New Flyer Industries reports first quarter net income of $5.5 million

WINNIPEG – New Flyer Industries Inc. (TSX:NFI) is reporting net earnings of $5.5 million, or 10 cents per share, in the first quarter of this year.

That’s up from $3.5 million, or eight cents a share, in the same quarter a year ago.

The Winnipeg bus manufacturer attributes the improvement mainly to improved earnings from operations offset by increased income taxes.

Revenue for the quarter was $323.9 million, up from $245.1 million during the year ago quarter.

New Flyer says it delivered 554 buses during the quarter, compared with 490 a year ago.

Looking forward, the company expects average bus margins be lower this year than in 2013.

New Flyer reports in U.S. dollars.