Q: Please comment on Finning International earnings/guidance. Thank You
5i Research Answer:
EPS of $1.00 missed estimates of $1.07; revenue of $2.69B beat estimates of $2.62B. EBITDA of $303M missed estimates by 4%. Revenue fell 6.4%. New equipment was strong at +8.6% but used equipment was very weak at - 23%. EPS fell 2% year over year. FTT expects the market for construction equipment to improve this year. Nothing spectacular here, but the outlook does look better with consensus calling for 15% EPS growth this year and next.