(Adds details, shares)
Feb 18 (Reuters) - Canada's Finning International Inc
FTT.TO , the world's biggest dealer of Caterpillar Inc (N:CAT) CAT.N
equipment, posted a lower-than-expected quarterly profit and
said it would cut more jobs.
The company, which cut 13 percent of its global workforce
last year, said it would cut another 400-500 jobs by mid-2016.
Finning had about 14,500 employees as of Dec. 31, 2014.
Shares of the Vancouver-based company were down 7.4 percent
at C$17.29 in early trade.
Caterpillar, the world's largest maker of construction and
mining equipment, has been hit by weak mining, drilling and
construction activity around the world.
Finning in November shut 11 facilities in Western Canada, in
addition to previously announced 16 closures, to cut costs.
The company posted a net loss of C$309 million ($225.75
million), or C$1.82 per share, for the fourth quarter ended Dec.
31, compared with a profit of C$107 million, or 62 Canadian
cents, a year earlier.
Excluding a $338 million goodwill impairment charge and
other items, Finning earned 23 Canadian cents per share, below
the average analyst estimate of 35 Canadian cents, according to
Thomson Reuters I/B/E/S.
Revenue fell nearly 16 percent to C$1.5 billion, hurt by a
28 percent fall in new equipment revenue.
($1 = 1.3688 Canadian dollars)