Finning International has attributed strong Q3 results and outlook for next year to a strategy encompassing product support, supply chain management and growing market demand. 

Revenue from Finning鈥檚 product support business stream was up 30% in Q3 2022 from the previous corresponding quarter. Photo: Finning International.

The Canada based Cat dealer reported strong third quarter 2022 results with revenue of CAD 2.4 billion (鈧琁.74 billion) for the quarter and net revenue of 2.1 billion 鈧琁.5 billion up 25% and 20%, respectively, from Q3 2021.

Finning confirmed 鈥渟uccessful execution鈥� of its product support growth strategy, with revenue from that business stream up 30% from Q3 2021, driven by strong demand.

The results, released 7 November, confirmed 鈥渞ecord鈥� EBIT performance in Q3 2022, up 50% from the previous quarter to CAD 224 million (鈧�162.6 million).

The company鈥檚 home market, Canada, achieved 11.7% EBIT as a percentage of net revenue, which it described as 鈥渁 record on an adjusted basis.鈥�

Kevin Parkes, COO, Finning International. (Photo: Finning)

Another results highlight was its South America result, 鈥渞ecord EBIT as a percentage of net revenue of 12.3% and record return on invested capital of 22.7%.鈥�

Finning President and , said; 鈥淥ur strong execution and supply chain management enabled us to capitalize on continued momentum in our end markets in the third quarter and meet growing demand from our customers,鈥� said Parkes.

鈥淲hile demand conditions remain constructive, we are closely monitoring leading indicators and customer activity levels and continue to operate with a mid-cycle approach to our cost structure and capital investments.

鈥淟ooking ahead, our strong equipment backlog, product support growth strategy, and disciplined operational execution give us confidence that we will finish the year strongly and continue that momentum into 2023.鈥�