Finning International 4Q Profit Falls on Impact From Argentina Business
By Ben Glickman
Finning International's fourth-quarter profit fell as the company saw a steep impact from foreign currency impact in Argentina.
The Canadian dealer for Caterpillar products on Tuesday posted a profit of 85 million Canadian dollars ($63 million), or 59 Canadian cents a share, in the quarter ended Dec. 31, compared with C$136 million, or C$0.89 a share, a year earlier.
Stripping out certain one-time items, such as foreign currency effects, the company posted a profit of C$0.96 a share. Analysts polled by FactSet expected adjusted per-share earnings of C$0.97.
Revenue was roughly flat compared to a year earlier at C$2.66 billion.
Finning said its per-share earnings included a C$0.37 charge related to foreign exchange loss in Argentina.
The company's results in Canada were also affected by delayed starts to many winter programs and the completion of multiple major projects.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
February 06, 2024 18:12 ET (23:12 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth