Finning Revenue Rises 7% as Mining Demand Lifts Backlog

The Caterpillar equipment dealer reported net income of C$155 million, or C$1.20 a share, compared with C$154 million, or C$1.17 a share, in the same quarter a year earlier. Adjusted earnings were C$1.20 a share; FactSet-polled analysts had expected C$1.25. Revenue exceeded analysts’ C$2.97 billion estimate.

New equipment sales rose 11%, while product support revenue increased 7%, led by Canada. Used equipment sales declined 28%. The backlog stood at C$4.1 billion at the end of September, up 42% from a year earlier, as orders outpaced deliveries in Canada and South America, particularly in mining.

Finning expects strong demand across its core mining operations in Western Canada and Chile as miners expand projects and fleets, especially amid high copper demand. The company is also growing its power and energy business, citing long-term potential in the data center market. It has already secured a major contract to provide backup power.