Key Developments: Finning International Inc (FTT.TO)
23.12CAD
23 May 2013
$-0.18 (-0.77%)
$23.30
$23.00
$23.33
$22.90
674,216
543,519
$27.30
$20.91
Latest Key Developments (Source: Significant Developments)
Finning International Inc Announces Scott Thomson As President And CEO
Finning International Inc announced the appointment of Scott Thomson as President and Chief Executive Officer (CEO), succeeding Mike Waites, effective June 17, 2013. Full Article
Finning International Inc Issues FY 2013 Revenue Guidance In Line With Analysts' Estimates; Comments On FY 2013 EPS Guidance; Increases Dividend
Finning International Inc announced that for fiscal 2013 revenues are expected to be flat to up 10% over fiscal 2012, driven by product support revenues which benefit from a full year's contribution from the expanded mining product line. For fiscal 2013, earnings are expected to grow at a higher rate than revenue. The Company reported revenues of $6.622 billion in fiscal 2012. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $6.825 billion and EPS of $2.17 for fiscal 2013. The Company also announced that the Board of Directors has approved a 9% increase in the quarterly dividend to $0.1525 per share from $0.14 per share, payable on June 6, 2013 to shareholders of record on May 23, 2013. Full Article
Finning International Inc Declares Quarterly Dividend
Finning International Inc announced that the Board of Directors has approved a quarterly dividend of $0.14 per share, payable on March 14, 2013 to shareholders of record on February 28, 2013. This dividend will be considered an eligible dividend for Canadian income tax purposes. Full Article
Finning International Inc Announces CEO Planned Retirement And Transition Plan For 2013
Finning International Inc announced that Mr. Mike Waites has decided to retire in 2013 and will not seek re-election as a director at Finning's 2013 annual meeting of shareholders. Mr. Waites will continue to serve as president and CEO until a replacement is appointed in order to facilitate an effective transition of responsibilities. Full Article
Finning International Inc Issues FY 2013 Revenue Guidance In Line With Analysts' Estimates; Comments On FY 2013 Earnings Guidance
Finning International Inc announced that on a consolidated basis, the Company expects revenue growth between zero and 10% in fiscal 2013 compared to fiscal 2012; earnings to continue growing at a higher rate than revenue, as the Company remains committed to improving operating profitability. The Company reported revenues of CAD6.686 billion in fiscal 2012. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenues of CAD7.168 billion and EPS of CAD2.34 for fiscal 2013. Full Article
Finning International Inc's South American operations Secures Mining Contracts In Chile Valued At Approximately $500 Million
Finning International Inc announced that its South American operations have been awarded three contracts to provide equipment and maintenance services to mining companies in Chile. The combined value of the contracts is $497 million, comprised of $247 million in new equipment and $250 million in maintenance services. Finning has been awarded a $130 million equipment sale along with a letter of intent for a five-year maintenance contract, valued at $120 million, by CAP Mineria for their El Romeral iron ore mine. Capitalizing on Finning's expanded product portfolio following its acquisition of the former Bucyrus business, the equipment package includes twenty Cat 793F trucks along with three 6060BH hydraulic shovels. The equipment will be included in Finning's backlog in Q4 2012 and will be delivered throughout 2013 and 2014. In addition, Finning has been awarded a contract valued at $62 million from a mining company to provide mobile equipment to one of its mines in Chile. The equipment will be included in the Q4 2012 backlog and delivered in the first quarter of 2013. Full Article
Finning International Inc Approves Quarterly Dividend
Finning International Inc announced that the board of directors has approved a quarterly dividend of $0.14 per share, payable on December 7, 2012 to shareholders of record on November 23, 2012. This dividend will be considered an eligible dividend for Canadian income tax purposes. Full Article
Finning International Inc Completes Acquisition of Bucyrus Distribution Business in Western Canada
Finning International Inc announced that it has completed its previously announced acquisition from Caterpillar of the former Bucyrus distribution and support business in its dealership territory across Western Canada. The total value of Finning's acquisition of the Bucyrus business is approximately USD465 million, subject to working capital adjustments, and is comprised of approximately USD306 million for Finning in South America and the U.K. and an estimated USD159 million for Finning Canada. The acquisition, which is being financed with debt, is expected to be accretive to earnings in 2012. Full Article
Finning International Inc Raises FY 2012 Revenue Guidance
Finning International Inc announced that for fiscal 2012 it expects revenues, including the acquired former Bucyrus distribution business, to grow by 12% to 15% over fiscal 2011 (up from the previous guidance of 8% to 10%). The Company reported revenues of CAD5.894 billion in fiscal 2011. Full Article
Finning International Inc Approves Quarterly Dividend
Finning International Inc announced that it has approved a quarterly dividend of $0.14 per share, payable on September 7, 2012 to shareholders of record on August 24, 2012. This dividend will be considered an eligible dividend for Canadian income tax purposes. Full Article
Talisman Energy CFO leaves for Finning International
May 8 - Canadian oil and gas producer Talisman Energy Inc said Chief Financial Officer Scott Thomson is leaving the company to take over as chief executive of heavy equipment dealer Finning International Inc.
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