New Flyer posts strong results, says bus sales are on a roll
August 10, 2017
Busmaker New Flyer Industries has reported a 40.7 per cent increase in net earnings for the first six months of 2017.
The Winnipeg-based company, which is North America’s largest transit bus and highway coach manufacturer and parts distributor, said Wednesday net earnings, or profit, for the first six months of the year reached $80.7 million, or $1.30 per share. That compares with $57.4 million, or 99 cents per share, in the first half of 2016.
More than half of that profit was recorded in the second quarter, when net earnings reached $42.8 million, or 69 cents per share. That was a 23.1 per cent increase from the same quarter in 2016, when earnings were $34.7 million, or 58 cents per share.
The strong financial showing was due in part to 4.5 per cent increase in consolidated revenue for the second quarter — $613.4 million versus $586.9 million — and a four per cent increase in revenue for the first six months — $1.19 billion versus $1.14 billion.