Toromont Industries, which operates an equipment segment including one of the world’s larger Caterpillar dealers as well as rental standout Battlefield Equipment, one of Canada’s largest rental outfits, posted a 9 percent third-quarter revenue boost, from CDN $336 million in last year’s third quarter to CDN $367.3 million unit in this year’s third quarter. Toromont also operates CIMCO, which is a freight shipping and trucking company as well as a refrigeration business.
For the nine months ended Sept. 30, Toromont revenues jumped 13 percent from CDN $864.2 million last year to CDN $973.5 million in the first nine months of 2011. Equipment Group revenues of $315 million were up 11 percent in the third quarter versus the similar period of 2010 on higher rental and product support activities. Revenues were $825 million for the first nine months of 2011, up 14 percent from the prior year. Operating income increased 33 percent in the third quarter and 28 percent in the year-to-date compared to last year because of higher revenues and increased margins.
Equipment Group backlogs of $300 million were up 37 percent compared to this time last year. Mining, power systems and road building have reported strong activity levels. Bookings of $187 million in the third quarter were 18-percent lower than the third quarter of 2010, principally because of a $125 million order received in 2010.
Battlefield Equipment, based in Stoney Brook, Ontario, Canada, is No. 20 on the RER 100.
