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New Flyer posts wider quarterly loss

Bus maker New Flyer Industries Inc. (NFI.UN-T) posted a wider quarterly loss, hurt mainly by lower vehicle prices and said it expects 2011 deliveries in Canada and U.S. to decline by 13.5 percent.

For the fourth quarter ended January 2, the company posted a loss of $15.9 million US, compared with a loss of $11.4 million, a year earlier.

Revenue fell 18 percent to $204.8 million.

The company sold buses worth $180.2 million in the period, compared with $223.1 million, a year earlier.

Last year, the company sold mostly hybrid and hydrogen fuel cell buses launched at the Vancouver Winter Olympic Games, compared with cheaper diesel buses sold this year.

The company, which cut 78 jobs earlier this month, said it continues to reduce direct cost of bus manufacturing and overheads to allow for better price competitiveness. CTV Two CTV News CTV News Channel BNN - Business News Network CP24