Close X
Saturday, December 14, 2024
ADVT 
National

Finning To Cut Up To 500 Additional Jobs In 2016, On Top Of 2015 Downsizing

Darpan News Desk The Canadian Press, 18 Feb, 2016 10:57 AM
    VANCOUVER — Canada's largest Caterpillar heavy equipment dealer says it will cut 400 to 500 jobs from its global operations this year, on top of 1,900 that were announced last year in two separate rounds of downsizing.
     
    Vancouver-based Finning International Inc. (TSX:FTT) — which also operates in South America and the United Kingdom — says about 200 of the latest cuts are in Canada and the rest will be spread across its international operations.
     
    Finning is grappling with the downturn in the oil and gas and mining industries, which are major users of the heavy equipment sold and serviced by the company in Western Canada and abroad.
     
    It announced in November that it would lay off 1,100 people, or eight per cent of its total workforce at the time, including 440 in Western Canada.
     
    The company's fourth-quarter results, which included the November announcement, showed revenue down 16 per cent from a year earlier — to $1.52 billion from $1.8 billion.
     
    Canada's share of overall revenue was $698 million, down 26 per cent from a year earlier. South American revenue fell 11 per cent to $526 million and revenue from the U.K. and Ireland was up 11 per cent to $294 million.
     
    Finning reported a loss of $309 million or $1.82 per share for the last three months of 2015 compared with a profit of $107 million or 62 cents per share in the same period a year earlier.
     
    Excluding one-time charges, Finning said it would have earned 23 cents per share in its latest quarter compared with a profit 55 cents per share a year ago.
     
    Finning president and CEO Scott Thomson said the company had been able to generate relatively consistent earnings and cash flow by adjusting to the conditions, enabling it to maintain its dividends.
     
    "Notwithstanding this progress, we are not immune to the challenges facing our customers across our key markets and geographies," Thomson said in a statement. 
     
    He said Finning is on track to meet its plan to reduce general sales and administrative expenses permanently by $150 million and it expects further savings from the workforce reductions announced Thursday.

    MORE National ARTICLES

    New Poll shows 80% Support Building LRT Network in Surrey

    New Poll shows 80% Support Building LRT Network in Surrey
    In addition to reporting overall support, a substantial majority of Surrey residents agreed that building the LRT network will bring numerous community benefits, including: improving transportation options for Surrey residents (90% agreed), helping connect communities within Surrey (88%), and helping create good jobs in Surrey through construction and ongoing maintenance (86%).

    New Poll shows 80% Support Building LRT Network in Surrey

    UBC Board Of Governors Votes Against Divestment From Fossil Fuel Industry

    UBC Board Of Governors Votes Against Divestment From Fossil Fuel Industry
    VANCOUVER — The University of British Columbia's board of governors has voted against dumping the university's investments in fossil fuels.

    UBC Board Of Governors Votes Against Divestment From Fossil Fuel Industry

    Surrey RCMP Investigating After Pair Show Up In Hospital With Gun Wounds

    Surrey RCMP Investigating After Pair Show Up In Hospital With Gun Wounds
    The Mounties say the pair arrived for medical care shortly before 11 p.m

    Surrey RCMP Investigating After Pair Show Up In Hospital With Gun Wounds

    Pedestrian Dies In Vancouver Island Crash, Police Seeking Witnesses

    Pedestrian Dies In Vancouver Island Crash, Police Seeking Witnesses
    Central Saanich Police say the crash happened shortly before 9 p.m. on Friday and left a woman in her late 40s dead.

    Pedestrian Dies In Vancouver Island Crash, Police Seeking Witnesses

    Huge Fernie, B.C., House Fire Kills 69-Year-Old Man

    Huge Fernie, B.C., House Fire Kills 69-Year-Old Man
    The fire happened around 4:45 p.m. Friday in a residential neighbourhood of the mountain town, located just west of the Alberta border.

    Huge Fernie, B.C., House Fire Kills 69-Year-Old Man

    Kamloops Rescuers Received 'Sizable' Donation From Family They Saved

    Kamloops Rescuers Received 'Sizable' Donation From Family They Saved
    Kamloops Search and Rescue manager Alan Hobler will only say the donation is a sizable amount that will cover the cost of the rescue and help purchase a lot of much needed equipment.

    Kamloops Rescuers Received 'Sizable' Donation From Family They Saved