Finning reports Q4 and annual 2016 results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/16/17 -- Finning International Inc. (TSX: FTT) ("Finning" or the "Company") reported fourth quarter and annual 2016 results today. All monetary amounts are in Canadian dollars unless otherwise stated.
HIGHLIGHTS
"Our fourth quarter results provide a solid end to a year marked by continued progress towards reshaping Finning into a stronger, more agile company. We enter 2017 with a significantly reduced cost structure, optimized facility footprint, efficient parts supply chain, and improved service profitability. Our resilient business model and capital discipline have enabled us to generate strong free cash flow, which has contributed to strengthening our financial position despite challenging market conditions," said Scott Thomson, president and CEO, Finning International.
"The changes we have made to our business position us well for the year ahead. We expect a modest increase in product support to be offset by ongoing weakness in equipment demand due to prevalent uncertain market conditions in our territories. Going forward, we have clear plans in place to build on the significant operational improvements made with continued focus on safety and people. We will also increase our emphasis on leveraging technology to improve performance and deliver greater customer value. Importantly, our business has been repositioned to support our objective of delivering improved profitability in a capital efficient fashion," concluded Mr. Thomson.
Q4 2016 FINANCIAL SUMMARY
Included in Q4 2016 and Q4 2015 results are the following significant items that management does not consider indicative of operational and financial trends either by nature or amount. These significant items are summarized below and described in more detail on page 18 of the Company''s Management''s Discussion and Analysis ("MD&A").
Q4 2016 INVESTED CAPITAL
Q4 2016 HIGHLIGHTS BY OPERATION
Canada
South America
United Kingdom & Ireland
CORPORATE AND BUSINESS DEVELOPMENTS
Dividend
The Board of Directors has approved a quarterly dividend of $0.1825 per share, payable on March 16, 2017 to shareholders of record on March 2, 2017. This dividend will be considered an eligible dividend for Canadian income tax purposes.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
To download Finning''s complete Q4 and annual 2016 results in PDF, please open the following link:
Q4 2016 INVESTOR CALL
The Company will hold an investor call on February 16 at 11:00 am Eastern Time. Dial-in numbers: 1-800-319-4610 (Canada and US), 1-416-915-3239 (Toronto area), 1-604-638-5340 (international). The call will be webcast live and subsequently archived at . Playback recording will be available at 1-855-669-9658 (access code 1112) until February 23, 2017.
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, 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 about the economy, market conditions and the competitive environment and the associated impact on the Company''s financial results; expected revenue; expected free cash flow; expectations of a modest increase in product support that is expected to be offset by ongoing weakness in equipment demand due to prevalent uncertain market conditions; plans to build on operational improvements and focus on safety and people; leveraging technology to improve performance and deliver greater customer value; repositioning of Finning''s business; delivering improved profitability in a capital efficient fashion; market share growth; stabilization of mining product support activity in South America; execution of the turnaround plan in the UK and Ireland and transformation of the UK''s business model to deliver sustainable results with a lower proportion of product support in the revenue mix. 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 as at the date of this report. 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 ability to maintain its relationship with Caterpillar Inc.; Finning''s dependence on the continued market acceptance of its products, including Caterpillar products, and the 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 as market conditions, business strategy or technologies change; 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 and availability of, and benefits from information technology and the data processed by that technology; and Finning''s ability to protect itself from cybersecurity threats or incidents. 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 the MD&A for forward-looking statements. 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 and in the annual MD&A for the financial risks.
Finning cautions readers that the risks described in the MD&A and 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 of this report. 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: 16.02.2017 - 08:00 Uhr
Sprache: Deutsch
News-ID 1487260
Anzahl Zeichen: 3037
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Machinery & Tools
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