VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/13/12 -- Finning International Inc. (TSX: FTT) ("Finning") is hosting its annual Investor Day on the morning of December 13, 2012 in Toronto. Finning's executive management team will provide an overview of strategy, an update on operations and the outlook for 2013. The video webcast and supporting presentations will be available on the investor relations section of www.finning.com.
"I am absolutely confident in our ability to continue driving improved profitability in the modest growth environment next year," said Mike Waites, president and CEO of Finning International. "We have the advantage of operating in diverse industry sectors and servicing a large equipment fleet across our territories which will sustain strong growth in our resilient product support business. We are also set to benefit from the contribution of a full year of operating our newly acquired Bucyrus distribution and support business."
"We are uniquely positioned to deliver value through our enhanced focus on operational excellence. Looking forward, we remain committed to improving operating profitability, driving a solid return on invested capital and strengthening our balance sheet," noted Mr. Waites.
Business conditions are expected to remain constructive, supported by stable mining activity in the Company's Canadian and South American operations. The outlook for the UK and Ireland is expected to be down versus 2012 due to slower economic conditions. On a consolidated basis, the Company expects:
-- revenue growth between zero and 10 percent in 2013 compared to 2012;-- earnings to continue growing at a higher rate than revenue, as the Company remains committed to improving operating profitability and driving towards a 9 to 10 percent EBIT margin; and-- net debt to total capital ratio to return within the 35 to 45 percent target range by the end of 2013.
Finning International Inc. (TSX: FTT) is the world's largest Caterpillar equipment dealer delivering unrivalled service to customers since 1933. Finning sells, rents and services equipment and engines to help customers maximize productivity. Headquartered in Vancouver, B.C., the Company operates in western Canada, Chile, Argentina, Bolivia, Uruguay, as well as in Ireland and the United Kingdom.
Forward-Looking Disclaimer
This report contains statements about the Company's business outlook, objectives, plans, strategic priorities and other statements that are not historical facts. A statement Finning makes is forward-looking when it uses what the Company knows and expects today to make a statement about the future. Forward-looking statements may include words such as aim, anticipate, assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, project, seek, should, strategy, strive, target, and will. Forward-looking statements in this report include, but are not limited to, statements with respect to: expectations with respect to the economy and associated impact on the Company's financial results; expected revenue and SG&A levels and EBIT growth; anticipated generation of free cash flow (including projected net capital and rental expenditures), and its expected use; anticipated defined benefit plan contributions; the expected target range of the Company's Debt Ratio; the impact of new and revised IFRS that have been issued but are not yet effective; growth prospects for the former Bucyrus business acquired by the Company in Finning's dealership territories (Bucyrus) and the competitive advantages of the business being acquired; expected future financial and operating results generated from Bucyrus; anticipated benefits and synergies of Bucyrus; and the expected impact of Bucyrus on Finning's earnings. All such forward-looking statements are made pursuant to the 'safe harbour' provisions of applicable Canadian securities laws.
