Clean Technology Canada

NFI Group Inc. reports drop in profits during Q2


August 3, 2022
By The Canadian Press
Presented by:
CMO

NFI Group Inc. says it lost US$56.7 million in its latest quarter as the bus maker continued to deal with global supply chain constraints, combined with restructuring costs and the settlement of a lawsuit.

The Winnipeg-based company, which keeps its books in U.S. dollars, says the loss amounted to US$74 cents per share for the quarter ended July 3.

The result compared with net earnings of US$2.6 million in the same quarter last year.

Revenue in the quarter totalled US$398 million, down from US$583 million in the second quarter of 2021.

Manufacturing segment revenue for the second quarter decreased by US$176 million, or 38 per cent compared to the same quarter the previous year, primarily due to the reduction in deliveries in North America, while revenue for the aftermarket segment of the business fell by eight per cent to US$114 million, compared to the same time last year, driven by reduced volumes in North America, the United Kingdom and Europe.

NFI Group CEO Paul Soubry says while the company continues to navigate challenges, it is seeing “positive momentum” in its order book, with “record bid activity” within its North American business contributing to significant new orders, especially for zero-emission buses.