2010
02.24
02.24
Finning International Inc. (FTT) – $18.05 – Q4 Backlog & Order Intake Up; EPS Miss on Very Weak Canadian Margins
Sector Perform, Average Risk
Fourth quarter backlog of $0.6B was up 15% from $0.5B in Q3/09 (first increase since 2008) on large mining equipment orders in FINSA. Order intake improved in all operations quarter-over-quarter (up 55% QoQ) especially in mining sector, where FTT expects strength in Canada and FINSA to continue in 2010. Fourth quarter EBIT margin of 2.9% (adjusted for restructuring & IT costs), was below the third quarter results of 3.5% and RBC CM estimate of 4.5%.
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