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Why I’m Buying Finning International Stock Right Now

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, and around the world. Its shares have climbed 9.1% month-over-month as of close on Thursday, June 29. The stock is now up 18% 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 previous year. EBIT is calculated as revenue minus expenses excluding tax and interest. Finning last reported adjusted EBIT of $216 million, which was up 54% compared to the first quarter of fiscal 2022. Gross profit also jumped 27% year-over-year to $622 million.

Finning’s Canadian operations delivered net revenue growth of 30% while new equipment sales surged 52%. The South American segment achieved revenue growth of 16% and new equipment sales increased 8% compared to the first quarter of fiscal 2022. Moreover, its United Kingdom and Ireland operations posted net revenue growth of 5%. However, new equipment sales retreated 13%.

Shares of this top TSX stock currently possess a very favourable price-to-earnings ratio of 11 at the time of this writing. Finning International last paid out a quarterly dividend of $0.25. That represents a somewhat modest 2.5% yield. Investors should still be eager to snatch up this undervalued TSX stock with a phenomenal track record.