New Flyer posts net earnings of US$7.8 million in the third quarter

WINNIPEG – New Flyer Industries Inc. (TSX:NFI) is reporting third quarter net earnings of $7.8 million, up from $1.5 million in the same quarter of 2012.

The Winnipeg bus manufacturer attributes the improvement to higher earnings from operations and an increase in non-cash recoveries caused by the favourable impact of foreign currency translation resulting from the weakening Canadian dollar, offset somewhat by increased income taxes.

Year to date net earnings are $13 million, compared with $5.4 million a year ago.

Revenue for the third quarter came in at $309 million, up from $208.4 million during the year ago quarter.

The company delivered 577 buses during the quarter, an improvement from 386 in the same quarter of 2012.

New Flyer reports its results in U.S. dollars.