Toromont Industries, Ontario, Canada-based Caterpillar dealer, which also owns CIMCO, a manufacturer of industrial and recreational refrigeration systems posted CDN $311.7 million (about U.S. $282.4 million) in revenue in the first quarter, essentially flat compared to $313.1 million a year ago.
Equipment group revenues for the quarter were $264 million, a 1-percent year-over-year decrease. New equipment sales decreased, offset by increases in equipment rental, used equipment sales and product support revenues, which posted a 9-percent hike.
“The company delivered good results in the first quarter, despite the adverse impact of the challenging winter conditions to our construction customers,” said Scott Medhurst, president and CEO of Toromont Industries Ltd. “Toromont serves diverse markets with a host of products and services. The increased contribution of product support fostered improved profitability in the quarter while selling and administrative expense growth was modest. Order bookings in the quarter totaled $182 million, a good level for this time of year.”
Toromont, based in Toronto, is the parent company to Battlefield Equipment Rentals, based in Stoney Creek, Ontario, No. 21 on the RER 100.