Bus maker NFI Group raises full-year guidance, reports US$39.9M Q3 loss

WINNIPEG – NFI Group Inc. raised its financial guidance for its full year as it reported a loss of US$39.9 million in its third quarter.

The bus maker, which keeps its books in U.S. dollars, says its loss amounted to 42 cents per share for the quarter ended Oct.1, compared with a loss of US$40.2 million or 53 cents per share a year earlier

Revenue totalled US$709.6 million, up from US$514.0 million in the same quarter last year.

On an adjusted basis, NFI says it lost 41 cents per share in its latest quarter compared with an adjusted loss of 60 cents per share a year earlier.

In its outlook, NFI says it now expects revenue of US$2.7 billion to US$2.8 billion for 2023, up from earlier expectations for US$2.6 billion to US$2.8 billion.

Adjusted earnings before interest, taxes, depreciation and amortization are expected to total between US$45 million and US$65 million, up from earlier guidance for between US$40 million and US$60 million.

This report by The Canadian Press was first published Nov. 8, 2023.

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