Winnipeg Free Press - PRINT EDITION
New Flyer sees jump in orders, earnings
NEW Flyer Industries' fortunes have taken a U-turn after the transit-bus manufacturer reported a big jump in bus orders and earnings for the second quarter of this year.
The Winnipeg-based firm said Thursday it posted a profit of US$35.9 million for the three months ended July 4. That compared to a loss of $14.7 million for the same quarter in 2009.
It was also a big turnaround from the first quarter of this year, when the firm posted a net loss of $13 million.
On the order front, New Flyer said it recorded 1,156 equivalent production orders (EUs) in the second quarter -- 852 new orders and 294 exercised option orders.
That's up dramatically from only 151 combined EUs in the first three months of this year (eight new orders and 141 exercised options) and down only slightly from last year's second-quarter combined total of 1,194 EUs.
One EU represents one 30-foot, 35-foot or 40-foot heavy-duty transit bus. One 55-foot or 60-foot articulated bus represents two EUs.
The company said the dramatic improvement in net earnings was due mainly to one-time foreign-exchange and income-tax-related gains in the second quarter.
The biggest contributor was a non-cash, unrealized foreign-exchange gain of $14.3 million for the quarter. During the quarter a year ago, it recorded a foreign-exchange loss of $14.5 million.
But even when the one-time items are stripped out, the company's adjusted earnings before interest, income taxes, depreciation and amortization (EBITA) was still 41 per cent higher than a year earlier -- $32.1 million compared to $22.7 million.
"The increase in 2010 Q2 consolidated adjusted EBITDA is primarily due to contract runs with higher average contract margins in the bus manufacturing operations sales mix, and the appreciation of the value of the Canadian dollar compared to the U.S. dollar, which resulted in an increase to adjusted EBITDA by approximately $3.9 million... ," the company said in a written statement.
Company officials were not available for comment Thursday.
However, they're expected to discuss the results in further detail today in a conference call with analysts.
murray.mcneill@freepress,mb.ca
Republished from the Winnipeg Free Press print edition August 13, 2010 B4
-
WFP Hockey
Download our new hockey app for the iPhone for Winnipeg Jets updates
-
Editor's Bulletin
Sign up for daily bulletins from editor Margo Goodhand
-
Winnipeg Jets
All things NHL on our Jets landing page
-
Twitter
Follow our reporters and our news feeds on Twitter
-
News Cafe
Check out the menu, read our blog posts or get info on coming events
-
Facebook Fanpage
Follow our Facebook Fanpage for story links, contests and special events
Ads by Google
- Back to Top
- Return to Business
Poll
Most Popular
- Piers Morgan blasts 'gruesome' Madonna
- Juror dismissed in second-degree murder trial of Mark Stobbe
- RCMP receptionist told Stobbe wife was dead
- Steinbach booms to No. 3 city in province
- Cabela's to open massive store just west of IKEA site
- Should infants be allowed in the House of Commons?
- RCMP receptionist told Stobbe wife dead
- US teen gets life in prison for killing 9-year-old; called the murder "pretty enjoyable"
- No comfort in trade talk: Veteran Thorburn says closely knit club well worth keeping together
- Tassimo brewers and espresso packages recalled amid rupture, burn concerns
- Piers Morgan blasts 'gruesome' Madonna
- Clothing chain pulls Caterpillar boots to protest closure of London, Ont., plant
- Three winning tickets sold for Friday's $50 million Lotto Max jackpot
- Woman's car stolen at gunpoint at St. Vital mall, police say
- Eleven people killed after truck hits van in southwestern Ontario
- 'This is so silly': Mom and Dad tell story of baby Zade, born on side of Highway 59
- Stobbe said slaying during shopping trip 'strange': sister-in-law
- Tactical squad storms St. Vital house
- Restaurant Dubrovnik may be closed for good
- RCMP receptionist told Stobbe wife was dead
- Do you smoke marijuana?
- Driver dead after SUV goes over Disraeli Bridge
- George Clooney's prank could end Pitt's career
- Piers Morgan blasts 'gruesome' Madonna
- Tina Maze strips down to her sports bra to send out underwear message: 'Not your business'
- Clothing chain pulls Caterpillar boots to protest closure of London, Ont., plant
- Minor earthquake strikes near Manitoba
- Car's plunge off Disraeli fatal
- Two children, two women die in fire
- Kate Beckinsale's weight fears over Underworld catsuit
- Tassimo brewers and espresso packages recalled amid rupture, burn concerns
- Cabela's to open massive store just west of IKEA site
- Fighting fire with knowledge
- Spain mourns death of Catalan painter, sculptor Antoni Tapies, top contemporary art figure
- Steinbach booms to No. 3 city in province
- New appointees named to Manitoba Hydro board
- Juror dismissed in second-degree murder trial of Mark Stobbe
- Our 'true champion'
- Harper driven by libertarian ideology, not reality
- Pardon application fee to quadruple later this month despite complaints
- Tassimo brewers and espresso packages recalled amid rupture, burn concerns
- Swedish bunny's sheep herding skills becomes click-monster on YouTube
- League encourages hazing secrecy
- Cabela's to open massive store just west of IKEA site
- Harper driven by libertarian ideology, not reality
- Northern fishing lodge destroyed by fire
- Police target drivers talking on cellphones, texting
- Obama torn by conflicting allies
- 'This is so silly': Mom and Dad tell story of baby Zade, born on side of Highway 59
- Fighting fire with knowledge
- Minor earthquake strikes near Manitoba
- Paddler Starkell was modern-day voyageur
- Tassimo brewers and espresso packages recalled amid rupture, burn concerns
- Driver dead after SUV goes over Disraeli Bridge
- Car's plunge off Disraeli fatal
- Canadian woman 'badly injured' in Mexico, local media report apparent beating
- Winnipeg mother watches as car stolen with child inside
- Swedish bunny's sheep herding skills becomes click-monster on YouTube
- League encourages hazing secrecy
- Cabela's to open massive store just west of IKEA site
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010; View the changes. New to commenting? Check out our Frequently Asked Questions.