Finning International Inc. announced that it has completed a private placement of GBP 70 million principal amount of senior unsecured notes. The sale of notes is comprised of one series the GBP 70,000,000 3.40% Senior Notes, Series F, due May 22, 2023. The ten-year notes will rank pari passu with Finning's existing senior unsecured obligations. Proceeds will be used to fund the repayment of the company's current 5.625% GBP 70 million Eurobond, due May 30, 2013.

The board of directors of Finning International Inc. the appointment of Scott Thomson as president and CEO, succeeding Mike Waites, effective June 17, 2013. Mr. Thomson joins Finning from Talisman Energy Inc. where he was chief financial officer with responsibility for finance, tax, treasury, investor relations, marketing, business development, and strategy, planning and performance management. The appointment follows a thorough succession process to identify a candidate to succeed current president and CEO Mike Waites, who announced his intention to retire from the company in January 2013, pending the choice of a successor.

Finning International Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenue of CAD 1,584.5 million against CAD 1,471.8 million a year ago. From a revenue perspective, the quarter was in line with the expectations. Revenues were up 8% from a year ago, driven by product support. EBIT was CAD 117.1 million against CAD 96.8 million a year ago. Net income was CAD 73.4 million or CAD 0.43 basic per share against CAD 64.3 million or CAD 0.37 basic per share a year ago. EBITDA was CAD 169.3 million against CAD 144.8 million a year ago. Revenue rose by 8% to CAD 1.6 billion, driven by significantly higher revenue from South America, which more than offset modest revenue reduction in Canada and the UK & Ireland. Net income rose by 14% to CAD 73 million. Basic EPS was up by 16% from first quarter of 2012. Free cash flow was CAD 93 million. First quarter free cash flow was a use of CAD 93 million, which was well ahead of the expectations and a significant improvement from the negative CAD 223 million free cash flow a year ago. The company provided earnings guidance for the year 2013. Consolidated 2013 revenues are expected to be flat to up 10% over 2012, driven by product support revenues which benefit from a full year's contribution from the expanded mining product line. For 2013, earnings are expected to grow at a higher rate than revenue. The company's net debt to total capital ratio is projected to decline to the 35%-45% target range by the end 2013. The company aims to improve operating profitability through advancing operational excellence. The company targets to achieve EBIT margin of 9%-10% and ROE exceeding 18%, on a consistent basis. The timing of the achievement of the EBIT margin target will depend on the company's ability to successfully execute its operational excellence strategy and may also be influenced by market conditions. The board of directors of the company has approved a 9% increase in the quarterly dividend to CAD 0.1525 per share from CAD 0.14 per share, payable on June 6, 2013 to shareholders of record on May 23, 2013. In addition, the company has increased its target dividend payout ratio to 25% to 35% from 25% to 30%.