Bus maker NFI Group Inc. reports second-quarter loss and lower revenue

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

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

The result compares with a net profit of US$2.6 million in the same quarter last year.

Revenue for the quarter totaled US$398 million, compared to US$583 million in the second quarter of 2021.

Manufacturing revenue for the second quarter decreased US$176 million, or 38%, from the same quarter a year earlier, primarily due to lower North American shipments, while revenue from the company’s aftermarket segment fell eight percent. cent to US$114 million, compared to the same period last year, due to lower volumes in North America, the United Kingdom and Europe.

NFI Group CEO Paul Soubry said that while the company continues to face challenges, it is seeing “positive momentum” in its order book, with “record bidding activity” in within its North American operations contributing to significant new orders, particularly for zero-emission buses.

This report from The Canadian Press was first published on August 3, 2022.

Companies in this story: (TSX: NFI)

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