NFI Group net earnings up in Q1 on similar revenue
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NFI Group Inc. has reported a 40.8 per cent increase in gross profit in its first quarter, compared to a year earlier.
The Winnipeg-headquartered bus manufacturing company (which keeps its books in U.S. dollars) posted US$132.3 million in gross profit in the first three months of 2026, impacted by the firm working through a backlog of higher-margin units.
Its overall revenue in the same quarter was US$842 million, similar to the previous year.
NFI said its net earnings were US$11.5 million, an increase of US$18 million year-over-year.
Out of the 978 units NFI delivered in the first quarter, 20 per cent were battery and fuel cell-electric buses.
Aftermarket revenue also increased to US$160.6 million, up 5.3 per cent compared to Q1 of 2025, from increased public and private market sales of equipment parts.
“We delivered a strong start to 2026, with first-quarter results reflecting continued progress in manufacturing execution,” John Sapp, NFI president and CEO, said in a release on Thursday. “Profitability metrics improved with the conversion of our backlog into revenue, complemented by a strong contribution from the aftermarket segment.”
NFI’s manufacturing revenue of US$681.4 million was down 1.1 per cent, but manufacturing’s net earnings of US$33.8 million was US$26.6 million higher than the first quarter of last year.
NFI held the grand opening for its new bus manufacturing facility in Winnipeg in March, marking the first time buses would be built in the country from start to finish for Canadian distribution in more than a decade.
Previously, the company would build steel shells of buses, then ship them to the U.S. for completion.
— Free Press staff