NFI Group posts first quarterly profit in three years as revenue rises

WINNIPEG — NFI Group Inc. says it earned US$3 million in its second quarter, up from a net loss of US$48 million a year earlier.

The Winnipeg-based company says its revenue for the quarter totalled US$851 million, up from US$660 million last year.

Earnings per share were two cents US, compared with a loss of 62 cents US last year.

NFI says the second quarter of 2024 was their first positive earnings quarter in three years.

President and CEO Paul Soubry says the company’s supply chain health has improved, though in some areas some of its suppliers are experiencing delivery delays.

Soubry says the company anticipates this will continue throughout the year as suppliers ramp up production to meet demand from NFI.

This report by The Canadian Press was first published July 31, 2024.

Companies in this story: (TSX:NFI)

The Canadian Press