Finning profit up, sees commodities lifting revenue

Finning International Inc. (FTT-T) said on Wednesday it expected to sell more Caterpillar mining and construction equipment and post higher revenue as commodity prices keep rising in 2011.

Finning, the world's largest dealer of Caterpillar Inc. (CAT-N) equipment, also said its earnings more than doubled in its fourth quarter.

"We are well positioned to capitalize on growth opportunities. We expect good top line growth in 2011 and beyond, reflecting robust commodity markets," Finning Chief Executive Mike Waites said.

Net income rose to $50 million, or 29 cents a basic share, in the three months to the end of December, mostly due to higher profits in Canada.

That compared with $22 million, or 13 cents a basic share, in the same period the year before.

Revenue at the Vancouver-based company rose 26 percent to $1.4 billion. It said its order backlog rose 6 percent to $1.3 billion.