New Flyer posts strong results, says bus sales are on a roll
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $75*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $5.77 plus GST every four weeks. After 52 weeks, price increases to the regular rate of $19.95 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.99/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19.95 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 10/08/2017 (3206 days ago), so information in it may no longer be current.
Busmaker New Flyer Industries has reported a 40.7 per cent increase in net earnings for the first six months of 2017.
The Winnipeg-based company, which is North America’s largest transit bus and highway coach manufacturer and parts distributor, said Wednesday net earnings, or profit, for the first six months of the year reached $80.7 million, or $1.30 per share. That compares with $57.4 million, or 99 cents per share, in the first half of 2016.
More than half of that profit was recorded in the second quarter, when net earnings reached $42.8 million, or 69 cents per share. That was a 23.1 per cent increase from the same quarter in 2016, when earnings were $34.7 million, or 58 cents per share.
The strong financial showing was due in part to 4.5 per cent increase in consolidated revenue for the second quarter — $613.4 million versus $586.9 million — and a four per cent increase in revenue for the first six months — $1.19 billion versus $1.14 billion.
Among the factors that contributed to the higher earnings were an increase in bus sales and improved profit margins.
New Flyer said it now expects to deliver 3,800 new transit buses and motor coaches this year, which would be an 8.2 per cent increase from 2016.
That’s also 50 units more than was forecast in its second-quarter order and backlog report released in mid-July.
The company also revealed that it plans to invest between $55 million and $65 million this year on the launch a new vehicle innovation centre in Anniston, Ala., where one of its U.S. bus-manufacturing plants is located.
It said the innovation centre “will be focused on electric and autonomous buses; service centres and support infrastructure, and next-generation product development.”
Examples of the next-generation products it cited were a battery-electric motor coach and a 35-foot (10.8 metre) J-model coach.
The company also intends to continue investing on improvements to its Motor Coach Industries (MCI) bus-manufacturing operations in Winnipeg, and in harmonizing MCI’s information technology systems with those of New Flyer.
Company president and CEO Paul Soubry is expected to discuss further details about the company’s financial results and investment plans during a conference call Thursday with industry analysts.
murray.mcneill@freepress.mb.ca