“The second quarter results demonstrated the benefit of actions taken to improve our operating performance and reduce costs in our Canadian and South American operations,” says CEO and President Scott Thomson. “I am pleased with the improvement in Canada’s profitability, particularly considering the impact of the recent wildfires in Northern Alberta. In South America, we continued to execute well in a tough market in Chile, and are encouraged by the opportunities emerging in Argentina. Our results in the UK and Ireland were impacted by severance and restructuring charges, related to workforce reductions and branch closures, as well as the anticipated sale of a non-core business following the conclusion of a strategic review of our power systems division. I am confident that our UK and Ireland business is moving in the right direction and we will restore EBIT margin to historical levels by the end of the year.”
Highlights from the report include:
