New Flyer Industries reports sharply higher near earnings in first quarter

WINNIPEG – New Flyer Industries Inc. (TSX:NFI) is reporting net earnings of $3.5 million in the first quarter compared to a gain of $400,000 in the same period a year ago.

The Winnipeg manufacturer of heavy-duty transit buses credits lower non-cash charges and a decrease in income taxes and finance costs for the year-to-year improvement.

New Flyer’s quarterly revenue increased 8.7 per cent to $247.4 million mainly due to 10.9 per cent growth in the number of bus delivered in the quarter. There was also $5 million of incremental revenue associated with the newly-acquired Orion aftermarket parts business.

New Flyer, with a workforce of over 2,200 employees, delivered 490 buses in the quarter compared to 442 in the corresponding quarter a year ago.

The company says its book-to-Bill ratio for the last 12 months ending March 31, 2013 was 211 per cent as compared to only 31 per cent for the year ended April 1, 2012.

As a result, total backlog at the end of the first quarter was 7,527 units with $3.3 billion, an increase of 19 per cent from the backlog at the end of the fourth quarter of 2012.