Finning revenue down in fourth quarter
Finning International Inc. (TSX:FTT) earned $16.3 million in its latest quarter as revenue fell 28 per cent compared with a year ago, but the company said it was seeing signs of recovery led by mining.
“Quoting activity is strong, notably in South America, and our backlog has posted the first increase since 2008,” Finning president and chief executive Mike Waites said in a statement. “More recently, we were very pleased to have secured the Kearl mining contract in Canada and the letter of intent from Codelco’s Ministro Hales project in Chile, under which equipment deliveries will commence in 2011.”
The heavy-equipment dealer said the profit amounted to 10 cents per diluted share for the quarter ended Dec. 31 compared with a profit of $44.6 million or 26 cents per diluted share a year earlier. Revenue in the quarter totalled $1.14 billion, down from $1.57 billion. The average analyst estimate according to Thomson Financial had been for earnings of 15 cents per share.
Walmart to open 35 to 40 supercentres in 2010
Walmart says it will create up to 6,500 jobs in retail and construction this year as part of a plan to open 35 to 40 massive supercentres in Canada.
A spokesman for the world’s largest retailer said Tuesday that more than half of the locations will be entirely new stores or relocations and expansions. The remainder will be renovations of existing store layouts.
Walmart’s (NYSE:WMT) investments will add up to almost half a billion dollars, creating 2,000 jobs in construction and 4,500 employee positions at the retail stores, said spokesman Andrew Pelletier. “We will be confirming the specific markets later in the year as we get closer to beginning these projects,” he said, though he declined to offer a targeted start date.