The producer and distributor of heavy-duty transit buses and motor coaches, NFI Group Inc., formerly New Flyer Industries (NFI) Inc., reported loss of $42.6 million in its most recent quarter (third quarter that ended October 2022) in comparison to loss of $15.4 million in the corresponding quarter of 2021, even as its quarterly revenue increased at $514 million in its most recent quarter (third quarter that ended October 2022) in comparison to $492 million in the corresponding quarter of 2021.
The findings, according to NFI chief executive Paul Soubry, demonstrate the persistent effects of uncertain supplier performance, related production inefficiency, and increased input cost inflation. The bus manufacturer, which maintains its accounts in US dollars, reported that the third-quarter 2022 loss was 56 cents per share compared to a loss of 22 cents per share in third-quarter 2021.
According to NFI, the company recorded an an adjusted loss of 63 cents per share in the third quarter of 2022 in comparison to an adjusted loss of 16 cents per share in the third quarter of 2021. The company claims that it is in talks with Export Development Canada, the province of Manitoba, and other banking syndicate members regarding credit facility covenant relief and potential funding options.
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