7 years ago

UPDATE 1-Finning International's Q3 beats on strong order growth

* Q3 EPS C$0.36 vs est C$0.29

* Q3 rev up 21 pct to C$1.22 bln

* Q3 equipment backlog up to C$1.2 bln

* Sees FY rev at 2009 levels

Nov 10 (Reuters) - Canada’s Finning International Inc FTT.TO, the world’s largest dealer of Caterpillar (CAT.N) equipment, posted quarterly results that beat estimates, buoyed by strong growth in orders from mining and construction sectors.

Finning said it expects full year revenue from continuing operations to match 2009 levels, despite a C$900 million drop in order backlog at the start of the year.

For the July-Sept quarter, net income was C$61 million ($60.94 million), or 36 Canadian cents per share, compared with C$26 million, or 15 Canadian cents per share, a year ago.

Revenue rose 21 percent to C$1.22 billion.

Equipment order backlog also rose 21 percent to C$1.2 billion.

Analysts on average were expecting Finning to earn 29 Canadian cents per share on revenue of C$1.13 billion, according to Thomson Reuters I/B/E/S.

Shares of the Vancouver, British Columbia-based company, which have gained 25 percent in value since it posted Q2 loss on Aug. 11, closed at C$25 on Wednesday on the Toronto Stock Exchange. ($1=1.001 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Prem Udayabhanu)

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