Finning Caterpillar equipment dealer to cut up to 600 extra jobs in 2016

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.

See Full Article

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.



Advertisements

Latest Economic News

  • NEB to reconsider B.C. natural gas pipeline jurisdiction: judge rules

    Economic CTV News
    VANCOUVER -- A Federal Court of Appeal judge has ruled the National Energy Board must reconsider whether a proposed TransCanada Corp. (TSX:TRP) natural gas pipeline in B.C. falls under provincial or federal jurisdiction. "The board did not ask itself whether an arguable case for federal jurisdiction had been made out," wrote judge Donald J. Source
  • U.S. says ban on laptops in airplane cabins has been lifted

    Economic CTV News
    DALLAS -- The ban on laptops in the cabins of planes flying from the Middle East to the U.S. is over, as federal officials say that large airports in the region have taken other steps to increase security. Source
  • McDonald's adds Big Mac onesie, sweats to items it delivers

    Economic CTV News
    OAK BROOK, Ill. -- With McDonald's now offering a delivery service, the fast food giant is looking to make customers comfortable eating at home with a new clothing line that includes an adult-size Big Mac onesie. Source
  • Observers temper expectations for Sears liquidation deals

    Economic CTV News
    TORONTO -- Dozens of Sears stores slated for closure begin liquidation sales Friday, but bargain hunters would be wise to temper their expectations, say industry experts. Eager to avoid bankruptcy, the one-time retail giant is counting on hordes of shoppers to scoop up discounted merchandise, fixtures and equipment as soon as possible. Source
  • Price shock: Fraser report shows Ontario hydro prices surging at twice national average

    Economic CTV News
    Ontario energy prices have skyrocketed significantly higher and faster than the rest of the country over the last nine years, with Torontonians paying twice the national average, according to a report from the right-leaning Fraser Institute. Source
  • Exxon Mobil fined $2M US for Tillerson-era breach of Russia sanctions

    Economic CBC News
    The Treasury Department hit Exxon Mobil Corp. with a $2 million fine Thursday for violating Russia sanctions while Secretary of State Rex Tillerson was the oil company's CEO. Treasury said in a statement that Exxon under Tillerson's leadership had shown "reckless disregard" for sanctions that the Obama administration imposed on Russian entities in 2014 over Russia's annexation of Crimea. Source
  • Rogers Q2 net income rises 35%, beats analyst estimate

    Economic CBC News
    Rogers Communications reported a 35 per cent increase in second-quarter net income on Thursday, beating analyst estimates with an especially strong performance from its key wireless division. It's the first financial report issued by the Toronto-based telecommunications and media company on Joe Natale's watch since he became its CEO in April. Source
  • Supreme Court won't hear appeal from former Nortel employee over benefits

    Economic CTV News
    OTTAWA -- The Supreme Court won't hear an appeal from a former Nortel employee who claimed her charter rights were violated over the issue of disability payments. The employee had argued that the 2015 agreement reached on how disability benefits would be paid out in the wake of Nortel's bankruptcy was unfair and unreasonable. Source
  • Canadian travel to U.S. drops, while overseas visits to Canada surge to highest May ever

    Economic CBC News
    Canadians are making fewer trips to the United States, and foreign appetite for travel in Canada has hit its highest May on record. Statistics Canada reported Thursday that Canadians made 3.2 million trips to the United States in May, down almost eight per cent from April's level and nearly six per cent lower than the same month a year ago. Source
  • Florida house where O.J. Simpson lived listed for $1.3 million

    Economic CTV News
    MIAMI -- What happened to the Florida home where O.J. Simpson lived with his children after his acquittal in the death of his ex-wife and her friend? The 4,148 square-foot (385 sq. meter) home is currently on the market for nearly $1.3 million. Source