http://www.tsxcommentary.com Canadian Market Commentary Fri, 26 Feb 2010 15:46:00 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 http://www.tsxcommentary.com/2010/finning-international-inc/finning-international-inc-ftt-q4-backlog-eps-miss-on-very-weak-canadian-margins/ http://www.tsxcommentary.com/2010/finning-international-inc/finning-international-inc-ftt-q4-backlog-eps-miss-on-very-weak-canadian-margins/#comments Wed, 24 Feb 2010 17:38:45 +0000 admin http://www.tsxcommentary.com/?p=746 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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