VANCOUVER – Canada’s largest Caterpillar heavy equipment dealer says it will cut 400 to 500 jobs from its global operations this season, along with 1,900 which were announced this past year in two separate rounds of downsizing.
Vancouver-based Finning International Inc. – that also are operating in South America and the Uk – says about 200 of the latest cuts have been in Canada and also the rest will be spread across its international operations.
Finning is grappling using the downturn in the oil and gas and mining industries, that are major people that use the heavy equipment sold and serviced through the company in Western Canada and abroad.
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It announced in November that it would lay off 1,100 people, or eight percent of their total workforce at the time, including 440 in Western Canada.
The company’s fourth-quarter results, which included the November announcement, showed revenue down 16 per cent from a year earlier — to $1.52 billion from $1.8 billion.
Canada’s share of overall revenue was $698 million, down 26 percent from a year earlier. South American revenue fell 11 per cent to $526 million and revenue from the U.K. and Ireland was up 11 per cent to $294 million.
Finning reported a loss of $309 million or $1.82 per share during the last three months of 2015 in contrast to a profit of $107 million or 62 cents per be part of the same period a year earlier.
we aren’t safe from the challenges facing our customers across our key markets and geographies
Excluding one-time charges, Finning said hello might have earned 23 cents per be part of its latest quarter in contrast to an income 55 cents per share last year.
Finning president and CEO Scott Thomson said the company have been able to generate relatively consistent earnings and cash flow by adapting to the circumstances, enabling it to keep its dividends.
“Notwithstanding this progress, we are not safe from the challenges facing our customers across our key markets and geographies,” Thomson said in a statement.
He said Finning is on the right track to satisfy its plan to reduce general sales and administrative expenses permanently by $150 million also it expects further savings from the workforce reductions announced Thursday.
