Finning International Inc. (TSE:FTT), which sells heavy machinery, tumbled to the lowest in two months after saying its first-quarter results would be weakened by currency devaluation in Canada and Argentina.
Finning tanked to C$27.90, the lowest intraday price since Feb. 13, before paring losses to trade at C$29.03, down 1.4 percent, at 1:30 p.m. in Toronto.
Revenue is expected to improve 8 percent to $1.676 billion in the first quarter, the Vancouver, British Colombia-based company said in a statement today.
Finning, which sells, rents and provides parts and service for equipment and engines, said new equipment sales grew 8 percent and product support increased 9 percent over this period.
By regions, first-quarter revenue in Canada increased 18 percent to $891 million. New equipment revenue improved 35 percent to $340 million and product support revenue rose 13 percent to $445 million, it said.
In the company's South American operations, first-quarter revenue slid 10 percent (or 18 percent in local currency) to $550 million. The company said that new equipment revenue was lower than the prior year quarter.
In the U.K and Ireland, first-quarter revenue rallied 23 percent (or 5 percent in local currency) to $236 million.
On Feb. 19, the company said in a conference call that the first-quarter results in Canada will be negatively impacted by the weakening of the Canadian dollar and the results from its South American operations will be affected by the Argentine peso devaluation, which will increase the effective tax rate.
The company will release its financial results for the first quarter after market close on May 13.
Reported by Proactive Investors 8 hours ago.
Finning tanked to C$27.90, the lowest intraday price since Feb. 13, before paring losses to trade at C$29.03, down 1.4 percent, at 1:30 p.m. in Toronto.
Revenue is expected to improve 8 percent to $1.676 billion in the first quarter, the Vancouver, British Colombia-based company said in a statement today.
Finning, which sells, rents and provides parts and service for equipment and engines, said new equipment sales grew 8 percent and product support increased 9 percent over this period.
By regions, first-quarter revenue in Canada increased 18 percent to $891 million. New equipment revenue improved 35 percent to $340 million and product support revenue rose 13 percent to $445 million, it said.
In the company's South American operations, first-quarter revenue slid 10 percent (or 18 percent in local currency) to $550 million. The company said that new equipment revenue was lower than the prior year quarter.
In the U.K and Ireland, first-quarter revenue rallied 23 percent (or 5 percent in local currency) to $236 million.
On Feb. 19, the company said in a conference call that the first-quarter results in Canada will be negatively impacted by the weakening of the Canadian dollar and the results from its South American operations will be affected by the Argentine peso devaluation, which will increase the effective tax rate.
The company will release its financial results for the first quarter after market close on May 13.
Reported by Proactive Investors 8 hours ago.