Finning International, Vancouver, earned higher quarterly profits of US$20.5 million in the fourth quarter despite lower revenues.
The company earned 26 cents a share for the three months ended Dec. 31, compared with profits of $18.3 million or 24 cents a share in the same 2001 period. Quarterly revenues fell to $558.8 million from $572.8 million.
Full year 2002 earnings were $87.2 million, up from $68.5 million in 2001. Annual revenues fell marginally to $2.1 billion from nearly $2.2 billion the previous year.
“Finning achieved record net earnings and cashflow in 2002, despite challenging economic conditions in many of the markets in which we operate,” said Doug Whitehead, the Vancouver company’s president and CEO.
Finning is No. 17 on the RER 100.