Finning International saw an increase in free cash flow and a decrease in revenues for the second quarter 2009.
Free cash flow grew to $140 million for the quarter, up from negative $38 million in the second quarter 2008. Finning says the increase in cash flow is due to the reduction of working capital and net rental spend.
Revenues for the quarter totaled $1.2 billion, down 24 percent from the same quarter last year. Net income totaled $48 million, down 29 percent from last year. Diluted EPS for the quarter was $0.28 per share, down 28 percent from $0.39 per share last year.
Finning lowered selling, general and administrative expenses by $50 million, or 15 percent, for the quarter, as a result of cost reduction and operating efficiency measures.
Finning’s complete second quarter 2009 financial results can be found on the company’s investor relations website.