Mining & Metals
Finning International Posts Higher Adjusted Profit, Revenue; Quarterly Dividend Raised
Finning International (FTT.TO) after trade on Tuesday said its first-quarter adjusted profit rose on higher revenue that was "led by product support growth in Canada."The company said adjusted earnings per share, excluding most one-time items, rose 7% to $1.02 during the quarter, up from $0.95 a year ago. FactSet expected $1.01 per share.Net income, including items, fell to $121 million, or $0.93, from $128 million, or $0.95.Revenue rose to $2.50 billion from $2.45 billion a year prior. FactSet projected $2.50 billion.The board approved a 7.4% increase in the quarterly dividend to $0.325 per share from $0.3025 per share, payable on June 11 to shareholders of record on May 28, 2026, the company said.The company added that the Toronto Stock Exchange approved its renewed normal course issuer bid (NCIB), allowing Finning to repurchase and cancel up to 12.8 million shares, or about 9.8% of its public float. The buyback program will run from May 15, 2026, to no later than May 14, 2027.Looking ahead, the company said its outlook for Western Canada is positive. "We remain focused on building resilience by managing our cost and invested capital levels. We are also continuing to implement structural changes and overhead reductions to drive productivity improvement
$FTT.TO