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Why I’m Buying Finning International Stock Today

Finning International (TSX:FTT) is a Vancouver-based company that sells, services, and rents heavy equipment, engines, and related products in Canada, Chile, Bolivia, the United Kingdom, Ireland, and around the world. Its shares have jumped 5.8% month-over-month as of close on Wednesday, May 24. The stock is up 8% so far in 2023.

This company released its first quarter fiscal 2023 earnings on May 8. Finning International reported revenue of $2.4 billion – up 22% compared to the first quarter of fiscal 2022. This growth was powered by a 27% jump in product support revenue and an 18% increase in new equipment sales. Meanwhile, earnings per share (EPS) climbed 51% year-over-year to $0.89 on the back of revenue growth and improved operating margins. Adjusted EBIT surged 54% over the previous year to $216 million.

Investors should be pleased that Finning put together another fantastic quarter. The company’s consolidated equipment backlog rose 6% to $2.7 billion on March 31, 2023. Gross profit jumped 27% to $622 million and gross profit as a percentage of revenue was reported at 29% compared to 28% in the first quarter of fiscal 2022.

Shares of Finning International currently possess a favourable price-to-earnings ratio of 10. In the first quarter, the board of directors approved a 6% increase in its quarterly dividend to $0.25 per share. That represents a 2.7% yield. Finning International looks like one of the more dependable TSX stocks available to Canadian investors in the late spring season.