Toromont Industries, the Toronto-based parent company of rental company Battlefield Equipment Rentals, reported record revenues and net earnings for the first quarter of 2008. Net earnings for the quarter were CD $16.5 million (about U.S. $16.3 million), up 16 percent compared with $14.3 million in the first quarter of 2007. Revenue for the quarter was CD $400.6 million, a 3-percent increase from 2007’s first-quarter total of $390.2 million.

However, equipment group revenues dropped 12 percent in the first quarter compared with the same period in 2007, on lower unit sales because of the timing of deliveries, the impact of a strengthened Canadian dollar, adverse weather conditions and labor disruptions in Newfoundland and Labrador. The stronger Canadian dollar, up 17 percent in the first quarter of 2008 compared with 2007, served to reduce reported revenues by an estimated 10 percentage points. But equipment group bookings in the first quarter increased 8 percent from the comparable period last year, with strong demand for new machines, particularly the larger models used in mining and infrastructure markets. Backlogs on March 31 were at record levels for this time of year, and up 20 percent compared with the same date in 2007.

Rental revenue for the first quarter was $27.4 million, a 5-percent increase compared with $26 million for the first quarter of 2007. The company attributed the increase to modest market share gains and an expanded rental fleet. Battlefield – the Cat Rental Store enjoyed an increase in same-store sales together with contributions from new locations in Timmins and Concord, Ontario.

Also last week the company declared a regular quarterly dividend of 14 cents (U.S. $0.13 cents) per share on outstanding common shares, payable July 2, to shareholders of record at the close of business on June 13.

Toromont has two units, the Equipment Group, which is its Caterpillar dealership, and the Compression Group, a natural gas business.

Battlefield Equipment Rentals is No. 22 on the RER 100.