New Flyer cashes in on strong market
New Flyer Industries met or surpassed most of the estimates for its first quarter and has announced the board has agreed to a 36.8 per cent increase in stock dividend.
The Winnipeg bus maker posted a 3.4 per cent increase in revenue for the first quarter to $572.1 million and a 67.8 per cent increase in net earnings to $37.9 million.
The company also updated its 2017 production guidance to 3,750 units, an increase of 6.8 per cent from the year before and about three per cent above earlier guidance.
In a note to investors, Altacorp Capital analyst Chris Murray said, "Management continues to suggest the transit bus market remains ‘robust’ and anticipates stable private-sector demand for motor coaches through 2017."