Toromont Industries, parent company to one of Canada’s largest Caterpillar dealers, posted CDN $1,867.3 million in revenue in 2016, compared to $1,802.2 million in 2015, a 3.6-percent hike. In the fourth quarter, Toromont reported $480.7 million in revenue compared to $472 million in the fourth quarter of 2015, a 1.8-percent increase.

Toromont’s equipment group increased 1 percent to $1.6 billion with ongoing product support growth offsetting lower total equipment sales and rentals. Operating income jumped 4 percent.

For the fourth quarter, revenues of $407.2 million were relatively flat year over year, with higher rental revenues, product support and used equipment sales offsetting lower new equipment sales.

“We are encouraged by the long-term outlook for infrastructure spending and expect to have better visibility into future spending initiatives following 2017 budget announcements from the federal and provincial governments,” said Toromont Industries president and CEO Scott Medhurst. “Equipment Group customers have been restrained with their capital pending clarity on government investment levels, and this has contributed to the softness experienced in many of the markets served.”

Toromont owns the Caterpillar dealership in Ontario, Manitoba, Nunavut, Newfoundland and most of Labrador. It operates a Cat Rental Store chain called Battlefield Equipment, No. 22 on the RER 100.