Q2 profits up 129 per cent, revenue up: Finning
VANCOUVER — Construction equipment dealer Finning International Inc. (TSX:FTT) reported record second quarter earnings on higher revenues to due “exceptionally strong new equipment sales.”
The Vancouver-based company, the world’s largest Caterpillar dealer, said its second-quarter net income more than doubled to $82 million, or 48 cents per share, from $36 million, or 21 cents per share, a year ago.
Revenue increased to $1.49 billion from $1.07 billion. The company saw higher profitability in Canada, the United Kingdom, and Ireland on strong demand for products and service.
Finning is negotiating with Caterpillar regarding the potential purchase of some distribution rights regarding a new Caterpillar acquisition.
But the company said it predicts third quarter results will be partially impacted by a five-week strike in British Columbia, but the outlook for mining, construction and power systems is strong for the next two years.
Leon’s profits, sales hurt by low pricing in slowdown
TORONTO — Home furnishing retailer Leon’s Furniture Ltd. (TSX:LNF) reported Friday its second-quarter profit declined to $11.1 million from a year-earlier $12.3 million, as sales fell 2.4 per cent due to lower pricing during a weak economic period.
The Toronto-based company said its earnings amounted to 16 cents per share, down from 17 cents per share in 2010. Total sales were $209.3 million compared with $214.4 million. “The decrease in sales was mainly due to a lower average selling price than the prior year,” the company said in a statement. “We continue to face a difficult economy, with decreasing new housing starts and record consumer debt. We are pleased with the efforts of our associates to continue to find ways of improving productivity.”
Leon’s operates 39 corporate and 30 franchise stores in every province except British Columbia.