- Category: Economic
- Published Thursday, February 18, 2016
- CTV News
VANCOUVER -- Canada's largest Caterpillar heavy equipment dealer says it will cut 500 to 600 jobs this year, on top of 1,900 job cuts 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 it expects the latest cuts to be complete by the middle of the year.
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.
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.