Finning new sales rise as North American dealers see strength

Canadian Caterpillar dealers Finning International and Toromont Industries reported increased new-equipment sales in the fourth quarter, while Stockholm-based construction and truck equipment dealer Ferronordic’s U.S. segment new sales improved despite uncertainty in other markets.

Finning new equipment sales grows 9%

Finning, the world’s largest Caterpillar dealer, recorded fourth-quarter revenue of CAD $2.7 billion ($2 billion), up 6.4% year over year, according to its Feb. 10 earnings release. Full-year 2025 revenue landed at $7.8 billion, up 6.9% YoY.

The company’s Q4 new-equipment sales rose 8.6% YoY to $730 million, while used-equipment sales dropped 22.8% YoY to $77 million, according to the earnings release. Meanwhile, rental revenue rose 2.7% YoY to $56.5 million.

Vancouver-headquartered Finning had sustained momentum in mining, as well as growth in construction and energy and power performance, with the used-equipment sales decline caused by rental conversions in 2024 rather than a slowdown in activity, Chief Financial Officer David Primrose said during the company’s Feb. 11 earnings call.

For full-year 2025, Finning had new equipment sales of $2.9 billion, up 6.9% YoY, while used-equipment sales declined to $357 million, down 3.9% YoY, according to the release. Full-year 2025 rental sales increased to $220.7 million, up 2% YoY.

As a result of the company’s sustained growth and desire to gain a larger market share, Finning intends to invest more than $350 million in its fleet in 2026, Chief Executive Kevin Parkes said.

“We’ve got a very thoughtful process, and we’ll walk through that as we walk through the year and make sure that we’re not getting ahead of ourselves, but we are ambitious in terms of growing market share, and rental revenues were up 9% in Canada last year,” he said. “Utilization is healthy and we’re more optimistic about that this year than even last year.”

Toromont new equipment sales climb 10% YoY in Q4

Toromont’s Equipment Group reached Q4 revenue of $1 billion, up 8.7% YoY, according to its Feb. 10 earnings release. For full-year 2025, the company had revenue of $3.5 billion, up 2.6% YoY.

The Concord, Ontario-based company, which is among the largest Caterpillar dealers in Canada, reported a 9.7% YoY increase in new-equipment sales to $413.6 million in Q4, while used-equipment sales rose 3.6% YoY to $51.8 million. Rental revenue grew 5.4% YoY to $109.7 million.

For full-year 2025, new-equipment sales landed at $1.4 billion, up 1.2% YoY, while used-equipment sales totaled $208.9 million, down 3.8% YoY. Full-year rental revenue was $391.5 million, up 8.7% YoY.

The acquisition of AVL Manufacturing in February 2025 helped boost the company’s year-over-year performance, although macroeconomic market conditions continue to limit market demand, CEO and President Michael McMillan said during Toromont’s Feb. 11 earnings call.

“Revenue increased with the inclusion of the acquired business, along with higher rental and higher product support revenue and higher total equipment sales,” he said. “Rental revenue rose supported by a larger fleet and product support revenue also increased due to higher parts and service volumes.”

Ferronordic revenue slips 10%

Ferronordic had Q4 total revenue of $135 million and full-year revenue of $508.8 million, down 10.1% YoY and 6.4% YoY, respectively, as sustained U.S. equipment sales couldn’t make up for slower performance in Germany and Kazakhstan, Chief Executive Henrik Carlborg said on the company’s Feb. 12 earnings call.

“During the quarter, we worked to further strengthen customer relations and improve profitability across the group,” he said. “We saw increased revenue in the U.S., despite continued currency headwind, offset by lower truck sales in Germany.”

According to the earnings presentation, Ferronordic reported: