The Winnipeg-based bus-maker said its net loss amounted to US$0.74 per share. Revenue was down 32 per cent from the same time last year, dropping from US$583 million to US$398 million. NFI shares closed up almost nine per cent Wednesday on the Toronto Stock Exchange. (The Logic)

Talking Point: The company also said its cost-cutting plan is ahead of schedule and it would no longer need to raise capital thanks to amended credit agreements and prepayments. The loss was caused by supply-chain challenges and rising inflation as well as the settlement of a lawsuit, restructuring costs and the closing of a North Dakota facility, it said. NFI CEO and President Paul Soubry said the company sees “positive momentum” on its order books, especially for zero-emission buses, adding that it has a growing backlog of orders. A National Bank analyst noted in June that the firm was a potential acquisition target, given its discounted shares.