Toromont Industries Ltd. this week reported strong financial results for the three-month period ended March 31, with net earnings from continuing operations setting a new first-quarter record, up 25 percent to $17.2 million from $13.8 million reported last year, reflecting record revenues and improved margins.
“We are pleased with our results for the quarter,” said Scott Medhurst, president and CEO of Toromont Industries Ltd. “Revenues increased 8 percent versus a year ago driven by first-quarter record levels for product support and rentals. Bookings in the quarter were strong, up 45 percent from a year ago, with healthy increases in both the construction and resources sectors."
Revenues for the Equipment Group, which includes Battlefield Equipment Rentals, one of the larger Caterpillar dealerships by revenue and geographic territory in addition to industry leading rental operations, set a new first-quarter record of $246 million, up 11 percent from 2011 on higher new equipment sales, product support and rentals. Operating income also set a new first-quarter record, up 22 percent in the quarter compared to 2011 on higher revenues and margins.
Equipment Group backlogs were $260 million at March 31, 2012 compared to $224 million at Dec. 31, 2011 and $287 million at this time last year. Bookings of $155 million in the first quarter were 14-percent higher than the first quarter of 2011. Mining and construction have reported strong activity levels.
"We will remain a highly disciplined company, operating with the same proven strategies that have made our business a performance leader: expand our markets, strengthen product support, broaden our product offerings, aggressively invest in our people and our infrastructure and maintain a strong financial position," Medhurst said.
Toromont Industries Ltd. operates through two business segments: The Equipment Group and CIMCO, a market leader in the design, engineering, fabrication and installation of industrial and recreational refrigeration systems.
Stoney Creek, Ontario-based Battlefield Equipment Rentals is No. 20 on the RER 100.
