Major Caterpillar dealer Finning International says a number of large mining equipment orders in Canada drove its machine order backlog to a record C$2.8 billion at the end of March.
The company reported $2.8 billion of 2025 Q1 revenue, up 9% year-on-year, with new equipment sales 7% higher yoy and product support revenue up 11%.
“Our strong start to 2025 comes at a very important time, with double-digit product support growth and record backlog levels in Q1 being an excellent platform to demonstrate our improved resilience and earnings capacity in 2025,” Finning CEO Kevin Parkes said.
“We won important business with data centre customers in the UK and Ireland and mining customers in Canada and our backlog now includes over 100 ultra class trucks across Canada and South America.
“We increased our inventory balances in Q1 to support our backlog as well as solid quoting activity in each region.”
Parkes said the first-quarter results built on the company’s 2024 momentum.
“Over the last 12-month period we have continued our growth with $10.3 billion of net revenue including 5% product support growth, demonstrated resilience by generating over $1.2 billion of free cash flow and reducing SG&A as a percentage of net revenue to 16.2%, while also sustainably growing our used and power businesses,” he said.
Finning earlier this month announced the sale of its 4Refuel service and technology business to HIG Capital for circa-$450 million. It also said it was selling its interest in Compression Technology Corporation for $40 million.
