Finning reports $2.7 billion in revenue for third quarter of 2023 on strong equipment sales

New equipment sales and product support helped push revenue higher for Finning International during the third quarter of 2023, especially in the Canadian market.

Finning reported an overall revenue of $2.7 billion in the three months ending September 30, 2023, an increase of 13 percent over the same period in 2022. Net revenue was $2.4 billion, up 16 percent over the same time period. Improvements in revenue were driven by an overall increase of 28 percent in new equipment sales and a 13 percent increase in product support.

"We delivered another strong quarter in Q3. I am very pleased with how we are executing and continue building on our strong momentum. I am proud of the team's resilience in managing through specific challenges in the quarter, which included wildfires and port strikes in Canada, as well as very difficult operating conditions in Argentina, which we expect will continue while the country works through the election process," said Finning president and CEO Kevin Parkes. "We are empowering our people to drive customer loyalty and execute on the strategic priorities we outlined at our 2023 Investor Day: drive product support, full-cycle resilience, and sustainable growth. We see continued momentum in our business, supported by robust customer activity across our diverse end markets, healthy equipment backlog, and strong service levels. From a regional standpoint, Chile is mobilizing for growth, Canada is well positioned for steady growth, and our UK & Ireland business is resilient and sharing practices to drive innovation and efficiency within our company."

Canadian operations reported a net revenue increase of 18 percent, primarily driven by a 57 percent increase in new equipment sales. Activity was strong across all sectors, and especially influenced by mining deliveries to oil sands customers. Product support revenue, also driven by strong mining activity, was up 10 percent.

Finning's outlook for its Western Canada operations is positive, and expects strength across multiple markets. Completion of major pipelines will drive increased activity in the energy sector as production increases, while mining and energy customers are continuing to invest in renewal, maintenance, and rebuilding of aging fleets. Continuing infrastructure investment from federal and provincial governments should continue to support construction activity as well.