Every Tuesday we bring you “Best Canadian Stocks.” You get our specific recommendation on the stocks we profile, with a full explanation of how we arrived at our opinion. You’ll read about stocks making moves you should know about, from coverage in one of our three newsletters featuring Canadian stocks—The Successful Investor, Stock Pickers Digest and Canadian Wealth Advisor.
Finning has many customers in the cyclical resource sector, which adds risk. However, it is a market leader. As well, complex new technologies like hydraulic fracturing, or fracking, and steam-assisted gravity drainage should spur demand for its specialized gear and services.
FINNING INTERNATIONAL INC. (Toronto symbol FTT; www.finning.com) is the world’s largest dealer of tractors, bulldozers and trucks made by Caterpillar Inc. (New York symbol CAT). It also sells heavy equipment made by other firms.
Finning’s clients are mainly in the mining, forest products and construction industries.
In the three months ended June 30, 2014, the company’s overall revenue rose 9.1%, to $1.8 billion from $1.6 billion a year earlier.
Revenue gained 21.2% in Canada (which accounts for 53% of the total), thanks to strong demand from the mining, oil sands and electrical power industries.
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Investing in stocks: Acquisition of two U.K. firms adds GPS expertise for heavy equipment operators
U.K. revenue (15%) jumped 20.8%, mainly due to favourable exchange rates (excluding currency rates, revenue rose 3%). However, slowing mining activity in Argentina and Chile cut South American revenue (32%) by 9.7%.
Earnings gained 4.5%, to $86.4 million, or $0.50 a share. A year earlier, Finning earned $82.7 million, or $0.48 a share.
In July 2014, the company paid $13.9 million for two U.K. firms that sell and service GPS and laser-based positioning devices made by Trimble Navigation (Nasdaq symbol TRMB).
These products guide operators of heavy construction equipment. Finning already sells Trimble products at its Canadian and South American operations, which should help it integrate them into its U.K. business.
The stock has gained 54% in the past year. Even so, it trades at an attractive 16.3 times the $2.03 a share that Finning will likely earn in 2014. The $0.71 dividend yields 2.2%.
Finning is a buy recommendation of The Successful Investor.
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Every Tuesday we bring you “Best Canadian Stocks.” You get our specific recommendation on the stocks we profile, with a full explanation of how we arrived at our opinion. You’ll read about stocks making moves you should know about, from coverage in one of our three newsletters featuring Canadian stocks—The Successful Investor, Stock Pickers Digest and Canadian Wealth Advisor.
