Finning Reports Q2 2015 Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/06/15 -- Finning International Inc. (TSX: FTT) reported second quarter 2015 results today (all monetary amounts are in Canadian dollars unless otherwise stated).
Q2 2015 HIGHLIGHTS
"We remain focused on operating with discipline and managing through tough market conditions in Canada and South America. Company-wide cost reductions, including rationalization of our workforce and facilities network, enabled us to achieve sequential improvement in operating margins across all our regions. Going forward, we will continue to drive cost discipline and sustainable operating improvements to position Finning for long-term value creation when markets recover. For 2015, we continue to expect strong free cash flow driven by continued reductions in equipment inventory and tight controls over spending. Our healthy balance sheet and strong free cash flows have allowed us to fund the Saskatchewan acquisition and to begin repurchasing our shares. We consider share buybacks to be an effective use of excess cash when our shares are trading at a significant discount, and expect to continue repurchasing shares in step with free cash flow delivery," said Scott Thomson, president and chief executive officer of Finning International.
"I am pleased to welcome our new Saskatchewan employees to Finning. The transition of the Saskatchewan dealership to our Canadian operations has been successful due to a great team effort," concluded Mr. Thomson.
Q2 2015 FINANCIAL SUMMARY
Q2 2015 HIGHLIGHTS BY OPERATION
Canada
South America
United Kingdom & Ireland
CORPORATE AND BUSINESS DEVELOPMENTS
Finning Completes Acquisition of Caterpillar Dealership in Saskatchewan
Effective July 1, 2015, Finning acquired the operating assets of the Caterpillar dealership of Kramer Ltd. for $240 million, subject to customary post-closing working capital adjustments, and became the approved Cat dealer in Saskatchewan. The acquired dealership business in Saskatchewan diversifies the Company''s Canadian revenue base into sectors such as potash and uranium.
Dividend
The Board of Directors has approved a quarterly dividend of $0.1825 per share, payable on September 3, 2015 to shareholders of record on August 20, 2015. This dividend will be considered an eligible dividend for Canadian income tax purposes.
To download Finning''s complete Q2 2015 results in PDF, please open the following link:
Q2 2015 RESULTS INVESTOR CALL
The Company will hold an investor call on August 6 at 11:00 am Eastern Time. Dial-in numbers: 1-800-766-6630 (within Canada and the US) or 416-340-8527 (Toronto area and overseas). The call will be webcast live and subsequently archived at . Playback recording will be available at 1-800-408-3053 until August 13, 2015. The pass code to access the playback recording is 8549315 followed by the number sign.
ABOUT FINNING
Finning International Inc. (TSX: FTT) is the world''s largest Caterpillar equipment dealer delivering unrivalled service to customers for over 80 years. Finning sells, rents, and provides parts and services for equipment and engines to help customers maximize productivity. Headquartered in Vancouver, B.C., the Company operates in Western Canada, Chile, Argentina, Bolivia, Uruguay, as well as in the United Kingdom and Ireland.
FOOTNOTES
FORWARD-LOOKING DISCLAIMER
This report contains statements about the Company''s business outlook, objectives, plans, strategic priorities and other statements that are not historical facts. A statement Finning makes is forward-looking when it uses what the Company knows and expects today to make a statement about the future. Forward-looking statements may include words such as aim, anticipate, assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, project, seek, should, strategy, strive, target, and will. Forward-looking statements in this report include, but are not limited to, statements with respect to: expectations with respect to the economy and associated impact on the Company''s financial results; expected revenue; expected free cash flow; EBIT margin; ROIC; market share growth; expected results from service excellence action plans; anticipated asset utilization; inventory turns and parts service levels; the expected target range of the Company''s net debt to invested capital ratio; and the expected financial impact from the acquisition of the operating assets of the Caterpillar dealer in Saskatchewan. All such forward-looking statements are made pursuant to the ''safe harbour'' provisions of applicable Canadian securities laws.
Unless otherwise indicated by us, forward-looking statements in this report reflect Finning''s expectations at August 6, 2015. Except as may be required by Canadian securities laws, Finning does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Forward-looking statements, by their very nature, are subject to numerous risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results could differ materially from the expectations expressed in or implied by such forward-looking statements and that Finning''s business outlook, objectives, plans, strategic priorities and other statements that are not historical facts may not be achieved. As a result, Finning cannot guarantee that any forward-looking statement will materialize. Factors that could cause actual results or events to differ materially from those expressed in or implied by these forward-looking statements include: general economic and market conditions; foreign exchange rates; commodity prices; the level of customer confidence and spending, and the demand for, and prices of, Finning''s products and services; Finning''s dependence on the continued market acceptance of Caterpillar''s products and Caterpillar''s timely supply of parts and equipment; Finning''s ability to continue to improve productivity and operational efficiencies while continuing to maintain customer service; Finning''s ability to manage cost pressures as growth in revenue occurs; Finning''s ability to reduce costs in response to slowing activity levels; Finning''s ability to attract sufficient skilled labour resources to meet growing product support demand; Finning''s ability to negotiate and renew collective bargaining agreements with satisfactory terms for Finning''s employees and the Company; the intensity of competitive activity; Finning''s ability to raise the capital needed to implement its business plan; regulatory initiatives or proceedings, litigation and changes in laws or regulations; stock market volatility; changes in political and economic environments for operations; the integrity, reliability, availability and benefits from information technology and the data processed by that technology. Forward-looking statements are provided in this report for the purpose of giving information about management''s current expectations and plans and allowing investors and others to get a better understanding of Finning''s operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any other purpose.
Forward-looking statements made in this report are based on a number of assumptions that Finning believed were reasonable on the day the Company made the forward-looking statements. Refer in particular to the Outlook section of this MD&A. Some of the assumptions, risks, and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in this report are discussed in Section 4 of the Company''s current AIF.
Finning cautions readers that the risks described in the AIF are not the only ones that could impact the Company. Additional risks and uncertainties not currently known to the Company or that are currently deemed to be immaterial may also have a material adverse effect on Finning''s business, financial condition, or results of operations.
Except as otherwise indicated, forward-looking statements do not reflect the potential impact of any non-recurring or other unusual items or of any dispositions, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. The financial impact of these transactions and non-recurring and other unusual items can be complex and depends on the facts particular to each of them. Finning therefore cannot describe the expected impact in a meaningful way or in the same way Finning presents known risks affecting its business.
Contacts:
Finning International Inc.
Mauk Breukels
Vice President, Investor Relations and Corporate Affairs
(604) 331-4934
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Datum: 06.08.2015 - 07:00 Uhr
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