NFI Group reports US$48.1M Q2 loss, ramping up production in second half of the year

WINNIPEG — NFI Group Inc. reported a loss of US$48.1 million in its latest quarter compared with a loss of US$56.0 million in the same quarter last year as it looks to ramp up production in the second half of the year.

NFI chief executive Paul Soubry says the company expects some temporary inefficiencies as it looks to increase production, but it sees a path for significant margin growth in 2024 and 2025.

The bus maker, which keeps its books in U.S. dollars, says the loss amounted to 62 cents per share for the quarter ended July 2 compared with a loss of 73 cents per share a year earlier.

Revenue for the quarter totalled US$659.6 million, up from US$398.0 million in the same quarter last year. 

On an adjusted basis, NFI says it lost 46 cents per share in its latest quarter compared with an adjusted loss of 64 cents per share a year earlier.

In its guidance for its full year, NFI says it now expects revenue of US$2.6 billion to US$2.8 billion compared with earlier expectations for between US$2.5 billion and US$2.8 billion. Adjusted earnings before interest, taxes, depreciation and amortization are now expected between US$40 million and US$60 million compared with its previous guidance for between US$30 million and US$60 million.

This report by The Canadian Press was first published Aug. 16, 2023.

Companies in this story: (TSX:NFI)

The Canadian Press

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